Auction Length

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Posted By: rob

What possible benefits are there to having any of these major auctions lasting more than 2 weeks? I dont understand the need for all these auction houses to go on for so long, to me even two weeks is more than enough time. Anyone have any good reasons?

Personally, one week would seem about right, much like ebay, with the only real argument for being longer is people away on vacation or work I guess.

Rob

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Posted By: Cobby33

More time = more frenzy.

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Posted By: Alan

More time gives the poor collector more time to acquire more money.

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Posted By: Eric B

Alan, you are absolutely correct. Sometimes I see an auction I must have, and must scramble to acquire the funds.

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Posted By: barrysloate

Rob- that's a good question and sometimes I feel my three week auction lasts too long. I guess I can come up with a couple of reasons for the long duration: 1) everyone else does it, so I am following the crowd; 2) the problem with a one week auction is the possibility that your best customer is on a ten day vacation in Latvia, and has no internet service. With a three week auction everyone who needs to see it eventually will.

But I will admit there is a long dry period in the middle where I only get a modest number of bids per day. My guess is nobody will shorten theirs.

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Posted By: rob

I agree Barry, that seems to me the only logical reason extending it past a week, thats why two weeks seems about the maximum necessary. I just booked my flight to Latvia

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Posted By: barrysloate

I don't even know where Latvia is.

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Posted By: leon

We are unique so are going even longer....all the way out to 22 days....(just kidding)...I think 3-4 weeks is the industry standard and as Barry says it gives everyone time to mull over what they want to do and make arrangements financially (not that I have ever had to do that)....Plus, again as Barry says, some folks could be away for a week and miss the whole thing. The other aspect is that auction companies work for their consignors and want to make/keep them happy. I am sure our consignors wouldn't want a 7 day auction as they want the highest prices possible and 1 week is just too short for the reasons mentioned above..Personally, with as bad as ebay has gotten, I see more and more sales/consignments coming to auction houses. regards

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Posted By: rob

I agree there is a legitimate reason to go from one week to two, but I wonder if there is any data suggesting three weeks (or longer) brings higher dollars than two.