What Is Your Auction Strategy?

[Leon]

Originally Posted by benchod

I agree with Barry
Place an initial bid on the lots I'm interested in and then wait for the auction close; extended bidding.
Don't understand the need to run up the price before

The reason someone might run a price up quickly is to oust others from playing on that particular lot. Also, there might be a certain "spot" I want and I want to get there first. Generally, I put in marker bids and then watch. Like it or not I am sure the strategy B and L has used before, in allowing all lots to be bid on until the end, will continue. We have seen proof positive that it's best for consignors. Like it or not that is who auctioneers work for. Collectors (like myself) will generally bid on items we want or need, regardless of the format. I can't say how many times I have wanted to bid on something when the lot I wanted got too high, but forgot to put a marker bid in. regards

[glchen]

I agree with Leon about the strategies. Generally, I go w/ the put an earlier marker in and then bid during extended bidding. However, sometimes you know that a lot is worth X dollars. The cards in the lot are common enough that you can buy elsewhere, so you want to stake your max bid at X since at the next high bid, the lot won't be worth it anymore. Finally, sometimes you want to go with a straight bid early rather than a max bids that jumps a number of levels to knock potential bidders out of the lot.

[benchod]

I suspect there is no right or wrong answer.
In the end the lot will sell for the same regardless of your strategy

[Mark]

If it's something that I really want, I place what I would consider a fair bid early, and then I watch it. During extended hours, I am willing to bid about
%25 more.

[barrysloate]

What also plays into most bidders' strategy is the importance of the lot. Some lots are must have ones, others are simply worth a bid if they don't go too high. So one might implement a different strategy for each.

[Exhibitman]

I also rarely sit around watching an auction into the depths of the evening. I typically just plug in my final bid and that's the end of it for me, win or lose.

There have been some occasions where I know my max is a specific increment and I will lodge that bid early just to be sure I am owner of that increment.

[steve B]

Online bidding is so different from live bidding.

I'm on a budget as well, and most of my buying is from Ebay. There I seldom bid before the last few minutes, or preferably the last few seconds. If I Really want something I'll bid maybe 75% of my max just in case I miss the ending. Or for common stuff I just bid and if I don't win that's fine.

I haven't bid with any of the major auction houses, nearly everything is more than I could reasonably spend.

I do go to a few local auctions, and I prefer live bidding. It's far easier to get a feel for wether the other bidder or bidders are hitting a comfort level they won't pass.

One of the auctions has occasional big surprises. Like a 40's braves warmup jacket. Hung in a corner during preview with the plain red back facing out, put up late, and in really rough shape. Announced as Ernie Lombardis and coming from a family that was friendly with him (Yeah right, but it is huge...)
Luckily it went for very little, I'm not sure where I'd have decided to stop on that.

Steve B