Still Going Strong - MEARS December 2010 Auction

[GoldenAge50s]

I can assure you of one thing--if my Lot gets even 1 more bid after this much time, whether I win or not, I will NEVER bid on a MEARS auction again & will make sure many more will know about it.

[Leon]

Originally Posted by GoldenAge50s

I can assure you of one thing--if my Lot gets even 1 more bid after this much time, whether I win or not, I will NEVER bid on a MEARS auction again & will make sure many more will know about it.

And as a bidder I thank you from the bottom of my wallet .

[barrysloate]

There is an inefficiency in all these auctions but it's clearly not a priority to fix it. REA, for example, has a closing time for initial bids of 4:00 PM. But everyone knows that ten hours later the auction will still be going strong. So what happens? 75% of the bidders don't even start bidding until ten hours later. To repeat, that is an inefficiency and it would seem logical that most businesses would try to correct it.

I always said that the simple threat of closing early- imagine sending out an email on the last day which states no matter what the auction will close at midnight- would get everyone who procrastinates to start bidding early. You wouldn't even have to close it, you could still let it go into the wee hours if needed. But I bet the auction would be deluged with bids at a much earlier hour.

However, noone seems to care, and nobody is going to change the way they close these things.

[Leon]

Originally Posted by barrysloate

However, noone seems to care, and nobody is going to change the way they close these things.

Barry- if auction houses get more money for their consignors then please explain why they would want to change it? Maybe I am not understanding. And if they lose a bidder then there will be others that make up for it....You know as well as anyone that the "stuff" trumps everything. If you consigned something wouldn't you want everyone to get a chance to bid, regardless of when it is? If I were going to bid on one of your books, or sheet music, and the auction suddenly closed, would you enjoy that? It's a good debate but I am still not convinced there is a better way to do it than having a very open auction. Now, I do think a good argument could be made to have higher opening bids, earlier extended starting times and smaller auctions, but otherwise, I think consignors should be happy. I bet MEARS consignors aren't very unhappy either. best regards

[bobbyw8469]

Exactly Leon....I just registered and tried to bid but it wouldn't let me. But now I am definitely going to be bidding in the future! And that is what it is all about.....

[ibuysportsephemera]

Sorry, I just don't get how anyone can defend what is going on here. I am in a customer service business myself, and IMO, Mears is not being very customer friendly. Every time I get an out bid notice or click on one of my high bidder auctions and it says 14 minutes and 58 seconds left I get more annoyed. Mears admits that they did not expect this and even apologized to bidders in the original post. How about ending those auctions that have had no activity for the last 10 hours and making your high bidders happy? I think we at least deserve that. You can leave open the auctions that still have no bids and the ones that are still going strong.

And, if I was a consignor and my auctions still had no bids or no bids since last night, I am not sure that I would be as happy as some of you are making it seem I should be.

[thekingofclout]

Originally Posted by bobbyw8469

These type of auctions are unfair to East Coasters as well....I can't tell you how many auctions I have lost out on due to some West Coasters bidding around 4 AM EST whilst I am sound asleep. I think it is only sweet justice that this auction is still going on so the East Coast people can get a chance to rebound. That being said, I still think Hunt Auctions has it right....20 mins, individual closing times.

Originally Posted by bobbyw8469

I repeat...sweet irony for the East Coasters....

Originally Posted by thekingofclout

This isn't a gangsta rap east coast vs west coast, kill or be killed bullcrap. It's Baseball Memorabilia. Who cares? Go ahead and bid! If you bump me, I'll either come back, look elsewhere or bow out. You've got some issues man...

Originally Posted by bobbyw8469

No issues here....I just find it funny that this auction format has burned the East Coast people for years....lo and behold, the West Coast bidders get burned this auction and the tears flow.....carry on!

Originally Posted by thekingofclout

I've never thought of losing an auction as getting "burned" regardless of the situation. If I really want something, I win it 90% of the time (and that is probably a little low). No worries here, as all is beautiful in sunny Southern California. Life is good, life is fair.

Originally Posted by bobbyw8469

again, my point is being missed.....I wish some East coasters would chime in......me personally, if it is going to be this particular format, I am GLAD it is extending into day two!!!!

