Still Going Strong - MEARS December 2010 Auction

[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