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MarlinsFan1993
05-11-2013, 11:45 AM
Just want to get the opinion of all the seasoned veterans on here when it comes to bidding strategy for Auction House items. Since most auction houses have 10 or 15 minute rules the bidding strategy differs greatly than say eBay where sniping is the norm. Several auction houses also employ the auction wide extended bidding rules where all the lots in the auction close simultaneously (after the minute rule has not been met for any single lot), which obviously makes for long nights at the office...

Basically just looking to find out how you guys go about your bidding. Do you often place your max bids several days prior to the auction's completion or do you place a modest bid and wait for the extended bidding period? Any insight would be greatly appreciated. Thanks!

Phil316
05-11-2013, 12:12 PM
I learned to get at least an early bid in if you are seriously wanting the item so that you can bid during extended bidding. I cannot remember what auction house it was but because I did not bid before extending bidding I could not bid on the item. It was a lesson learned on my end that is fore sure.

MarlinsFan1993
05-11-2013, 12:32 PM
I learned to get at least an early bid in if you are seriously wanting the item so that you can bid during extended bidding. I cannot remember what auction house it was but because I did not bid before extending bidding I could not bid on the item. It was a lesson learned on my end that is fore sure.

That's a great point, wasn't aware of that!

onlyalbert
05-12-2013, 02:06 PM
I learned to get at least an early bid in if you are seriously wanting the item so that you can bid during extended bidding. I cannot remember what auction house it was but because I did not bid before extending bidding I could not bid on the item. It was a lesson learned on my end that is fore sure.

That's what I do. Then I wait until the last minute and put in my best and final bid and go to bed. If you stay up watching an item your mind will trick you into eventually going higher than you really wanted to.....seriously.

Phil316
05-12-2013, 02:08 PM
If you stay up watching an item your mind will trick you into eventually going higher than you really wanted to.....seriously.

That right there is the truth. I have done that a couple times and in the morning when the haze has cleared your like WTF did I just do LOL

Anabolicollege17
05-12-2013, 03:17 PM
I always bid my max first bid, and only bid.

For Example if a white Tannehill rookie gamer came up, and lets say it was set at $1.00 (which I think all NFL auction items are set at)

I would put my first bid at lets say 1000$. That would be the only bid I will place as it would be the most I would want to spend. I know a lot of people on NFL auctions use this method. This way I don't have to keep bidding, and if someone wants to pay over my limit price, than I let them have it. Has always worked very well for me. I've won over 20 items from NFL auctions at cheap prices from doing this method.

I also know a lot of people who hate people like me, and always say why do they do it. Why don't they wait until the last day for item to end and then bid...Well I'm lazy and don't like going back. I used to do this and missed out on items I wanted due to forgetting when they end. So I go all in first bid.

hairyangryfella
05-12-2013, 03:32 PM
I always bid my max first bid, and only bid.

For Example if a white Tannehill rookie gamer came up, and lets say it was set at $1.00 (which I think all NFL auction items are set at)

I would put my first bid at lets say 1000$. That would be the only bid I will place as it would be the most I would want to spend. I know a lot of people on NFL auctions use this method. This way I don't have to keep bidding, and if someone wants to pay over my limit price, than I let them have it. Has always worked very well for me. I've won over 20 items from NFL auctions at cheap prices from doing this method.

I also know a lot of people who hate people like me, and always say why do they do it. Why don't they wait until the last day for item to end and then bid...Well I'm lazy and don't like going back. I used to do this and missed out on items I wanted due to forgetting when they end. So I go all in first bid.

On ebay this would be a disastrous way to bid, because it gives ample time for people to bid you up (or shill you). It can be a solid strategy on less manipulated auctions like NFL Auctions, though it still gives people chances to bid you up and might end up costing you more.


As mentioned above, you've gotta get at least one bid in early on an item you're interested in so you can at least have a go in extended bidding if you need to.
On NBA Auctions I would bid just before the 5 minute finish (where anytime there's a new bid the auction extends by another 5 minutes), and that's generally it. Though there's a member on here who likes to screw with me and wait until there's only about 30 seconds left and then up the bid (starting a new 5 minute countdown), then keep doing the same thing to me numerous times....

onlyalbert
05-12-2013, 10:30 PM
Forgot to mention, I never make my final bid an even amount in the event it is also someone else's limit. Always add a bit like $101.02 instead of $100 or 1006.01 instead of 1000.00.

onlyalbert
05-12-2013, 10:32 PM
That right there is the truth. I have done that a couple times and in the morning when the haze has cleared your like WTF did I just do LOL

And never go to an auction site after a nite of medium to heavy drinking! Been there...done that! Costly!

