I'm getting some extra rest for REA Saturday

[glchen]

They should probably do what Heritage does (I believe) and end individual lots if there has been no bidding on that lot for 30 minutes, rather than all lots are open if there is any bidding on any one lot.

[Bicem]

Originally Posted by glchen

They should probably do what Heritage does (I believe) and end individual lots if there has been no bidding on that lot for 30 minutes, rather than all lots are open if there is any bidding on any one lot.

I like the current way, gotta work for it!

[T206Collector]

Originally Posted by glchen

They should probably do what Heritage does (I believe) and end individual lots if there has been no bidding on that lot for 30 minutes, rather than all lots are open if there is any bidding on any one lot.

While I can certainly see this point from a bidder's perspective, consignors would much rather have the money that doesn't win cards late in the night available for allocation to their auctions. At least if you didn't bid in the item before 4:00PM on Saturday, you are closed out of entering the bidding on a new item late.

[barrysloate]

It might be easier to go to sleep early and set your alarm for 2:00 AM.

[wondo]

Originally Posted by barrysloate

It might be easier to go to sleep early and set your alarm for 2:00 AM.

Now there's a thinking man!

[calvindog]

Originally Posted by barrysloate

It might be easier to go to sleep early and set your alarm for 2:00 AM.

Barry, don't you old guys normally wake up around 2 am to pee? That's like a built-in REA alarm clock, no? (I'm actually laughing as I type this)

[perezfan]

That's actually a great tactic for people on the East Coast.... doesn't work as well for us left-coast people.

I kinda like it the way it is, so I can shift my bids around (once I am inevitably outbid on my #1, 2, and 3 choices )

[barrysloate]

Jeff- I wish it were only once a night.

[Bicem]

Originally Posted by barrysloate

It might be easier to go to sleep early and set your alarm for 2:00 AM.

that's cheating

[Leon]

In this conversation it's worth repeating that the Auctioneers work for their consignors. However they can get the most money for the lots is what is best for them. If we miss sleep 1-2 nights a year (there are other auctions with this kind of closing too) then so be it. The main thing is everyone should have a chance to bid as much as they want to. The individual lots closing each or the whole auction closing late, both work.

Our last auction(s) have ended around 3am and I didn't hear anyone say they didn't have time to bid. That really is the goal. Just my opinion and others will differ. I am looking forward to a late night and also to using our Chat room function again. Last year we had about 27 people in there, very late, bemoaing and lamenting those very late bidders . It was a lot of fun. OH, btw, it's Kentucky Derby day on Saturday so my family, and another, will be going to the local Texas racetrack and partying during the day and watching the Derby (on big TV's) and the local races. It's going to be a fun Saturday. Good luck to all who go strong for what they "need".

[glchen]

The 30min rule / extended session is supposed to prevent the sniping you see on eBay and get the maximum bid for an item. However, I don't know if this necessarily gets the maximum money for consignors. I think it's more of an advantage (probably) for bidders on the West Coast who can stay up later (4am EST is *only* 1am PST). You have the max bid on your item, and there is no bidding on it for hours, and you go to bed thinking that you have won the auction. Then you wake up, and somebody puts in a bid at 3am EST because that bidder is aware of the typically end times for these auctions. I know that you are supposed to put in your max autobid, but I would think that pretty much everyone would re-think that max bid in extended session. This is just IMHO.

Originally Posted by T206Collector

While I can certainly see this point from a bidder's perspective, consignors would much rather have the money that doesn't win cards late in the night available for allocation to their auctions. At least if you didn't bid in the item before 4:00PM on Saturday, you are closed out of entering the bidding on a new item late.

[barrysloate]

We've had this discussion before, but there is a flaw in a system that has an extended bidding period that lasts nearly twelve hours. Almost all of the serious bidding is past midnight, making the 4:00 PM -12:00 AM period somewhat superfluous. There is nothing that compels people to bid during this eight hour period, and there is in fact great incentive for them to wait.

[calvindog]

Barry's right; I don't even look at the REA bidding until 1 am. That being said, Rob is just trying to wring every last nickel out of the bidders that he can and no one can blame him for that.

[Bicem]

I don't think it's truly when zero bids are coming in, at some point Rob has to just say enough is enough and just end the thing. That's how it was last year, so also be careful about waiting too long.

[perezfan]

That's exactly right... there was still sporadic bidding taking place when he cut it off.