REA is up!

[Fred]

Drool..... they don't have a smiley face icon for that one yet...

Too bad about Walter's tobacco bath



can you soak a Ramly and remove those tobacco stains???

[Jewish-collector]

This auction separates the men from the boys.

[GrayGhost]

Thats for sure. For those who have the resources go to it. Im anxious just to keep an eye on some things. Certainly, nobody can touch the quality of this auction, and Id expect more records to be set with prices.

[bijoem]

Originally Posted by calvindog

Bittersweet day for me. I can't have everything or even most everything I want. And I've already received my first outbid notice.

that was me.

its on!

[Bill Stone]

I have noticed that the only time I ever buy a lottery ticket is when there is a REA auction going on-------

[Kotton King]

Originally Posted by Bill Stone

I have noticed that the only time I ever buy a lottery ticket is when there is a REA auction going on-------

haha.....me too!

[calvindog]

Originally Posted by bijoem

that was me.

its on!

Wait, it was my bid on your consignment!

[majordanby]

woke up this morning...i was outbid on all the lots i bid on last night. yay

[JP]

Originally Posted by majordanby

woke up this morning...i was outbid on all the lots i bid on last night. yay

Sorry, just had to have them!

I was outbid on about 20-30 lots last night and then returned the favor this morning.

[e107collector]

Someone just bid on the Old Judge California League Doyle card. Anyone want to venture a guess at the ending price? I'll say $260K.

Tony

[T206Collector]

...why do you bid on auctions at anytime earlier than absolutely required?

The only people that makes happy are the auction company and the seller. It is just giving money away. Of course a $100 placeholder bid in an auction for an item that is expected to sell for $100,000 I understand. But otherwise, it's just bidding up the item unnecessarily in my opinion.

[autograf]

I'm thinking about 160-170K on the OJ California...............

[barrysloate]

People are bidding early to get their qualifying bids in. The sooner you do it, the less risk involved.

And I'm with Tom. I'd say 160-170K seems about right...and I'll predict exactly two people will place bids on it, no more, no less.

[jerseygary]

I wrote to REA to correct a description error in their lot 1008 (Josh Gibson and other negro league autograph book) and not only was it promptly corrected but Mr. L took the time to write back personally!

___________________________
My Baseball Card Project:
www.infinitecardset.blogspot.com

[Rob D.]

Originally Posted by Bill Stone

I have noticed that the only time I ever buy a lottery ticket is when there is a REA auction going on-------

This year's auction ends on the same day as the Kentucky Derby.

Hit the Pick 6 in the afternoon, go on a shopping spree that night.

[e107collector]

I see posted on their website, that it says "We are currently accepting consignments for our next auction."

I wonder if they are planning on having 2 auctions this year? I remember this was discussed after last years auction.

I would be in heaven with 2 REA auctions each year!!

Tony

[T206Collector]

I get people bidding for that reason, but it seems like people are actually engaged in meaningless bidding wars on April 2.

[Steve D]

Deleted.....wrong thread.


Steve

[JP]

Originally Posted by Steve D

I'd be interested in partnering on the T210 lot #160. I'm looking for the Series 3 San Antonio cards of Kipp, Leidy, Slaven and Stinson.


Steve

Steve, try this thread instead http://net54baseball.com/showthread.php?t=122318

The SECOND post in that thread happens to concern your lot.

[ChiefBenderForever]

Originally Posted by T206Collector

I get people bidding for that reason, but it seems like people are actually engaged in meaningless bidding wars on April 2.

With the large amount of increments inbetween bids it makes sense to bid your max and let it ride. Once you get past 2000.00 bids are 500.00 gaps and then 1000.00 and so on, so if you get to your max and get outbid you are out and nothing left to worry about and it's someone else problem.

[Steve D]

Shoot, thanks JP!

I thought this was that thread!


Steve

[HercDriver]

Maybe I'm missing something, but I find the Autobid annoying in that I can't place the bid I want if I'm "out of sequence" with the current bid. For instance, let's say the current bid is $2500. If I want to bid $3000 for a lot, I will hit "bid now" which allows me to bid $2750. If I want to use autobid, my next choice is $3250, which doesn't allow me to place a $3000 bid. It assumes somebody else will bid $3000 and leaves me no way to place that bid. Am I missing something, or has anybody else seen that as well?

