just another auction (verkman)

[thekingofclout]

Wow! You're the same guy that always bashes Henry Yee. You are some piece of work... incredible.

[Leon]

Well a few things on this one. First of all the original poster is larry serota. Full names must be put out here when making those kind of statements. So that is done.

Now, I won't address Steve's auction. He can do that if he wants to. I will address some of the other statements above though. My auction company, Brockelman and Luckey Auctions, also ends auctions in a different manner. WE go into an extended bidding and everyone, yes every registered bidder, can still bid. We also have what might be the only written policy allowing people (3rd party, not our bidders) to audit our books. WE are 100% transparent in the auction process. I don't think you can make general statements about ALL auction companies and be correct. regards

[sports-rings]

Hi Leon,

I am not trying to stir the pot, but maybe I am missing something. What is the reason to have an extended auction if everyone can join in and bid on any item at any time?

On a separate note, I think it's fantastic that you have an open auction and allow people to view "the books". I wish others followed that model. I liked the old days on ebay when it was easy to find what your friends and collector competitors were bidding on.

[sflayank]

We have come up with what we hope is a partial solution to the un-ending auction problem. In order to discourage late bidding/sniping at extreme hours and to encourage bidding when everyone is (hopefully) awake, bids placed after 1:30 AM EST are subject to an additional buyers premium of 5%;
This is cut and paste from verkmans own rules
and they have to have placed bids on at least 10 lots prior to 10 oclock
I am not blasting anyone...if anyone here believes that abidder bid on 10 lots prior to 10pm but not the one i bid on just so they could snipe this lot at 140 am and pay 5% more i would like to sell a bridge in brooklyn to
which begs the question why didnt they bid at 1:29 and save the 5% addon fee?

[Leon]

We work for our consignors, plain and simple. Since implementing this ending strategy we have unequivocal evidence that the ending has made it where many lots get many more bids. We have given it a ton of thought and this is our method. It's best for our consignors and actually our bidders too. I can't tell you how many times I have not bid on something in an auction, then wanted to bid, but couldn't because I hadn't bid yet. It has happened to me (and no doubt almost everyone reading this) many times. As for the extension.....the extended bidding has to do with the time to close. Once we are in that time then any 15 minute increment (based on 4 equal ones every hour) that doesn't get a bid, means the auction closes automatically. We have no control over it, our bidders do. This has been our way of ending auctions for the last 3-4 and so far there have been no issues. Scott and I feel there probably isn't a perfect solution to ending....just like many good debates on this board, all sides have their pros and cons. Hope this helps.

ps...in about 10 minutes I will be out, on business, until after lunch so won't be responding to any other questions until later......

[Exhibitman]

I have no idea of the circumstances of Larry's situation and I definitely appreciate how awful it is to lose a deal at the last minute. That said, it does appear that Verkman's auction rules allow for the kind of late bidding that took place. And if the item was tough and a bargain why is it so hard to believe that someone came in and topped the opener?

As for allegations of shilling by Clean Sweep, I've purchased numerous items in Clean Sweep auctions using max bids without my max bid being hit and haven't suspected any shilling on my wins or losses. Also, remember we have collectors across multiple time zones. A 12:30 a.m. EST bid is only 9:30 for me, 6:30 for the Hawaiian collectors on this board, so a very late bid isn't by any means improbable.

[sflayank]

no problem with late bidding
so anyone can put in minimum bids on the 10 cheapest lots and then bid on anything they want all night(GOOD SYSTEM)
but u dont have to bid before 10 if you bid on 10 lots or more
so this person puts more than 10 lots in his watch and decides to only bid on exactly 10 of them before 10 oclock and he'll leave the rest of them alone until after 130 so he can pay the 5% penalty for being late
and he sits at his computer refreshing the auction for 3 1/2 hrs to make sure it doesnt close before he can bid for the 1st time on those lots
the lot wasnt anything special...verkman offered it to me for 800 at the national...starts it at 500,which was too much, in his auction

[thecatspajamas]

Sounds like a case of sour grapes to me. You laid out exactly how someone could exploit the auction-ending procedure, and yet can't believe that someone could possibly have done what you describe?

A 5% bump in price is not that bad, when you consider that most bid increments are 10%. Save yourself one back-and-forth with another interested bidder who, like you, assumes that everyone goes to bed at 1:30 EST, and you've more than recouped that.

I agree that ending procedure is a bit more convoluted than necessary, but frankly, you just have to get used to each auction house having their own take on auction ending procedures. If you don't like the way the auction ends, don't bid in the auction, or at the very least write an e-mail to the people running the auction detailing how you think it could be improved. Have you actually tried to contact Steve or anyone else at Clean Sweep about this?

[GrayGhost]

as a neutral observer, these auction policies are ridiculous, IMO. If someone closes an auction, it should be by LOT. If NO additional bids have been received by TEN, thats it.

IF there has been one or more competing bids, the ten minute rule could go into effect.

Just seems complex. Thats one of the BEST things about ebay. you put in a biid or a snipe, and you are all set. The auction JUST ENDS. But, w so many auctions not using snipe programs, I can understand the ten minute rule, but the above situation sounds a bit fishy, in that the poster checked at 1230 w no bids.

This is NOT an attack on MR Verkman either. Im just trying to give an objective viewpoint

Scott Roberts