Poll: Auction House Closing Method

[Fred]

Which auction house closing method do you prefer:

A - All lots close after no bids for 15 minutes (a.k.a. the 15 minute rule or all-nighter rule).

B - Lots close individually after 15 minutes of receiving no bids after the auction enters extended bidding.

C - Is there another preferred method? If so, please indicate what it is in the thread.

[Mike Eisenbath]

B

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[Casey2296]

Not a fan of the slow all night rule, you can have a couple of drunk Ritchie's arguing over a card for hours.
Give me an individual lot time so we can hash it out before the sun rises.

[4815162342]

I voted B as I am (mostly) buying. I would vote A for consigning!

[doug.goodman]

How about option A, but with "extended bidding" beginning at noon Eastern instead of 9 pm?

[Luke]

Yeah, is there a reason extended bidding needs to start so late? I'm sure the people running the auction houses know a lot more than I do about it, but entire auctions running until midnight seems excessive, and I'm just talking about the west coast. It's brutal for the east coast bidders (who probably outnumber by like 3:1 at least).

[Rhotchkiss]

I voted C.

I like a hybrid, kind of like LOTG does it (items without a recent bid close at a certain time and the rest of the auction remains open), or Cleansweep (buyers premium or bid increment goes up for bids placed after a certain time).

[guy3050]

B For me

[4815162342]

Originally Posted by BillyCoxDodgers3B

This will never fly, but I'd like all auction items to have a cold end at the same time: 10:00 p.m. EST or earlier. I already know what I'm willing to spend, so I place my max bids before that time so I can get on with more important things like sleeping. Not interested in spending more than my max bid or staying up until past 2:00 a.m. to do so. Ridiculous.

Also, these auction houses should know their audience. Most of their big money customers are not 20-something night owls.

We can’t go back to sniping and depend on bots to bid for us.

[BillyCoxDodgers3B]

Originally Posted by 4815162342

We can’t go back to sniping and depend on bots to bid for us.

Nobody said that, either.

[4815162342]

Originally Posted by BillyCoxDodgers3B

Nobody said that, either.

Fixed closing times lead to sniping.

[Eric72]

I prefer when the seller lists their item with no price and writes, "taking offers."

Wait...wrong thread.

_______________________________________


By the time an auction enters extended bidding, I've usually narrowed my focus down to a handful of items. The lot-by-lot closing method is best for me. I have a method of tracking/bidding that is optimized for that auction format. While I typically win multiple lots, I can occasionally go "all in" on one item this way.

[pawpawdiv9]

Close at one given time, say 10pm
No extension period
No sniping
But assuming all the last sec bids would have the site “crash”

[Exhibitman]

I prefer the free-for all OT. I am on a budget, so the more flexibility I have, the better. Lot by lot closings are a PITA to track and work through; see my column on the subject. I had to spend hours actively participating in a Heritage closing in real time because I had to track and coordinate my bids on multiple items. I'd rather not have to do that.

That said, I do like the format where there is a double-overtime that closes lots individually for no activity after 15 minutes once the initial 3-4 hours of freeform OT are over. At that point there is no need to hold everything and everyone hostage to what may be a few bidders cutting each other to pieces over one lot.

I also like the idea of a lot with only one bid closing at the end of regulation. No need to OT one of those.

As a final twist, I would like to see any lots that failed to open be available for a single bid in OT. Might get some stuff sold that would otherwise pass.

[Eric72]

Originally Posted by Exhibitman

...I would like to see any lots that failed to open be available for a single bid in OT. Might get some stuff sold that would otherwise pass.

+1

[doug.goodman]

Originally Posted by Eric72

+1

I actually was looking thru the no bid items in LOTG the other night while waiting for the end and saw a couple items that I thought to myself "oh darn, that's kind of cool, sorry I didn't notice it before 9 pm".

[vintagerookies51]

C. All items have a set end point and close at that time, like eBay. I'm never usually going for multiple items

[BillyCoxDodgers3B]

As an aside, I'm not a fan of "you must have initial bids placed by [insert time here]". Any bid should be accepted at any time before the actual closing time.