Phil316
05-13-2013, 12:58 AM
And never go to an auction site after a nite of medium to heavy drinking! Been there...done that! Costly!

:p

MarlinsFan1993
05-13-2013, 08:05 AM
And never go to an auction site after a nite of medium to heavy drinking! Been there...done that! Costly!

Nothing worse than getting up the next day with a headache and ownership of an item yo paid too much for!

greg678
05-13-2013, 05:08 PM
Really just put in your best and brightest offer and go to bed if you are on the east coast.
I get this highest bid thing, but I hate that you do not know if you won til the next morning.
I wish auctions would do a 30 minute rule per item instead. Or close their auctions at 3:00 pm west coast time to head into extended bidding instead of 7:00. This would let the east coasters stay up to bid and drink more to make mistakes- like Vegas! Lol!
The way it is now If some really late bidders start bidding on a $300 item 4 hours into overtime raising in increments of 30$ it could hold you up not knowing if you got a Mantle jersey that has not had a bid in 5-6 hours. Crazy. Then again I am sure there has been a lot of last minute 5000$ bids five hours into overtime.

Auctions are not fun and exhausting!

Anabolicollege17
05-13-2013, 11:12 PM
Oh forgot to mention. The all in bidding with first bid (never use on fleabay) Only good for NFL auctions. Regardless if people bid me up I'm still set on the max price I will pay. With NFL auctions even if you don't bid till the end your probably going to be paying close to the same price as if you bid from start. NFL auctions can get a little crazy though. I watching a white Tannehill go for close to 1500$ (which was decent, compared to the Beck back in day haha) I slept so hard on it and am so mad.. I will probably never see another white rookie jersey. And why? but NFL auctions does not put out white jerseys of there Nike issued pieces. Wish they would finally do it like they used to with reebok.

yanks12025
01-31-2016, 07:53 AM
Bumping this old thread to see what people think about auction houses 15 minute rule in extended bidding period.

i hate the fact that I'm winning a item for over 6 hours in extended bidding period but get outbidded with an hour before they shut down the auction.

ndevlin
01-31-2016, 10:55 AM
On EBay or for an AH, bidding on the first day or super early is only raising the price for yourself. Never understood why someone sees something they like and has a bidding war with someone else with 9 days left.

Juicyfruit66
01-31-2016, 03:36 PM
The only time on eBay where it makes sense to put in an early bid is to cancel out a buy it now option. But the bidding wars after that are just ridiculous. Wait til final minutes and save each other $$

Birdbats
01-31-2016, 05:43 PM
I despise the 15-minute rules used by most auction houses. I have no problem with a 15-minute rule per lot, allowing each lot to close individually when it's gone 15 minutes with no bid. But, keeping a 1,000 lot (or even a 100 lot) auction completely open until NO lot receives a bid is ridiculous. Can anyone think of a similar business model outside the auction realm? I might feel differently if I lived in Hawaii, or made it a habit to be up all night... but as a normal person working and living normal hours in the central US, I hate that these auctions stay live until 3, 4 and even 5 in the morning. It doesn't help, as a previous poster noted, that you can have the high bid for hours or even days, only to lose an item to a bid that is placed four hours after you've gone to bed. I'm sure it's good for consignors, at least those whose items are receiving the after-hours bids. I know it's good for auction houses, who get about 40% of each bid placed. But, for bidders like me, it's a huge pain in the backside.

jbean023
01-31-2016, 07:43 PM
I enjoy the auction house bidding, I think there are a few auction houses that have a 15 minute policy and I hate it. An auction I think it was last year I was bidding on 22 items and ended up losing half of them because I was all over bidding and watching this and that. The other thing that irritates me is guys will wait until 14:59 to put a bid in on those so now it starts all over. Easiest way to win a mlb auction is have more time on your hands than the other bidder. So a 5 am ending is perfect with me. With no early bids and late bids on ebay, that has really ruined ebay and that's why most quality items are a buy it now or best offer, unless you're the seller that does a private listing and schills so you don't have to sell your items for cheap(i.e. Royals 2015 jerseys). The other quality items go to auction houses. Ive put a few quality items on auction then I get messages afterwards that they missed the last second bid, ect and Ive done the same thing where I have been busy or bidding on multiple items and missed out so I messaged the seller. I've learned my lesson. Put your highest bid in and if you lose when you wake up then so be it, you either should of bid more or be happy that you still have those funds in your wallet. Also, if anyone got an extra 15K for the auction house style bidding for an item they might not mind the time when that happened. The ole saying "you get what you pay for" is correct the majority of the time.

