Poll on Auction Closings

[barrysloate]

Okay, I set up a poll. Hope this works.

[Abravefan11]

I don't see why something can't be done to have auctions close at a more reasonable time. Midnight or even 1am I could handle, but 4am and later??

[barrysloate]

Tim- therein lies the poll.

[E93]

Can there be a choice that says, I like the long closing for REA, but close by individual lots for all other auctions?
JimB

[barrysloate]

Jim- that's too complicated.

[barrysloate]

I just thought of a flaw in the poll: people on the West coast must love the late closing because it favors them. Those on the East coast probably do not like it. Geography plays a role, but I didn't factor it in.

[Al C.risafulli]

Barry, I think "I love auctions that run all night and wouldn't change a thing" is probably a leading response in that it implies that I love ALL auctions that run all night. Although that's the way I voted, that's not the case.

An ordinary, run-of-the-mill auction with a couple of neat items and maybe one or two things I'm interested in bidding on is not much of a big deal, and I prefer for that auction to close at an earlier hour.

A major auction with a host of historically significant items, a bunch of lots that my friends are either bidding on or have consigned, 20 or 30 items I might be interested in winning at the right price, and dozens of curiosities or otherwise noteworthy items is an EVENT. Couple it with a six-pack, a handful of collectors in a chat room, and no work in the morning, do it once a year, and I'll stay up all night and LOVE it. If that auction went on til noon the next day, I'd still remain interested. And I'm not just talking about REA, there have been other auctions in the hobby that have fit that definition.

-Al

PS - Okay, maybe two six-packs.

[Jim VB]

I have to be honest... this Saturday night my 16 year old, sophomore, daughter, is attending the Senior Prom with her 18 year old, senior, boyfriend.


I didn't expect to get a wink of sleep prior to 4:00 AM anyway.

[Wesley]

I wouldn't want to stay up past 1:00 AM or 2:00 AM on a regular basis, but once or twice a year for big events like the REA auction actually makes the hobby exciting.

[White Borders]

Hi Barry,

Depends on whether I'm bidding or I'm consigning.

If I'm bidding, I like to see lots close individually with the 10 or 15 minute rule, as well as the rule that says you have to put in a preliminary bid on the lot in order to bid on it during extended bidding.

If I'm consigning, I want my lots to stay open as long as the entire auction is open and I want everybody to be able to bid on it at anytime.

Best Regards,
Craig

[jim]

Why not change the start of the extended starting time to 9 AM EST? Since they run for hours on end, it's not like the west coast is going to miss out on bidding in the wee hours of the early morning. And when it goes into extended bidding, even a 12 hour marathon ends at 9 PM EST. The weeks long lead up to extended time should have given everyone ample time to get their initial bids in. This way, the east coasters who didn't bid aggressively enough have enough time to bid again over their "previous top bids".
jim

[Exhibitman]

Great idea, Jim. Too easy, though.

I like Heritage's practice of closing auctions one item at a time rather than extending everything because one item gets another bid. I think it might actually help sellers in the long term because it allows a buyer with a budget to bid more on remaining items as items he is otherwise in on close out. I know if I get shut out on my earlier closing bids I am more likely to bite the bullet and make that last ditch bid on something that is still alive.

I do think that the rule requiring an initial bid before the extended time is a good one simply to prevent all action from becoming something akin to Ebay snipes.

I also like the capability to make a max bid like in a live auction, i.e., a bid far above the next increment. If someone wants to throw down on a lot, they should be able to do it with one shot.

[barrysloate]

Everybody has their own feelings about this. Al sees it as a social event and I respect that. For me I would be snoring away most of the night and would miss the party.

As far as the first choice goes I suppose I could have worded it differently, but my point is while collectors are willing to tolerate a 4:00 AM closing, I still can't imagine anyone really liking it.

And as I said earlier nobody on the West coast has ever experienced a 4:00 AM closing so to them it's not an applicable question. Doesn't matter, the whole thing is just for fun.

[Steve D]

Heck, I've seen some R&R Auctions (autographs) that didn't close until 0730ish Central time (and yes, I did stay up ALL NIGHT for them, as I was bidding on a couple MUST HAVE items!.....and I did win them )

Steve

[3-2-count]

I'm a west coaster so I love it. Let the games begin.....