Cheers,
Geno

[barrysloate]

You can only leave ceiling bids in alternate increments. This is a question I used to be asked time and again in my auctions. If you place the $2750 with a ceiling of $3250, your high bid will kick in only if somebody bids $3000. But if you bid $2750 with a ceiling of $3000, you've just taken two consecutive increments. At what level will somebody else be able to bid? He can't top your $2750 bid because you would be holding the next bid too. He would have to go straight to $3250. So you might as well have just bid the $3000. That may or be not be clear.

[HercDriver]

Barry --

That's the problem - I can't bid $3000 unless I wait until somebody bids $2750. Maybe I can and I haven't figured out how. But in any case, what difference would it make if I took up two increments? To the seller and auctioneer, it's the same cash. To the bidders, it's first guy at that level wins. I think the alternate increment rule hurts only the bidder looking to spend a given amount (like the amount my wife allowed me)...

Cheers,
Geno

[barrysloate]

Can't you just go straight to $3000? Are you saying the software doesn't allow it? I see you are saying that. Maybe you could call them and ask them to manually place it for you.

[HercDriver]

At least from what I can see, that's the case...you can't take up consecutive increments with the software by going directly to a certain level. Maybe I'm missing something obvious, but as far as I can tell, you can't do it. For instance, I wanted to place a $3000 bid on a lot and am currently the high bidder at $2250. I can only up my bid to $2750 or $3250 using the system they have.

Cheers,
Geno

[barrysloate]

Maybe we're both missing something.

[rebelsart]

My guess is that the N172 Doyle, S.F. lot is done with 1 bid at $100k.

[bijoem]

Originally Posted by calvindog

Wait, it was my bid on your consignment!

I'm up to 17 lots with bids.
Once I get the catalog and peruse it - I am sure that number will climb.

I am already losing 11 out of the 17.

There is one lot I want bad.

My problem is.... I fall asleep on 'game night'.

[Rickyy]

I want that one, that one AND that one!

[Bosox Blair]

Originally Posted by T206Collector

I get people bidding for that reason, but it seems like people are actually engaged in meaningless bidding wars on April 2.

I view it as a "blocking" strategy. Every lot will be won or lost in overtime. The only people who can bid on a given lot in overtime are those who bid on that lot in regular time. Each lot is started many increments below the range where it will eventuallly sell (let's say 15 increments on average). If I bid once in regular time, I'm up against possibly 14 other guys in overtime. However, if 7 of those 15 bids in regular time were mine, then I just cut the number of final competitors on the lot in half.

Cheers,
Blair

[barrysloate]

You may be able to cut your list of competitors in half, but there's one problem with that strategy.

The seven guys you knocked out were probably tire kickers looking for a good deal. The seven guys who are left are the whales who will go really high on the lot. So you have accomplished nothing.

If you bid often enough to knock out thirteen bidders, and only one is left, but that one bidder has all the money in the world and won't let that lot go to anybody else, you've still accomplished nothing.

It's generally a strategy that doesn't work. Whoever are left are the guys who are going to make your life miserable. The ones you cut out are irrelevant.

[Bridwell]

Hi Blair and Barry,

I think the 'blocking strategy' Blair mentioned has some merit.

Barry is correct when he says that a 'whale' can overbid anybody in overtime, making the strategy irrelevant. This also holds true of a desperate collector trying to complete a set.

However, many lots in auctions sell to regular collectors, since the whales may already have that card. When that happens, I'd rather compete against only 3-4 other regular collectors in overtime, instead of 10-12 others. The hype of overtime tends to result in overbidding and that's lessened with fewer players. If 2 bidders are using the 'blocking strategy' on the same lot, then there might be only 2 bidders competing in overtime

Ron R

[barrysloate]

The likelihood is you will knock out the bidders who were going to drop out early on their own. Many people bid just to have a bookmark for the overtime portion. I think anyone really serious about a lot will still be in no matter how many times a single person keeps bidding.

My experience as an auctioneer was that the people who continually bid throughout an auction had a poor record of winning lots. In the great majority of situations it was somebody else who won them.

[Bosox Blair]

Hi Barry,

While I certainly can't challenge your experience as an auctioneer, I firmly believe it is valuable to limit the number of competitors against you in overtime. I've seen/experienced this many times - the sand starts to shift in overtime. As people get pushed beyond their limits on their initial goal lots, they feel they have "freed up" bidding cash, and they turn to other lots. I know for a fact this happened to me last REA. I had the high bid on a lot through the end of the auction and through 8+ hours of O/T. The person who won the lot told me they came back to my lot to bid after somone topped them and things got too rich on a more expensive lot they were chasing.