johnsontravis@ymail.com
01-31-2016, 08:24 PM
I think there was a more recent conversation about this when a Goldin Auction went ridiculously long. My opinion I do not like the whole letting each auction get an extra 15minutes because one got a bid. I too think every auction be separate. The only reason I don't like the "just put your highest bid and go to bed" idea is because sometimes you can only afford one item and are interested in two. If you have to put in your highest bid while both are still open you have to commit to just one item since you can't get both. If the item you bid on goes over your budget and the second one didn't go over what you would have paid you are stuck getting nothing.

yanks12025
01-31-2016, 09:03 PM
I think there was a more recent conversation about this when a Goldin Auction went ridiculously long. My opinion I do not like the whole letting each auction get an extra 15minutes because one got a bid. I too think every auction be separate. The only reason I don't like the "just put your highest bid and go to bed" idea is because sometimes you can only afford one item and are interested in two. If you have to put in your highest bid while both are still open you have to commit to just one item since you can't get both. If the item you bid on goes over your budget and the second one didn't go over what you would have paid you are stuck getting nothing.

That is pretty much what happened with me last night. I was bidding on two items I really wanted but had a budget between the two. Had I known that i would be out bid on the one item hours before the other, I would have put a higher bid on the other item.

Also with the whole news of the Mastro shill bid scandal, I don't really like to put a MAX bid no matter the auction house whether they have a good history or not.

sqzplay6
01-31-2016, 11:24 PM
I'm not a fan of the all or nothing close. I prefer the 15 minute limit per lot. I typically bid live but placed a max bid last night around 1:30 am CT and went to bed. It ended well for me. Maybe I shouldn't complain.

The upside to the all or nothing is that my 18 week old son and I are bidding together. Those late night/early morning feedings and auction closings are bringing us together in the hobby.

Juicyfruit66
01-31-2016, 11:29 PM
I had a bid on a bat on eBay that I put the first bid in to prevent a buy it now situation. Less than a day til auction ends I get outbid (I didn't put a max bid so it was easy to outbid me). I figured I'd wait until final seconds and put in my second max bid. Low and behold , about 5 hours til auction ends I get a message from eBay saying his bid is revoked. Final ten seconds this same guy puts in the bid again, I beat him with 7 seconds left. In my opinion revoking a bid and then coming right back and bidding in the end is not cool to the seller or the other buyer.

G1X
02-01-2016, 01:33 AM
I despise the 15-minute rules used by most auction houses. I have no problem with a 15-minute rule per lot, allowing each lot to close individually when it's gone 15 minutes with no bid. But, keeping a 1,000 lot (or even a 100 lot) auction completely open until NO lot receives a bid is ridiculous. Can anyone think of a similar business model outside the auction realm? I might feel differently if I lived in Hawaii, or made it a habit to be up all night... but as a normal person working and living normal hours in the central US, I hate that these auctions stay live until 3, 4 and even 5 in the morning. It doesn't help, as a previous poster noted, that you can have the high bid for hours or even days, only to lose an item to a bid that is placed four hours after you've gone to bed. I'm sure it's good for consignors, at least those whose items are receiving the after-hours bids. I know it's good for auction houses, who get about 40% of each bid placed. But, for bidders like me, it's a huge pain in the backside.


johnsontravis@ymail.com I think there was a more recent conversation about this when a Goldin Auction went ridiculously long. My opinion I do not like the whole letting each auction get an extra 15minutes because one got a bid. I too think every auction be separate. The only reason I don't like the "just put your highest bid and go to bed" idea is because sometimes you can only afford one item and are interested in two. If you have to put in your highest bid while both are still open you have to commit to just one item since you can't get both. If the item you bid on goes over your budget and the second one didn't go over what you would have paid you are stuck getting nothing.

+1
I AGREE 100% WITH BOTH OF THESE POSTS. WELL SAID!

