Online auction strategies

[molenick]

For most online auctions run by an AH (e.g., REA, LOTG, Heritage, etc.), I tend to put in a qualifying bid as early as possible, see how things stand on the last day, and then prioritize the lots I want to actively go for at that point.

On the last day, some will have already been disqualified (for me) because the bidding is too high. I never know which ones this will be, so I like having a lot of qualifier bids in so I have the option to jump around. I don't expect to win any items with my first bid, I just want to get a bid in so I can bid in "extended bidding".

Occasionally I will notice an item I want to bid on later than usual (I always try to qualify for items on the first day), so a bid would be placed after many other bids have already been placed. Again, not expecting to win it at that price, just trying to qualify (but sometimes this mid-auction bid holds up).

Very rarely, I will see that something I really want has gotten very high earlier than expected, so if I do have a max bid, I may throw that in before the last day.

For eBay, I almost always wait until the end to bid.

[raulus]

It's definitely an exciting phenomenon. Do you wait until the end to place your bids, or do you try to run it up early to scare off would-be competitors?

Sometimes it does seem like there are some bidders who are determined to be in the top spot, and if you top their bid, they'll come right back and re-up. If you get a couple of bidders with similar egos and need to be on top, you can run the price up pretty quick, and basically get the extended bidding over with a few days early, as the price gets run up so high a few days before closing that no one in their right mind will be willing to top that bid.

[x2drich2000]

Lots of reasons I might put in a high bid or keep bumping a bid early. Some of this also depends on the auction rules and bidding increments. Could be to eliminate potential bidders in extended bidding, claim a sweet spot in the bidding pattern, potentially scare other bidders away, know sooner that it will go beyond my means and I can allocate funds somewhere else, or a combination of things. Typically, I don't think this would apply to a common issue such as most T206s or Goudey, but I feel can be used on cards that you seldom see for sale.

[Mark17]

For items I really want, I move into the high bidder position either when the extended session begins, or quickly thereafter. Two reasons:
1. If nobody else bids, it shortens the time I have to wait to know I've secured it.
2. If I do get outbid, I want to see if my competition is playing nice. If they do, by bidding within about ten minutes, that's fine and if I'm not over my self-imposed limit, I will reply in kind. But if someone waits 29 minutes to outbid me, then I will do the same to them.

For me, the anticipation of a good upcoming auction, and then playing it out, is where the fun of the hobby is. Sitting around looking at my stuff is pleasant, but not exciting.

[Jewish-collector]

Jim - Sometimes you just gotta put in a huge bid and dare anyone to top it.

[ASF123]

Originally Posted by Mark17

For items I really want, I move into the high bidder position either when the extended session begins, or quickly thereafter. Two reasons:
1. If nobody else bids, it shortens the time I have to wait to know I've secured it.
2. If I do get outbid, I want to see if my competition is playing nice. If they do, by bidding within about ten minutes, that's fine and if I'm not over my self-imposed limit, I will reply in kind. But if someone waits 29 minutes to outbid me, then I will do the same to them.

For me, the anticipation of a good upcoming auction, and then playing it out, is where the fun of the hobby is. Sitting around looking at my stuff is pleasant, but not exciting.

This is interesting to me - that some people find the auction format a fun way to try to be strategic. I guess that might help explain why auctions have become the dominant format even for commodity cards.

For me it's the opposite. An auction is analogous to a dealer not only not pricing their cards, but when you ask what the price is, they say "eh, make me your best offer and then check back in a week or ten days. If no one else has offered me more, then I'll sell you the card." Which, for me, is completely off-putting. I can see the appeal for cards that only rarely come up for sale. But for a T206 Roger Bresnahan or something? No thanks.

[Mark17]

Originally Posted by ASF123

This is interesting to me - that some people find the auction format a fun way to try to be strategic. I guess that might help explain why auctions have become the dominant format even for commodity cards.

For me it's the opposite. An auction is analogous to a dealer not only not pricing their cards, but when you ask what the price is, they say "eh, make me your best offer and then check back in a week or ten days. If no one else has offered me more, then I'll sell you the card." Which, for me, is completely off-putting. I can see the appeal for cards that only rarely come up for sale. But for a T206 Roger Bresnahan or something? No thanks.

I collect flannel (pre-1972) GU jerseys. If things were priced for sale, the good stuff would get snapped up quickly (probably by collectors other than me) and the rest would sit forever.

I remember, back in the 1980s, somebody in Michigan listed a GU Mudcat Grant Twins jersey for $50. I called immediately after seeing the ad, and of course it was already sold. The seller lamented he could've sold it dozens of times over, all the calls he was getting. Auctions are the best for flannels because it's tough to know what the sale number should be.

For common stuff, like adding a T202 to my collection of those, I either lowball bid, or look for BIN deals.

[BioCRN]

Originally Posted by molenick

For most online auctions run by an AH (e.g., REA, LOTG, Heritage, etc.), I tend to put in a qualifying bid as early as possible, see how things stand on the last day, and then prioritize the lots I want to actively go for at that point.

Here, too...and many friends. It's practically putting a bookmark on an item because the chances of winning with the initial bid is extremely rare.

I find it easier to hit-and-run a slew of stuff I'm interested in and rarely check to see where things are going unless it's the last hours.