[ethicsprof]

i vote for whatever gives me at least 7 hours of sleep.

best,
barry

[barrysloate]

So it looks like by a pretty wide margin people don't like the very late closing time. I think the system in place greatly favors those who can stay up the latest, as well as bidders on the west coast.

Not the end of the world either way. Thanks to all who voted.

[Frank A]

Why end it at 4 am. why not 8 am or 10 am. It's nuts. If you put on your auction that bids will absolutely close at 10 pm, then people will get their bid in by 10 pm. Do you think bidders would play these games if they knew they had to get their bids in. Prices would probably be higher in the bidding frenzy.

[barrysloate]

Exactly my point Frank. If the auction house stated that they were planning to end around midnight, even if they had no real plan to shut it down while bids were still coming in, people would be forced to start bidding earlier. What currently takes 12 hours to do could easily be accomplished in 8 hours, and it would eliminate all those pockets of dead time. It would be a more efficient business model.

[insidethewrapper]

If I bid on a Lot (item) at Midnight and no more bids before 12:30 am it should close and then I don't have to stay up all night because someone is bidding on another Lot (item). It doesn't make sense to me. My lot should close.

[dstudeba]

There is no way I will have a 6 pack next to me when all it takes is the press of a button to be on the hook for tens of thousands of dollars.

If I am staying up until 4 AM I will be in no shape to make financial decisions that are greater than a round of beers.

Jim VB - ouch, good luck.

[glynparson]

As a buyer I agree 100% as a consignor I disagree 100%.

[Leon]

Just in case anyone doesn't know, this is a public poll. All you have to do is click on any of the 3 numbers of responses and you will see how each person voted in each category. That being said I am going to have to give a ration of poop to you 14 guys that voted you love to stay up all night. I am smiling and laughing while I write this. Next is a call to my good friend David B. . All in good fun. It is an interesting poll. best regards

[nolemmings]

Default
I have to be honest... this Saturday night my 16 year old, sophomore, daughter, is attending the Senior Prom with her 18 year old, senior, boyfriend.


I didn't expect to get a wink of sleep prior to 4:00 AM anyway.

Now when she gets home you can greet her with a "I was up following this auction anyway and yes, it just so happens I like to have a shotgun nearby while I follow auctions".

[insidethewrapper]

Maybe it could be 30 mins from 10-11:00 , 20 mins 11-12, 15 mins 12-1, etc so it could end early.

[calvindog]

Originally Posted by Jim VB

I have to be honest... this Saturday night my 16 year old, sophomore, daughter, is attending the Senior Prom with her 18 year old, senior, boyfriend.


I didn't expect to get a wink of sleep prior to 4:00 AM anyway.

I am so happy I have two boys.

[Jim VB]

Originally Posted by calvindog

I am so happy I have two boys.

LOL!

Oh yeah. They'll NEVER cause you any concern.

[Jim VB]

Originally Posted by nolemmings

Now when she gets home you can greet her with a "I was up following this auction anyway and yes, it just so happens I like to have a shotgun nearby while I follow auctions".

Yeah. Maybe. But then where would I get a couple of great lawyers? I assume if I did what you suggest, I'd need one for criminal defense and one for divorce.

[calvindog]

Originally Posted by Jim VB

Yeah. Maybe. But then where would I get a couple of great lawyers? I assume if I did what you suggest, I'd need one for criminal defense and one for divorce.

I'm tied up that week.

[Jim VB]

Originally Posted by calvindog

I'm tied up that week.

I figured my wife already had you on retainer.

[Wesley]

What time did REA end last year?

Wasn't it after 5:00 AM EST?

[Rob D.]

Originally Posted by Wesley

What time did REA end last year?

Wasn't it after 5:00 AM EST?

Between 3 and 4 a.m. Eastern

[Wesley]

That's it? Even Barry can stay up for that.

[barrysloate]

No way...I'm already getting sleepy.

[glchen]

4am EST, and it's finally over. At least I'm in PST, so it's only 1am here.