Mark Hayne
Gridiron Exchange

yanks12025
05-08-2016, 05:51 AM
Auction houses really have to fix the way they end their auction and the stupid 15 minute rule. I don't think its really fair when you're winning a item for over 6 hours in extended bidding and no other bids during that time but then get out bid and the auction closes 20 minutes later.

gorilla777
05-08-2016, 11:02 AM
What'd you get outbid on late? You had a contest cert to use in this auction?

ivo610
05-08-2016, 01:24 PM
I think there was a more recent conversation about this when a Goldin Auction went ridiculously long. My opinion I do not like the whole letting each auction get an extra 15minutes because one got a bid. I too think every auction be separate. The only reason I don't like the "just put your highest bid and go to bed" idea is because sometimes you can only afford one item and are interested in two. If you have to put in your highest bid while both are still open you have to commit to just one item since you can't get both. If the item you bid on goes over your budget and the second one didn't go over what you would have paid you are stuck getting nothing.

100% agree! Its annoying you have to limit yourself to one item bc of the bidding rules are insane. I got outbid at 3 am last night, I dont get too excited about auctions that last until some ungodly hour. Its fine though, the money I would have spent at last nights auction is going to go toward an auction that ends this week in a per lot way.

yanks12025
05-08-2016, 02:09 PM
What'd you get outbid on late? You had a contest cert to use in this auction?


Pro model bat but pretty sure it was game used and they didn't list it as game used. And no I didn't have the contest thing, I didn't participate this time.

KGoldin
05-08-2016, 02:33 PM
Ok
What's a reasonable hour, and whTs a better suggestion
Before someone says " lot by lot" I will tell you that in a large 1500 lot auction that is ruled OUT
2 reasons
1 majority of my Consignors do not want it
2 I have some people that bid on over 50! Lots, some over 100 lots
I have had people win 50+ lots on same auction
It is mathematically impossible for them to keep up with bids if lot by lot

However, I am looking for positive suggestions
Each of the last three auctions I have closed earlier, even if marginally so.
In the babe Ruth auction a smaller one I. Put a 1 am mandatory close on
I am open to suggestions...
Fire away

yanks12025
05-08-2016, 04:23 PM
Ok
What's a reasonable hour, and whTs a better suggestion
Before someone says " lot by lot" I will tell you that in a large 1500 lot auction that is ruled OUT
2 reasons
1 majority of my Consignors do not want it
2 I have some people that bid on over 50! Lots, some over 100 lots
I have had people win 50+ lots on same auction
It is mathematically impossible for them to keep up with bids if lot by lot

However, I am looking for positive suggestions
Each of the last three auctions I have closed earlier, even if marginally so.
In the babe Ruth auction a smaller one I. Put a 1 am mandatory close on
I am open to suggestions...
Fire away


Is it possible to have 2 different close times. You do the 15 minute rule for the whole auction but if theres zero action on a item for say 2 hours, then that item ends. But I'm not sure if that is possible with auction software.

GoCrazyFolks76
05-08-2016, 08:41 PM
Ken,

If 15 minutes isn't enough time for your big time bidders, then what about 30 minutes? 30 minutes should be plenty of time to go through their 50+ bids to make sure they are still top bidders using your 'my account' page.

As far as your consignors, I would think they would be more interested in people getting into bidding wars earlier in the evening rather than somebody sniping at the last minute forcing a potential bidder to miss out because it's 4:30 in the morning and that bidder is fast asleep.

Just my 2 cents.

ousooner_85
05-08-2016, 11:05 PM
Personally, I'm not staying up into the early morning hours to see if I'm still the high bidder on an item. There have been numerous items that I would have continued to bid on if outbid in a reasonable amount of time. I prefer some sort of per item time limit, my participation in bidding is increased and my interest level remains fixed.

I would have to do a little research but my percentage of auctions won, bids placed on items, etc. is considerably greater with time limit lots and auctions.

BirdsOnBat
05-09-2016, 06:34 AM
I always calculate what I would be willing to spend + hammer and when I get sleepy I just punch it in and go to bed. With Goldin's good reputation I know the bid won't be auto-bid up by shills so I can rest easy and if someone wants to pay more, so be it. They deserve it. My $0.02

G1X
05-10-2016, 12:10 AM
Ok
What's a reasonable hour, and whTs a better suggestion
Before someone says " lot by lot" I will tell you that in a large 1500 lot auction that is ruled OUT
2 reasons
1 majority of my Consignors do not want it
2 I have some people that bid on over 50! Lots, some over 100 lots
I have had people win 50+ lots on same auction
It is mathematically impossible for them to keep up with bids if lot by lot

However, I am looking for positive suggestions
Each of the last three auctions I have closed earlier, even if marginally so.
In the babe Ruth auction a smaller one I. Put a 1 am mandatory close on
I am open to suggestions...
Fire away

Ken,

Why not try lot-by-lot closing to see how it works? Some of the other successful auction companies (MLB Auctions, NFL Auctions, Hunt Auctions, Heritage Auctions, MEARS, etc.) don't seem to have a problem with it. While I understand your desire to please your consignors and maximize both their profits and yours, buyers are just as important (if not more so) part of the auction process. It takes all 3 parties to make an auction work.

