New Idea for Ending Auctions Earlier

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Posted By: leon

Since the conversation Barry and I had this morning I can't imagine a better way than the staggered, individual closing times which start at a better/earlier time than 11pm EST.... There would need to be some tweaking but it could be done.. I hate marathons and always give up now....which probably leaves money on the table for the auction hosue. If it's too late then I put a bid in and go to sleep. That system doesn't seem like it's the best for generating more bids...

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Posted By: leon

I think we have a new record !!!

I don't ever remember seeing 3 posts at the exact same time, in the same thread, as Dan, Corey and I just did.....great minds think alike

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Posted By: Cobby33

"Joe--Snipe your max and it becomes a nonissue. If you are topped and you want to bid one more time then you didn't snipe your max."

That's the easiest way. Everyone wants it both ways. They want to win the item and they want the best deal. It doesn't seem like there is a system that would guarantee both, so make a choice. Do you want the item at your top dollar (possibly)- or do you just want a good deal?

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Posted By: Joann

I think Jeff suggested something similar to Barry's proposal awhile back - keeping all lots open but decreasing the time for next bids.

For the most part responses in this thread are from the bidder standpoint, but the bottom line is that the auction house has the financial responsibility to the seller. Giving people every reasonable opportunity to spend money makes more for the sellers.

In a close-by-lot format, every closed lot is a lot someone else cannot bid on. In a whole-auction format, the auction doesn't end until there is not one single bidder that is willing to bid on one single item. Isn't that by very definition the maximum money the auction could have made? To me it's the auctioneer's responsibility to the sellers to run it this way. If I were a consignor I'd sure as heck think so.

I don't think a one-shot 15 minute extra period would work at all. One thing people do like about the non-ebay auctions is that you can't get sniped. You always have the opportunity to rethink and retool and rebid before it ends - no surprises. Having a "hard ending" 15 minutes after the close just puts the problem 15 minutes later. It also loses sellers money again, because people can't enter max's that exceed their budget in total. They can't flex from one to another, and will limit max bids to budget.

Barry brought up an interesting point above in that the problem with whole-auction format going so late isn't because of competition for lots, it's because of the tremendous amount of dead time. If it's true that people want to be able to flex their money out of closed lots and into open lots, then by definition there are fewer and fewer lots to juggle as the auction goes later, so less time is probably needed.

I think the decreasing time increment is a really elegant solution. It ends them sooner, makes them more efficient, allows all bidders every chance to be competitive for cards they want, and allows the auction house to meet its duty to the sellers to structure the auction so that each lot gets it's maximum price.

Great idea. Jeff, Barry, both.

J

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Posted By: barrysloate

So the question is will any large auction house be willing to implement it? Are they really serious about trying to find a balance between ending an auction in a timely fashion, while at the same time maximizing what their consignors can make?

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Posted By: Frank Wakefield

End the auctions at 6pm. That'll end 'em early.