I'm getting some extra rest for REA Saturday

[Al C.risafulli]

For me, the REA auction is the highlight of the hobby year. I love staying up all night, chatting with other collectors, wrestling with myself over whether or not to put in more bids. The "most recent bids" feature he installed last year made it even more fun, as you could watch the bidding wars.

Unfortunately I participated in the Bike NY 5 Bike Tour last year, which was the Sunday morning the auction closed. As such, I went to bed at around 11. When I woke up before 4 to get ready for my trip to Staten Island, the auction was still humming along. I actually placed a bid before I left - and was outbid.

This year I'm doing the same thing, so I will miss the auction close once again.

So please, have some compassion and don't bid on the stuff I want.

Thanks in advance,

-Al

[Jim VB]

Originally Posted by Al C.risafulli

So please, have some compassion and don't bid on the stuff I want.

Thanks in advance,

-Al

Please provide a detailed list, including lot numbers and maximum bids, on anything you really want.

We'll do what we can.


Sincerely,

The Board

[wondo]

Originally Posted by Al C.risafulli

The "most recent bids" feature he installed last year made it even more fun, as you could watch the bidding wars.

-Al

I just looked at that for the first time today - very cool!

I am amazed at the bidding frequency going on right now - several dozen each hour.

[barrysloate]

I didn't want to suggest that the auction should end early at the expense of bidders or consignors. My comment was directed towards all the dead time in the first eight hours of the bonus period. If something compelled bidders to start bidding earlier everyone could still get all their bids in.

I know there are insomniacs out there who look at staying up all night as an adventure, but I am sure that more than half the bidders don't find it to be much fun. And many are simply unable to do so. This has nothing to do with me, since I am not an aggressive bidder. I set my limits and almost never go past them. So I can place those bids anytime.

Maybe there could be an incentive to get people to start bidding before 1:00 AM. For example, anyone who gets all his bids in before 11:00 PM Eastern Time would get a $5 gift certificate to Taco Bell. Something as enticing as that would unquestionably get the auction to end at a reasonable hour.

[bcbgcbrcb]

This idea might be impossible to implement but how about a sliding buyer's premium scale where the juice percentage starts out lower and subsequently increases on those bids placed later (I remember seeing this concept used somewhere, maybe Fusco Auctions?)

[Leon]

Originally Posted by bcbgcbrcb

This idea might be impossible to implement but how about a sliding buyer's premium scale where the juice percentage starts out lower and subsequently increases on those bids placed later (I remember seeing this concept used somewhere, maybe Fusco Auctions?)

From what I can remember Steve Verkman had a small penalty for bidding late in his auctions, at least at one time. It was a bit more percentage or something along those lines. I don't know if he still has that. Huggins and Scott tried a sliding scale in their auctions, for a few auctions, and the more the hammer was, the less percentage BP was paid. They have since reverted back to a static BP rate. I don't remember any other new concepts except the one that Scott and I do in our auction, which is to allow bidding on any lot, at any time, even if you have not bid before the extended bidding. That strategy has worked well though it could be argued it is a disincentive to early bidders. We have had good success with it and will probably continue. Our auctions are smaller than some others and that might make a difference. regards

[barrysloate]

Phil- that would be extremely complicated and would cost the auction house too much money. What I implemented successfully was a descending clock. There was a 15 minute clock up to say 11:00 PM, then it became a 10 minute clock, and finally a 5 minute one. That lets bidders know they have to get their bids in.

[ethicsprof]

I will say it once again.
I do so every six months or so.
I sure miss Barry Sloate's auctions.

best,
barry

[M's_Fan]

From the REA rules:

4. The final day of bidding for all Lots is Saturday, May 1, 2010. Bids may be placed at any time prior to 4:00 PM EDT, May 1, 2010. The auction is scheduled to close at 4:00 PM EDT on May 1, 2010, HOWEVER, we will continue to accept bids after 4:00 PM EDT on all lots in the auction until approximately 15 minutes pass without either a phone or internet bid. IF YOU HAVE NOT BID ON AN ITEM BEFORE 4:00 PM, YOU CANNOT BID ON IT AFTER 4:00 PM. To ensure that everyone can get through to bid, we will remain open for bids until approximately fifteen minutes pass without a bid. If the line is busy, we are still accepting calls. This system is designed to reward bidders, not the person who can stay up the latest. If the auction continues to as late as 11 P.M. EDT on May 1, 2010, Robert Edward Auctions reserves the right to close the auction, at its sole discretion, at any time. We recommend bidders leave maximum left bids utilizing Robert Edward Auctions’ “Honest Auto-Bid” system to avoid disappointment. There will be no warning as to exactly when we will close the auction should bidding continue past 11:00 P.M. EDT. We do not anticipate the auction to remain open past 2:00 A.M. EDT (technically the morning of May 2, 2010). This closing system is designed to reward bidders, and eliminate all strategies which needlessly encourage the auction to remain open many hours into the following day, potentially giving an advantage to bidders who have the ability to stay up the latest. When the auction is over, callers will be greeted with a message informing them that the auction is over, and a message will also appear on our website stating that all bidding is closed. All lots remain open for bidding until the close of the entire auction. All lots are closed simultaneously.

In my opinion the flaw in this system is what it says in the last two sentences:

lots remain open for bidding until the close of the entire auction. All lots are closed simultaneously.

To avoid the all night bidding, all you would have to do is, after the close time of 4PM, close each individual lot after 15 minutes pass without bidding. Only the lots where active bidding was taking place would remain open.

[bcbgcbrcb]

I like that concept, Barry (the 15 - 10 - 5). Do you think it would help with a 1700+ lot auction like this? If so, I am all in favor of it.......