As for a buyer juggling a number of items that have the potential of closing at the same time, I have personally found that it is much easier to keep up with items when the lots close one-by-one. There are ways that a bidder can control that issue as anyone who bids on MLB or NFL auction has probably witnessed. I am certainly not going to tip off this "trade secret", but I would guess that many collectors are probably aware of how to space out the closing times as a bidder to prevent everything they are bidding on from closing at the same time.

If you are not going to close on a lot-by-lot basis, at least change the initial closing time so that the extended bidding ends at a more reasonable hour. I would guess that the largest percentage of your bidders live in the Eastern and Central time zones, yet those are the ones suffering the most. West Coast bidders are 3 hours behind (the midnight hour is much more palatable than 3:00 a.m. or later for us East Coast bidders), your European bidders are currently seeing a wonderful closing time of early to mid-morning, Pacific Rim bidders are seeing a late afternoon closing, and our friends in Hawaii are looking at a very nice closing time during the evening hours.

It is certainly not my place to tell you how to run your business, but since you asked, I have shared my candid observations. Try a lot-by-lot closing once and see how it works. You might be pleasantly surprised!

Regards,

Mark Hayne
Gridiron Exchange

KGoldin
05-10-2016, 12:55 PM
WHAT ABOUT A HARD AUCTION CLOSE OF 3 AM?
if 15 minute clock expires, auction is over.
however, if that does NOT HAPPEN, no matter how busy auction is, there is a 'hard close' at 3 am.
this allows anyone to log in at 255 and protect their lot if they want to, and takes away uncertainty
thoughts?

nevrdiez34
05-10-2016, 01:24 PM
WHAT ABOUT A HARD AUCTION CLOSE OF 3 AM?
if 15 minute clock expires, auction is over.
however, if that does NOT HAPPEN, no matter how busy auction is, there is a 'hard close' at 3 am.
this allows anyone to log in at 255 and protect their lot if they want to, and takes away uncertainty
thoughts?

In my opinion that is ideal.

Birdbats
05-10-2016, 01:41 PM
Ken, auctions with a 15-minute rule like yours make me a passive bidder. Even with a 3 a.m. hard close, I'd remain a passive bidder. By passive bidder, I mean I'll place a bid and go to bed (and assume that when I wake up the next day, I'll have been outbid). I'm looking forward to Heritage's auction this coming Friday because I'm bidding on six lots that close individually. Not only will I know what I've won and lost before bedtime, but I'll be an active bidder. I'll be on my computer, following each lot, bidding appropriately, and changing my strategy as bidding activity progresses. If one lot gets out of my price range, then I'll throw my resources elsewhere and increase my odds of winning other lots.

This isn't just beneficial to me as a bidder, but I believe it can help consignors. Consider this scenario: In your auction, I'd bid $1,000 on six lots and go to bed. All six could sell for $1,100. If I'm actively bidding, I might bail out on four lots when they hit a grand... but, I might spend $1,600 or more on the two lots I ultimately target. So, two bidders stand to earn $500 more each because I was an active bidder able to reallocate my spend. It's fair to ask, "Why not place $1,600 max bids on all six lots, go to bed and take your chances?" Well, if I somehow won all six, that would blow my budget out of the water. By being an active bidder, I can get aggressive on certain lots and stay within my overall budget.

All of this is a long way of agreeing with Mark. A 3 a.m. hard close, to me, is no different than keeping the entire auction open until no lot receives a bid.

G1X
05-10-2016, 02:11 PM
WHAT ABOUT A HARD AUCTION CLOSE OF 3 AM?
if 15 minute clock expires, auction is over.
however, if that does NOT HAPPEN, no matter how busy auction is, there is a 'hard close' at 3 am.
this allows anyone to log in at 255 and protect their lot if they want to, and takes away uncertainty
thoughts?

