So...auction house endings....

[Matt]

Originally Posted by calvindog

Matt, unless you're on the board of directors of REA, Inc., I'm not sure your idea is anything more than fantasy. If I were Rob as long as I was only doing one auction a year I'd leave things as is. If it ain't broke, i.e., bids are at their highest, why fix it? Because a bunch of bidders complain about having to stay up late?

Jeff - I hear ya - part of this was just puzzle solving and I think we came up with something that is the optimal solution to the issues. However, you and I both saw that REA was getting bids right up until it closed and they probably did leave money on the table with their current system, so it's not purely a theoretical issue. Actually, some of the people who went to bed before 4 AM might have shifted money to different lots if they knew they were going to be outbid, so that's more money left on the table.

[calvindog]

I think the challenge is to keep the auction as is but get it to end earlier than 3-4 am EST. If Rob stated that he will be shutting down the auction at approximately midnight, can he trust that bidders will believe him? Probably not -- and the risk is too great. The only real alternative is to close the lots on a one by one basis...

[Matt]

Jeff - read what Tim and I proposed (post 40). It has nothing to do with anyone trusting Rob's word on when he's going to close the auction; in fact, it removes Rob from the equation entirely.

[calvindog]

No, I understand, I just don't think that your plan is workable -- it's probably too complicated for bidders (and software). The only realistic thing that can be done is to try to end it earlier...by convincing bidders that an earlier time will be the end of the auction instead of 3-4 am. And why take the chance on that if you have just one auction a year?

The Goodwin auctions are a prime example of ones that should end on a lot by lot basis because there are just too many of them during the year and who has any desire to stay up so late for so many auctions (unless you can't live without a certain card)? I've stayed up for just one of his auctions for just that reason. Otherwise, I go to bed and if I win great but surely money is being left on the table there.

[Matt]

Originally Posted by calvindog

No, I understand, I just don't think that your plan is workable -- it's probably too complicated for bidders (and software).

I'm a software guy so it's OK on that side As far as bidders go, I know I didn't spell it out as clearly as it could be, but I do hear that it is more complicated then the current scheme. I'd think it could be explained in a way that is clear. Thanks for the feedback!

[sb1]

We at B & L Auctions are going to implement at least one of the ideas that was overwhelmingly supported in the first 5 pages of this thread.

We will be ending our Fall Auction on a Saturday instead of during the week. As in the past we will close all lots at one time, giving bidders options on which lots to continue bidding on in the event of being priced out on other lots. As we anticipate 200-250 lots+/- , the auction should end at midnight give or take an hour.

Scott & Leon
Brockelman & Luckey Auctions