With REA, you can only turn to what you bid on in regular time. So keeping people off your lot in regular time has some value. Of course you can't eliminate competition, but you can reduce competitors.

Yes, I know there are "whales", but in an auction like REA, I believe these guys have quite a few lots to consider. I agree that if one of these guys is bound and determined to have the card you want, then you are in some trouble. But in any other case, I'd like fewer bidders to have the option of turning their focus to a lot I'm interested in during overtime.

Cheers,
Blair

[CW]

Although I could never hope to bid & compete for this card, the most intriguing card
in this auction is the newly discovered Just So Buck Ewing. It's got a great story behind
it, and it should be interesting to see the closing price.

Surprised nobody has mentioned it in this thread, although there might be a reason
for that.

[Bosox Blair]

Originally Posted by Bridwell

Hi Blair and Barry,

I think the 'blocking strategy' Blair mentioned has some merit.

Barry is correct when he says that a 'whale' can overbid anybody in overtime, making the strategy irrelevant. This also holds true of a desperate collector trying to complete a set.

However, many lots in auctions sell to regular collectors, since the whales may already have that card. When that happens, I'd rather compete against only 3-4 other regular collectors in overtime, instead of 10-12 others. The hype of overtime tends to result in overbidding and that's lessened with fewer players. If 2 bidders are using the 'blocking strategy' on the same lot, then there might be only 2 bidders competing in overtime

Ron R

Hi Ron,

Yes - we are on the same page on this!

Cheers,
Blair

[barrysloate]

Blair- anything is possible, and in no way does it hurt to knock bidders out. It never hurts. But I'm still not convinced it helps. If you knock thirteen bidders out and the only bidder left is Bill Gates, I think you still lose. But I agree that there is a lot of shifting around in the wee hours of the morning and only somebody who qualified will be able to jump back to your lot. However, I still think you've only eliminated the bottom feeders and not the real competition. I suppose there is no definitive answer to this.

[Bosox Blair]

Originally Posted by barrysloate

I suppose there is no definitive answer to this.

Hi Barry,

For sure - and I'm not purporting to have any kind of study to support my idea. It is just something I feel intuitively (ie. that I'd rather enter an auction against 7 qualified bidders than against 15). But I definitely see your points...the number of bidders is not as important as: who they are, what finances they have, and what their goals/motivations are in the auction.

Ultimately, I'm aware that two bidders makes an auction, and two motivated bidders can create a record price. But somehow I still feel better with 2 bidders than with 15.

Cheers,
Blair

[barrysloate]

Blair- I'm sure you've experienced this too, but I can't tell you how many times I've been the underbidder on a lot and said to myself, If it just wasn't for that one guy, I could have won that lot at such a good price. And that's the one bidder I'm suggesting you haven't knocked out. Obviously, whether you finish second or fifth, the end result is the same. Maybe we should do a study of bidding patterns and behavior.

[Bosox Blair]

Originally Posted by barrysloate

Maybe we should do a study of bidding patterns and behavior.

Hi Barry,

I might be a strange guy (...well, I am ) but I would really find that interesting.

All the best,
Blair

[barrysloate]

I can tell you from my years of doing auctions that watching people's bidding behavior is fascinating indeed! There are many eccentric personalities out there.

[jmk59]

I just got an email notifying me that bidding is open. Now that I've been outbid many times over on all but three things.

J

[JP]

No harm in sharing my bidding strategy. I look at all the lots I want, figure a final price I'm good with, subtract 17.5% BP, then subtract 20% more and then bid that price on all the lots I want...so around 70% of what I'm ok with the final price being. Then I wait and once I'm outbid on most of them, on the last day I narrow down my lots by a half and rebid on the ones I'm willing to go the extra mile with and then go to sleep that night -- the night that it closes. I never want to really OVERPAY so I often miss out on most lots. But at times my system REALLY works. The Plank I won was my 70% bid, and it never got outbid again. Other times, I end up missing out on lots with prices that in retrospect seem like incredible deals.

[calvindog]

My strategy: I buy whatever I want at whatever I feel like paying for it and then I go back to work the next day and make more money.