Ken,

But nothing really changes for the most part, especially for us poor souls east of the Mississippi River, and probably for many in the Western time zones as well. It's more about the time of day (er, night) that the auction closes. I would think that 2, 3, or 4 a.m. is simply not a reasonable hour for most folks, especially if they have somewhere they need to go in the morning. Please reference the third paragraph of my previous post.

No offense to Goldin Auctions - they appear to be one of the best around - or any other auction house that ends the entire auction at one time, but I find myself spending most of my limited funds with those auction houses that end on a "lot-by-lot" basis. It is a much easier format to deal with and "user friendly" with regards to my bidding habits, it is much less time consuming, and the bidding typically ends at a reasonable hour. And when it comes time to consign, I will most likely deal with those same auction houses assuming that I have built up a trust and comfort level with them.

Mark Hayne
Gridiron Exchange

G1X
05-10-2016, 02:18 PM
Ken, auctions with a 15-minute rule like yours make me a passive bidder. Even with a 3 a.m. hard close, I'd remain a passive bidder. By passive bidder, I mean I'll place a bid and go to bed (and assume that when I wake up the next day, I'll have been outbid). I'm looking forward to Heritage's auction this coming Friday because I'm bidding on six lots that close individually. Not only will I know what I've won and lost before bedtime, but I'll be an active bidder. I'll be on my computer, following each lot, bidding appropriately, and changing my strategy as bidding activity progresses. If one lot gets out of my price range, then I'll throw my resources elsewhere and increase my odds of winning other lots.

This isn't just beneficial to me as a bidder, but I believe it can help consignors. Consider this scenario: In your auction, I'd bid $1,000 on six lots and go to bed. All six could sell for $1,100. If I'm actively bidding, I might bail out on four lots when they hit a grand... but, I might spend $1,600 or more on the two lots I ultimately target. So, two bidders stand to earn $500 more each because I was an active bidder able to reallocate my spend. It's fair to ask, "Why not place $1,600 max bids on all six lots, go to bed and take your chances?" Well, if I somehow won all six, that would blow my budget out of the water. By being an active bidder, I can get aggressive on certain lots and stay within my overall budget.

All of this is a long way of agreeing with Mark. A 3 a.m. hard close, to me, is no different than keeping the entire auction open until no lot receives a bid.

Oh my, Jeff, you stated it much better than me. I wish that I had seen your post before I posted a moment ago. You hit the nail on the head, especially with regards to being a passive bidder and the examples you gave. That's my exact same sentiment, and it is something I hear directly from other collectors whenever the subject of auctions is discussed. Well said, indeed!

Mark Hayne
Gridiron Exchange

nevrdiez34
05-10-2016, 02:35 PM
Oh, I misunderstood Ken's post, I thought each individual auction would end when 15 minutes expire from the last bid on each lot. And the remaining auction lots would end at 3 AM EST if bidding continued on those lots.

KGoldin
05-10-2016, 02:44 PM
Good news is I have time
11 weeks before next auction close and it will be the largest in number of lots and in gross volume in our history
We are accepting consignments NOW
Will toss it around to bidders and Consignors and see if we can come up with a more user friendly close that still maximizes lots for benefit of Consignors.

ousooner_85
05-10-2016, 10:47 PM
Ken, auctions with a 15-minute rule like yours make me a passive bidder. Even with a 3 a.m. hard close, I'd remain a passive bidder. By passive bidder, I mean I'll place a bid and go to bed (and assume that when I wake up the next day, I'll have been outbid). I'm looking forward to Heritage's auction this coming Friday because I'm bidding on six lots that close individually. Not only will I know what I've won and lost before bedtime, but I'll be an active bidder. I'll be on my computer, following each lot, bidding appropriately, and changing my strategy as bidding activity progresses. If one lot gets out of my price range, then I'll throw my resources elsewhere and increase my odds of winning other lots.

This isn't just beneficial to me as a bidder, but I believe it can help consignors. Consider this scenario: In your auction, I'd bid $1,000 on six lots and go to bed. All six could sell for $1,100. If I'm actively bidding, I might bail out on four lots when they hit a grand... but, I might spend $1,600 or more on the two lots I ultimately target. So, two bidders stand to earn $500 more each because I was an active bidder able to reallocate my spend. It's fair to ask, "Why not place $1,600 max bids on all six lots, go to bed and take your chances?" Well, if I somehow won all six, that would blow my budget out of the water. By being an active bidder, I can get aggressive on certain lots and stay within my overall budget.