Originally Posted by bobbyw8469

I repeat, I wish some EAST COASTERS would chime in. This type of auction format favors the West Coast BY FAR. If it is ABSOULTELY going to be this type of auction, I am GLAD it is extending into the 2nd day. Most of the people complaining are actually West Coast people who realize now that they aren't controlling the end of the auction. They are used to being the last ones bidding, and have been "sniping" items for years. Yea, I know I could leave a proxy bid, but I got one word to say about that - MASTRO! The east coasters are waking up and now who knows when this thing will end!

Originally Posted by bobbyw8469

Exactly Leon....I just registered and tried to bid but it wouldn't let me. But now I am definitely going to be bidding in the future! And that is what it is all about.....

YOU JUST REGISTERED? You've been crying like a six year old girl all morning and you never even placed a single bid in this auction? WoW!

And, you claim you have no issues?!

Absolutely INCREDIBLE!

[barrysloate]

Thanks Leon, and no hard feelings of course. I just felt like stirring the pot a little. The board has been a little quiet since the group left.

[sayhey24]

Bobby I'm an East Coaster and I'll chime in. I've been winning auctions for years -- if you want an item, you bid within your means and figure out a way to win it. Do West Coasters typically have an unfair advantage? Who cares? I constantly teach my children that life isn't fair and you just have to learn how to make the best of things.

By the way, Jimmy is one of the best guys in our memorabilia hobby. He wins things because he's smart and has a keen eye, not because he lives in a particular time zone.

Greg

[pgellis]

Some things that bothered me about what has been said already since last time that I logged on are:

1. It seems that if you feel that you got a bargain yesterday, but somebody outbid you today, 15 hours later, then too bad.....you should spend more money. People have said, "Keep bidding or shut up". Well I don't have the deepest pockets on here and probably already bid beyond what I wanted to, but come on 15 hours later, no bids, just end it already.

2. If the auction houses should only worry about their consignors, then they are missing the boat. Like I said earlier, it's a 2-way street. You need bidders to buy the items that have been consigned. If bidders feel that they got burned by this extended bidding 15 hours later, then they won't come back. If your only concern is consignors, then don't charge the buyers premium, just increase your consignment fee and tell them that our auction will go on and on and on.

3. Give me a good explanation why a lot should remain open that hasn't had another bid in 15+ hours?

4. And this extended bidding is almost comparable to the following, absurd scenario: Let's say that there are 2000 T206 on eBay right now. Every time someone bids on a T206, every body else's clock re-starts to 15:00, even if nobody has bid on it for a week. How is this absurd example any different than what is going on right now?

[Kawika]

Nine-thirty in the a.m. here in Honolulu. Just woke up on account of I was up 'til 2 in the morning waiting for MEARS to wind down. Usually I can play the Moanalua Bay advantage to my favor - auctions tend to pau by the time the news comes on, but they're still in "extended bidding" - What the fork! . Will this auction ever end or will it run until the end of time? Has MEARS unlocked the secret of perpetual motion? Oughtn't they just to end the damn thing?

[barrysloate]

Leon- I knew you would be up my butt on this one, and I knew you would misinterpret what I said. I never said that any auction house should ever leave bids on the table (although there is always one idiot who will call the next day and say he forgot to bid). But if a lot has at any point in time three increments left before it hits its max- and every lot, you agree , does have a max- what's the difference between getting those three bids in within an hour's time, versus getting the same three bids in in five hours time? I am suggesting that the time be compressed, not eliminated. If a bidder was somehow forced to get his bid in earlier (am still not sure of the best way to accomplish this) he would gladly do it. However, he won't because nothing compels him to do so. Every lot is going to get its final bid eventually, so all I am suggesting is to find a way to get rid of all that dead time and to make those final hours more productive.

And the sheet music/book comment was hitting below the belt, in my opinion. That said, Happy New Year to you.

[bcbgcbrcb]

Just about every auction house has some type of 15-minute rule (or similar time frame) along with the statement in their terms and conditions that they reserve the right to end the auction at any time if bidding goes beyond (XX:XX AM). If that was not enforced, I'm sure that other auction house events would be doing the same thing as the one going on right now. To me, this has gone beyond rediculous, I don't really care if it is benefitting the consignors or not.

