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#101
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Posted By: Jay
JoAnn--I believe that you are wrong. Last year's auction ended just like this years. It was a time chosen by Rob. I would be willing to bet that there were still some bids coming both years but with an almost 2000 lot auction it would flip to the next day if you held to the 15 minute rule. |
#102
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Posted By: Joann
Hi Jay, |
#103
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Posted By: Matt
"The simplest example is this: if you only want to bid on one lot, and you have an absolute max in mind for that lot, then it makes no sense not to bid on that lot earlier at your max. Not bidding early because you know it's ending later serves no purpose. The only purpose served by waiting is if you are bidding on more than one lot and you don't want to commit too early before you see how they play out over time." |
#104
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Posted By: Jeff Lichtman
I second Anthony's suggestions. |
#105
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Posted By: Joann
I still don't see it. |
#106
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Posted By: barrysloate
Anthony- I have 182 lots. Coincidence? |
#107
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Posted By: Matt
"And if you are willing to bid $3250 and someone else is willing to bid $3250, then someone's going to have to go higher." |
#108
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Posted By: Jay
JoAnn--It's simple. It is 11:00PM and the lot you want is at $100,000 and someone else is the high bidder. You are willing to go to $200,000. Do you fight it out now or wait until 3AM to do it? If you fight it out now then the person you are bidding against is surely up and if he/she is willing to bid over $200,000 you will lose the lot. If you wait until 3AM the high bidder, who maybe didn't leave an up to bid, thinks that because the auction will close soon, and he/she has been the high bidder for many hours/days, that the lot is his/hers. He just goes to bed/konks out at the computer/whatever. In that case you have some chance of winning the lot even though an active opponent would have outbid you. The probability of this happening may be small, but it is not zero. Therefore, this strategy makes more sense than bidding early. |
#109
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Posted By: Jeff Lichtman
Matt is right in my mind. Knowing that the auction probably would go until 3 am, what incentive do I have to fight out the final war for the card at 11 pm when I know King is wide awake? Why not wait until he is safely tucked in his bed, dreaming of Royal Flushes, as I swoop in and get that last bid in with him helpless to respond? |
#110
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Posted By: barrysloate
I'm flawed? I'll have to go check that out. |
#111
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Posted By: Joann
Jay - I honestly don't think that at those money levels a lot is left to bed time and sleeping habits. I'm in the middle because while I don't think that bed time and sleeping has a lot to do with a high dollar card, you are right in that maybe there is a very small chance that it did. In that case, I think that for high dollar cards there shouldn't be even a small chance that where you live affects your ability to win. I think that you are right that a per-lot ending would resolve it, but that wasn't the premise of this thread. The premise of this thread was that there was no clock at all (when in fact there was), and that there should have been an earlier arbitrary cut-off time (which would lead to sniping). |
#112
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Posted By: Mark
I'll support Joann on this. And obviously the jury will always be split, with a majority of East Coast people likely preferring Mastro's method. |
#113
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Posted By: Jeff Lichtman
I'm looking forward to Barry's closing rules as well. We're all very lucky that the man likes to be asleep early! |
#114
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Posted By: barrysloate
I'll make a concession and stay up a little later on the 15th. |
#115
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Posted By: Jay
Mark--Just because something has been done one way for a while does not mean that there is not a way to improve the process. If more people believed as you do we would be riding around in a horse and buggy and I would be sending you a letter rather than posting on this chat board. |
#116
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Posted By: Eric Brehm
As a bidder, I prefer Individual Lot Closing since I am usually only interested in 2 or 3 lots and I can figure out what I am ultimately going to do before they all close. Then I can go to bed. (Although even with this method the bidding on each item can drag out for multiple periods.) If I had a large number of lots to juggle, and a budget that could only accommodate a certain number of them, I might feel differently. |
#117
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Posted By: Jeff Lichtman
I think Eric is ultimately right. As a bidder, I like Mastro's closing policy and as a consignor I'd like REA -- though I'm convinced that the 330 am closing cost them some bids because many people just give up. In fairness to REA, there were a few lots that I was high on at 2 am that after I was topped and I thought the price was too high, I ended up spending that same money (and more) on a different lot. So, at least in that instance, REA's method was best for the consignor. Maybe Rob starts extended bidding at 4 pm EST again next year and switches to a 10 minute clock at 11 pm, then a 5 minute clock at midnight? This way he gets the proliferation of bids late at night (just a bit earlier) and gets rabid bidders like me in bed before 4 am. This solution may be the best of both worlds. |
#118
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Posted By: Matt
Jeff - I think that would be great for REA if they actually had a clock that had anything to do with the bid activity. The "clock" last night was just a script set to bump every 15 minutes until Rob decided he'd had enough; the resetting had nothing to do with when a bid was placed. If they actually implemented a clock that reset every time a bid was placed, then the decreasing clock you suggest might give a significant improvement. |
#119
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Posted By: Jeff Lichtman
Agreed. |
#120
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Posted By: Joann
Hey Jeff - now that I think about it, wasn't the idea for decreasing the time increments as the auction goes later originally yours? If I were better at using the search function I'd try to look it up, but I think it was. I think you had it even going down to 2 minutes if need be. I still think that's the best compromise. Everyone gets a chance at everything they need, and it doesn't go on forever. |
#121
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Posted By: Mark
Same... that's what I referred to as "Barry's new method" being the best potential solution. |
#122
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Posted By: Matt
joann - Several of us have weighed in that we wait for various strategic purposes because we know the auction won't end until 3 or 4 AM. If we knew the auction would end by 2 AM instead of by 4 AM, we would just bid earlier. |