All of this is a long way of agreeing with Mark. A 3 a.m. hard close, to me, is no different than keeping the entire auction open until no lot receives a bid.

Exactly what I was trying to say. As it stands now, I bid go to bed and wake up for my fate. Other auctions I'm active and certainly more aggressive.

CPuente57
05-11-2016, 10:26 AM
Exactly what I was trying to say. As it stands now, I bid go to bed and wake up for my fate. Other auctions I'm active and certainly more aggressive.

I'm also like this as well. I don't have a huge budget, so I can't throw up max bids on 3 or 4 different items I'm interested on the off chance I win them all so I usually pick one, put the most I'm willing to go and wake up and see that I lost, but also see I could've won one of the other items I wanted. I'd be more aggressive if it was changed to a lot by lot basis

Phil316
05-11-2016, 12:28 PM
Interesting proposal guys. I like those ideas as a bidder.

As a consignor I would not be so thrilled to see a change. Especially since Goldin Auctions already has a proven track record with the current system. No denying if you want to get the highest price for your item you go to Goldin Auctions. Not sure they should change the format. Personally I would not mess with a good thing.

lakeerie92
05-11-2016, 01:35 PM
Interesting proposal guys. I like those ideas as a bidder.

As a consignor I would not be so thrilled to see a change. Especially since Goldin Auctions already has a proven track record with the current system. No denying if you want to get the highest price for your item you go to Goldin Auctions. Not sure they should change the format. Personally I would not mess with a good thing.

The people complaining about the current system are complaining because they lost out on an item. That means that bids were left out there for items to sell for more. I can not see how as a consignor that doesn't register with you that there are people that would be bidding more on items but aren't able to due to the hours it is open.

Just because you deem Goldin Auction's results a "good thing" doesn't mean there is room for improvement. The moment you stop trying to improve is the moment you fail.

G1X
05-11-2016, 04:05 PM
Just a random thought - I would guess that Goldin Auctions has a substantial investment in its current internet auction system. Changing to a different auction format might not be a simple fix, and it might incur an enormous expense to do so. Even if Goldin wanted to experiment with a "lot-by-lot" closing in a future auction as I previously suggested, it might not be feasible or practical without overhauling the entire system. With their current arrangement appearing to be quite successful, changing formats at this point could be a disastrous business move.

As much as I have voiced my opinion and offered a couple of suggestions to Ken, I have to admit that if my business was successful and I was meeting my goals, and I was convinced that I would continue to meet those goals in the foreseeable future, I would be very reluctant to make any changes unless I had empirical evidence telling me otherwise.

Still, none of this changes my mind with regards to finding the "lot-by-lot" closing to be much more "user friendly" from a bidder's perspetive, and, theoretically, more financially advantageous from a consignor's standpoint.

Mark Hayne
Gridiron Exchange

Phil316
05-11-2016, 10:43 PM
Just a random thought - I would guess that Goldin Auctions has a substantial investment in its current internet auction system. Changing to a different auction format might not be a simple fix, and it might incur an enormous expense to do so. Even if Goldin wanted to experiment with a "lot-by-lot" closing in a future auction as I previously suggested, it might not be feasible or practical without overhauling the entire system. With their current arrangement appearing to be quite successful, changing formats at this point could be a disastrous business move.

As much as I have voiced my opinion and offered a couple of suggestions to Ken, I have to admit that if my business was successful and I was meeting my goals, and I was convinced that I would continue to meet those goals in the foreseeable future, I would be very reluctant to make any changes unless I had empirical evidence telling me otherwise.

Still, none of this changes my mind with regards to finding the "lot-by-lot" closing to be much more "user friendly" from a bidder's perspetive, and, theoretically, more financially advantageous from a consignor's standpoint.

Mark Hayne
Gridiron Exchange

Well written.

Dawg Pound
05-12-2016, 04:28 PM
3:00am is the dumbest time ever. I agree that a hard stop is the best way to proceed but for gods sake pick 11:00pm eastern Sunday as the hard stop. Most people have wrapped up their weekend by 8:00pm (pacific coast) and can log in to their computer and finalize their bidding.

Would be interesting to see if there is a higher percentage of items being won on the west coast. If there is a higher percentage of west coast winners then as a consigner you might not be "maximizing" your value because half of the bidders are long asleep hoping their max bid wins.