[baseballart]

Originally Posted by barrysloate

And the sheet music/book comment was hitting below the belt, in my opinion. That said, Happy New Year to you.

Barry

I think a reply to Leon would be that it hit the "wrong note", and he should "turn the page".

As to the Mears auction format, I must admit I did review the items again this morning, but even with a cool crisp sunny Vancouver day and a night's sleep, the extension did not inspire bidding in me. The market should of course determine whether their business model is a good one.

Best of the New Year's to all,

Max


(still collecting baseball books and sheet music, but dropping baseball art collecting when a dealer quoted a price of $65,000 on a Kernan painting...)

[barrysloate]

And to continue my argument, consignors may be happy but bidders are seething. Is that a good business model?

[GoldenAge50s]

And as a bidder I thank you from the bottom of my wallet .

No worry Leon, your wallet & mine will never match up in a bidding war!

As an auctioneer yourself, do you think it is OK to have as many unhappy bidders as some who have posted here (and many, I'm sure, that haven't)?

Jeff is totally getting screwed after being high bidder for 10-12 hrs w/ no activity. I'm at the point where even if I win, my joy of getting my item has been compromised by the stupidity of it all.

[Leon]

Originally Posted by GoldenAge50s

And as a bidder I thank you from the bottom of my wallet .

As an auctioneer yourself, do you think it is OK to have as many unhappy bidders as some who have posted here (and many, I'm sure, that haven't)?

Of course I don't want any unhappy bidders. And I bet if MEARS had to do this over again, they would try to compress it, as Barry correctly mentions. Maybe this could have been 2 auctions, had a bit higher opening bids and/or had the extended bidding start earlier in the day. I have not spoken with them so I don't know their feelings but I am sure they didn't intend to piss anyone off. Live and learn. regards

[Leon]

Originally Posted by barrysloate

And the sheet music/book comment was hitting below the belt, in my opinion. That said, Happy New Year to you.

ok....you got me on that. Sorry 'bout that one. Hope you have a happy and safe New Years also.

[ibuysportsephemera]

My point was not to complain about auctions that have a lot of activity. I am glad that at least a few of you understood that. I have not changed my opinion one bit....It is ridiculous that an auction that has no activity for hours, has to stay open because of a few (or many) hotly contested auctions. At this point I have been outbid on 2 of my 10 auctions, and it has been about 10 hours since I placed my original bids. I will not bid any further and I am certainly annoyed that I stayed up to participate (which I enjoy doing) and the auction is still going on.

[pgellis]

The one lot that I am interested in has not had a bid in over 14 hours. I am one bid away from losing it and I will not up my bid anymore. If there is an additional bid, I will lose it.

There really needs to be limit on a lot that has not had activity for more than a certain period...one hour, two hours, 3?

If that is not an option, then you should have to place an initial bid on an item prior to the end of the auction end time.

With this many lots, it is ridiculous to keep extending every lot. If it was a much smaller auction, I could kind of see it.

I known it's all about maximizing money for the consignors and the auction house, but Mears has to remember that they charge the buyers 15% buyers fee and they make a lot of money with that buyers fee alone. You need happy bidders to come back to continue to make it work. It's a 2 way street in an auction setting, but at times it seems like the bidders get the shaft.

[Leon]

Originally Posted by pgellis

I known it's all about maximizing money for the consignors and the auction house, but Mears has to remember that they charge the buyers 15% buyers fee and they make a lot of money with that buyers fee alone. You need happy bidders to come back to continue to make it work. It's a 2 way street in an auction setting, but at times it seems like the bidders get the shaft.

I do understand this point and it's a valid one. I am high on quite a few things but probably won't go higher. Also, Phil....quite honestly, from a consignors perspective and an auction house's perspective, the BP really comes from the seller too. Bidders factor in the total cost when bidding.....so really the money is coming out of the lot, regardless if it's on the front end or back end. Hope that makes sense? And believe me, I love this debate. It helps my partner and I make decisions on how to run our auctions. best regards