#123
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Posted By: Jeff Lichtman
Yes, Joann, I did suggest that but only the true giant of the auction industry -- Barry Sloate -- took heed. |
#124
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Posted By: Eric Brehm
Joann -- the problem is, if you are the one who placed at least one bid in the current period, then you are expecting the clock to be re-set once again (since you know at least one bid was placed, i.e. yours). So if Rob decides to close at the end of the period you bid in, you are penalized. On the other hand, if you didn't place any bids in the current period, and are just waiting for the thing to end, then yes, it shouldn't matter to you if Rob closed at the end of the period because there were no bids by anyone (the traditional rule), or if there were just a few that he judged to be ticky-tack or whatever. |
#125
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Posted By: Joann
Eric - No doubt about that. Whoever gets stuck with those last few bids is definitely out of luck. I guess it's one of those things where you weigh the good of the thousands of bidders and millions of dollars against more minor interests, even if the interest to that actual bidder is far from minor. |
#126
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Posted By: barrysloate
A giant indeed. |
#127
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Posted By: Matt
joann - it has nothing to do with having the last word - my original point was that this auction ended between 3 and 4 AM because we all knew from years past that's when it would end. You disagreed, but many weighed in that if we expected it to end earlier (say at 2), we would have bid sooner. So if you concede the point, then by all means, stop debating it, but if you still contend that the auction ending at 4 AM had nothing to do with us expecting to based on previous years then it's worthwhile to hear why. |
#128
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Posted By: barrysloate
I still think the flaw is people wait until 2:00-3:00 to bid because nothing compels them to do so earlier. While I don't have a precise solution in mind, there needs to be a system that forces (or perhaps rewards) bidders for not waiting so long. |
#129
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Posted By: Matt
Barry - exactly. |
#130
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Posted By: Eric Brehm
Joann - well said. Plus I suppose if Rob judges your bid to be ticky-tack, i.e. artificially auction-prolonging, it probably is. |
#131
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Posted By: Jeff Lichtman
Eric/Joann: here's the problem with Rob determining anything in the auction: it renders the auction bidding and closing subjective and not objective. Consideirng the constant reminder of REA's "Honest Auto-Bid" system -- a computer program that makes it impossible for Rob to know who is bidding what -- shouldn't the rest of his auction be transparent and objective? |
#132
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Posted By: barrysloate
The fact is bidding early is a disincentive, because it wins very little and just raises the ante. The only reason to bid early is if your lot is approaching its maximum and you only have one increment left. But if you have no limit and insist on winning the lot, it makes pefect sense to start your bidding around 3:00 AM. |
#133
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Posted By: Joann
Oh for God's sakes Matt. Now I have had enough. |
#134
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Posted By: Matt
joann - I seem to have angered you and I'm sorry if that is the case; it certainly wasn't my intention. |
#135
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Posted By: Joe D.
I think (as I have said and others have said) - |
#136
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Posted By: Joann
Jeff, |
#137
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Posted By: Marty Kohler
A gal who is bright, articulate and likes baseball cards.... wow.... I hope I have a chance to meet you in Chicago..... |
#138
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Posted By: Jeff Lichtman
Joann, I agree with you totally. I have no doubt that Rob is a) the person best situated to determine when to close his auction; b) and that he exercised good judgement. My only beef is that he needs to figure out a way to end the auction earlier than 345 am and he needs to do it without a 12 hour period of extended bidding. Here's one way: more frequent auctions with less lots in them. |
#139
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Posted By: Joann
Matt, |
#140
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Posted By: Jeff Lichtman
"I have some cooking to do along with ironing and homework yet tonight." |
#141
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Posted By: Matt
joann - that would be fine - I have looked for your email addy in the past to do just that, but up until your last few posts here, you just had a username posted with no email. Glad to see the change and I look forward to our discussion. |
#142
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Posted By: Dave F
Does that mean you dont' do any of the three anymore Jeff? |
#143
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Posted By: Al Simeone
Well after waiting all day for the pain to wear off on not winning what I wanted all I can say is Rob my friend the clock situation needs a little re-vamp but I would like to take this time and THANKYOU for having just a great auction! As always great items and great bidding! I wont even get into the debate on whats right and wrong with auctions but as auctions go REA sets a great standard that cant be denied. Well my bank account is still full but I do believe someone elses out there is a little lighter today!! A true pleasure and 364 more days and counting to the next one!! |
#144
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Posted By: Jeff Lichtman
Dave -- "anymore?" Can't say that I ever did cooking or ironing and the thought of homework still makes me queasy. |
#145
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Posted By: Joe D.
Lichtman golfs? |
#146
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Posted By: Dave F
The auctions like this definately give you a fever. There is just something different when the auction houses host an auction as opposed to ebay. Maybe the competition just seems a little more feirce or maybe its just knowing there were others last night sitting around yawning and dozing off that made me laugh a little at 2am...lol. |
#147
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Posted By: Jeff Lichtman
Rarely. If I can't dominate I don't have much interest. |
#148
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Posted By: SC
Having a decreasing time per lot as the night wears on? I.e. |
#149
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Posted By: barrysloate
Well everyone- here is a first: |
#150
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Posted By: Jeff Lichtman
I've got to hand it to Rob -- he notices the little things and makes every effort to please his customer base. Sort of like Mastro -- if this was Bizarro World and up was down and black was white. No arrogance, no condescension from Rob, just a max effort. |
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