Personally I like the way nfl auctions close out their bids and is the main reason they get the majority of my business.

Birdbats
05-12-2016, 04:53 PM
I agree that a hard stop is the best way to proceed... Personally I like the way nfl auctions close out their bids and is the main reason they get the majority of my business.

Doesn't the NFL close auctions on a lot-by-lot basis with a five-minute rule vs. a hard stop for all lots?

G1X
05-13-2016, 12:58 AM
Doesn't the NFL close auctions on a lot-by-lot basis with a five-minute rule vs. a hard stop for all lots?

Jeff,

That is correct, and MLB Auctions uses the same procedure as NFL Auctions. With MLB Auctions, a team might put up a set of game-used jerseys that end at the same time, but it is no different than any other auction in that most of the jerseys will go into "extra time", and someone bidding on several of those jerseys can both extend and stagger the closing times on the particular items of interest.

Mark Hayne
Gridiron Exchange

ousooner_85
05-15-2016, 01:36 PM
As I was bidding on items last night in an auction that completed with 30 min extended bid times for each individual item, I thought about this thread.

I placed bids on 18 individual items prior to extended bidding time, I placed additional bids on 15 of those individual items once the 30 min extended bidding period began at 10 pm Central time. Of those 15, I won 3 within the initial first 30 minutes of extended bidding. That left 12 items that I had been outbid on at different times within the first 30 minutes.

Of the 12 items, I actively bid on 10 items multiple times over the next 45 minutes. In total, I won 7 items being able to adjust and reallocate funds as items moved past my price range and/or were bid above what I deemed the value.

I was an active bidder, engaged in each item, probably over paying for a couple items (but had the funds to do so as other items ended) and easily was able to juggle my initial 18 bid items with the 30 minute extended bidding time.

The best part was I was in bed and finished at 11:27pm Central time. I enjoyed the process, knew exactly what I had won, knew exactly what I had spent and maximized my budget.

I've never won more than 1 or 2 items in auctions that end in the wee hours of the early morning (central time). I can't place my maximum bids on multiple items and go to sleep (because if by chance I did win them all with my max bids, my budget would be blown - basically I would never do that).
So I place bids on a few items, follow the auction for a few hours as the
"high bidder", go to bed as the "high bidder", go to sleep around midnight and let what happens happen (which is generally lose multiple auctions that I would have paid more for and win one auction).

In summary, I enjoy auctions with 15-30 min individual close times. I'm more active, more aggressive and ultimately win more items as I maximize the budget I have allocated for the auction.

ndevlin
05-15-2016, 09:22 PM
As I was bidding on items last night in an auction that completed with 30 min extended bid times for each individual item, I thought about this thread.

I placed bids on 18 individual items prior to extended bidding time, I placed additional bids on 15 of those individual items once the 30 min extended bidding period began at 10 pm Central time. Of those 15, I won 3 within the initial first 30 minutes of extended bidding. That left 12 items that I had been outbid on at different times within the first 30 minutes.

Of the 12 items, I actively bid on 10 items multiple times over the next 45 minutes. In total, I won 7 items being able to adjust and reallocate funds as items moved past my price range and/or were bid above what I deemed the value.

I was an active bidder, engaged in each item, probably over paying for a couple items (but had the funds to do so as other items ended) and easily was able to juggle my initial 18 bid items with the 30 minute extended bidding time.

The best part was I was in bed and finished at 11:27pm Central time. I enjoyed the process, knew exactly what I had won, knew exactly what I had spent and maximized my budget.

I've never won more than 1 or 2 items in auctions that end in the wee hours of the early morning (central time). I can't place my maximum bids on multiple items and go to sleep (because if by chance I did win them all with my max bids, my budget would be blown - basically I would never do that).
So I place bids on a few items, follow the auction for a few hours as the
"high bidder", go to bed as the "high bidder", go to sleep around midnight and let what happens happen (which is generally lose multiple auctions that I would have paid more for and win one auction).

In summary, I enjoy auctions with 15-30 min individual close times. I'm more active, more aggressive and ultimately win more items as I maximize the budget I have allocated for the auction.

Absolutely

KGoldin
05-16-2016, 02:01 PM
Your comments have been extremely helpful
I am going to be discussing this internally as well as with some consignors and bidders and it is possible a changed system may be implemented as soon as our next auction.

truvalue123
05-16-2016, 08:29 PM
30 minute close time per item for a 1500 lot auction with a lot of high end items seems to work....