Clean Sweeps - 1923 Lections Babe Ruth

[jayshum]

Originally Posted by 4815162342

Forgive my ignorance, but I had never heard of this until now. Granted I haven’t won anything in Clean Sweep in a long time. When did this become a thing? Do any other auction houses do this? Does the added premium go to the house or the consignor, or is it negotiable like the normal BP?

It's been a rule for as long as I can remember bidding in the auction:

15. BIDS PLACED AFTER 2:00 AM EST ARE SUBJECT TO A 5% ADDITIONAL BUYERS PREMIUM, 10% AFTER 2:30 AM EST; MAXIMUM BIDS PLACED BEFORE THIS TIME ARE EXEMPT FROM THIS.

I would guess the added premium goes to the house but could possibly be negotiable if their standard BP is.

[parkplace33]

Originally Posted by jayshum

It's been a rule for as long as I can remember bidding in the auction:

15. BIDS PLACED AFTER 2:00 AM EST ARE SUBJECT TO A 5% ADDITIONAL BUYERS PREMIUM, 10% AFTER 2:30 AM EST; MAXIMUM BIDS PLACED BEFORE THIS TIME ARE EXEMPT FROM THIS.

I would guess the added premium goes to the house but could possibly be negotiable if their standard BP is.

This is the first time seeing this rule. Crazy.

[oldjudge]

Jeff--I'll always listen

[Snapolit1]

Hysterical. That's the thank you you get for staying up to the middle of the night.

Barnum would approve.

maybe they should consider "BIDDERS WHO HAVE PURCHASED ITEMS WITHIN THE LAST YEAR CHARGED AN AUTOMATIC 5% ADDITIONAL BUYERS PREMIUM"

Go for the full fk you to your best customers.

Originally Posted by jayshum

It's been a rule for as long as I can remember bidding in the auction:

15. BIDS PLACED AFTER 2:00 AM EST ARE SUBJECT TO A 5% ADDITIONAL BUYERS PREMIUM, 10% AFTER 2:30 AM EST; MAXIMUM BIDS PLACED BEFORE THIS TIME ARE EXEMPT FROM THIS.

I would guess the added premium goes to the house but could possibly be negotiable if their standard BP is.

[jayshum]

Originally Posted by Snapolit1

Hysterical. That's the thank you you get for staying up to the middle of the night.

Barnum would approve.

maybe they should consider "BIDDERS WHO HAVE PURCHASED ITEMS WITHIN THE LAST YEAR CHARGED AN AUTOMATIC 5% ADDITIONAL BUYERS PREMIUM"

Go for the full fk you to your best customers.

I'm not sure why they have this rule, but I always assumed it was to try to get the auction to end before it got too late by making it more expensive to keep bidding late into the night. Now that the auction closes on a lot by lot basis instead of all at once (I'm not sure when that change occurred), I'm a little surprised the rule still exists since I would guess there aren't too many lots that stay open late enough for it to come into play.

[Rhotchkiss]

Thanks Jeff!

[Schlesinj]

Originally Posted by jayshum

I'm not sure why they have this rule, but I always assumed it was to try to get the auction to end before it got too late by making it more expensive to keep bidding late into the night. Now that the auction closes on a lot by lot basis instead of all at once (I'm not sure when that change occurred), I'm a little surprised the rule still exists since I would guess there aren't too many lots that stay open late enough for it to come into play.

I got an email from REA suggesting they are changing their closing procedures to end auctions sooner.

[jayshum]

Originally Posted by Schlesinj

I got an email from REA suggesting they are changing their closing procedures to end auctions sooner.

I saw that in an email from REA as well. It also said that starting September 1, the BP will go up to 23%.

[Snapolit1]

Very odd to me. Isn’t the whole idea of middle of the night extended bidding that you want people to keep bidding as long as they can stay awake. How does this help sellers or consignors. Maybe I’m missing something.

[jayshum]

Originally Posted by Snapolit1

Very odd to me. Isn’t the whole idea of middle of the night extended bidding that you want people to keep bidding as long as they can stay awake. How does this help sellers or consignors. Maybe I’m missing something.

I've known Steve (Clean Sweep) a long time, but I never asked him why they had that rule. My guess has always been that they don't like staying up into the middle of the night so if they have to, they're going to make more money from it.

The following is also in their rules. I'm not sure if it has always been or if it was added when they changed to lot by lot closing. Definitely makes it seem like they want to encourage people to put their best bids in earlier rather than later.

IF THE AUCTION GOES AS LATE AS 2:45 AM EST, THE AUCTIONEER HAS THE RIGHT TO END IT AT ANY TIME WITH TEN MINUTES NOTICE.

You're right that the higher BP after a certain time could negatively impact sellers if it stops people from continuing to bid after a certain time. Apparently it hasn't been a big enough problem for them to remove the rule, though.

[Beercan collector]

Originally Posted by jayshum

It's been a rule for as long as I can remember bidding in the auction:

15. BIDS PLACED AFTER 2:00 AM EST ARE SUBJECT TO A 5% ADDITIONAL BUYERS PREMIUM, 10% AFTER 2:30 AM EST; MAXIMUM BIDS PLACED BEFORE THIS TIME ARE EXEMPT FROM THIS.

I would guess the added premium goes to the house but could possibly be negotiable if their standard BP is.

16. NO BROWN M&Ms