I'm getting some extra rest for REA Saturday

[M's_Fan]

Originally Posted by T206Collector

Exactly right. To close each lot individually is only a benefit to certain bidders, but certainly not consignors. Let's say you have $10,000 to bid in the auction and you are going hard after a T206 Green Cobb which eclipses the $10,000 mark at 11:00 PM. Under an individually closed lot auction, that $10,000 might not get spent on another lot if it has already closed. But in REA, you can move that $10,000 to other auctions after 11:00 PM.

That's a good point. But the system incentivizes bidders to bid low and early, then wait till after the Auction closing time to place their real bid. This result isn't really to the benefit of consignors either. I suppose the best way is to reduce the 15 minute rule to 10 minutes, or even 5 minutes. After a month to think about it what your max is on an item, you don't need that that much more time.

[barrysloate]

I could even make a case that keeping the auction going until 4:00 AM could hurt consignors. A bidder might place his bid early and be high until the wee hours of the morning. He finally decides he can't stay up any longer and goes to bed, only to discover in the morning he's been topped. He then complains that had he been awake, he would have gladly placed another bid. So in this example the lot went for less, not more.

And of course the ceiling bid is the antidote to this but many bidders refuse to place one.

[T206Collector]

Originally Posted by M's_Fan

After a month to think about it what your max is on an item, you don't need that that much more time.

No, but I still think that bidders need time to reallocate their funds when their max on an item is eclipsed late in the game.

[Leon]

If I were a consignor to REA this year I would be happy the way it closes.

Barry- I think you are probably in the minority about "sleep". For collecting addicts we can do without much of it for a day or two a year. If there was something I HAD to have I would be watching the finish of the auction.

Also, many s/w packages won't allow closing lots individually. I am not sure about REA's s/w, as to that aspect, at the moment.

[calvindog]

Do you guys realize that every year in the days prior to and during the wee hours of the end of REA's auction we provide Rob with a hundred different ideas for his auction? And every year they're the same!

[barrysloate]

Leon- I probably am in the minority but I am also not a collector. I just look for values so I know my limits long before the close.

But I still maintain that with a different system exactly the same number of bids could be placed, with no harm to the bidder or consignor, and the auction could close earlier. Maybe there are many collectors who are willing to stay up until 4:00 AM, but I doubt many of them would complain if the auction ended on its own at an earlier hour. If you had all your limit bids in by 1:00 AM and then the auction closed, and you got the lots you wanted, what's the downside?

[barrysloate]

I'm actually curious what people think about whether auctions close too late or not, and wanted to do a poll. Of course, I spent ten minutes clicking every link and could not figure out how to do it.

[Abravefan11]

Originally Posted by barrysloate

I'm actually curious what people think about whether auctions close too late or not, and wanted to do a poll. Of course, I spent ten minutes clicking every link and could not figure out how to do it.

Barry -

You have to start a new thread. Then select the "Post A Pole" option just above the "Submit" "Preview" buttons.

[barrysloate]

I tried Tim and still got flustered. Jim VB is going to set it up for me.

I think I just figured it out but I'll wait and see if Jim does it first.

[Jim VB]

Originally Posted by Abravefan11

Barry -

You have to start a new thread. Then select the "Post A Pole" option just above the "Submit" "Preview" buttons.

Tim,


LOL!

"Post a Pole"????



Wonka is holding for you, on line 2.



(Just came back from dinner and see that Barry has figured it out.)