Auction House Strategy

[G1X]

Re: Auction House Strategy

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

[Juicyfruit66]

Re: Auction House Strategy

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.

[sqzplay6]

Re: Auction House Strategy

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.

[yanks12025]

Re: Auction House Strategy

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.

[johnsontravis@ymail.com]

Re: Auction House Strategy

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.

[jbean023]

Re: Auction House Strategy

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.

[Birdbats]

Re: Auction House Strategy

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.

[Juicyfruit66]

Re: Auction House Strategy

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 $$

[ndevlin]

Re: Auction House Strategy

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.

[yanks12025]

Re: Auction House Strategy

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.

[Anabolicollege17]

Re: Auction House Strategy

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.

[greg678]

Re: Auction House Strategy

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!

[MarlinsFan1993]

Re: Auction House Strategy

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!

[Phil316]

Re: Auction House Strategy

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

[onlyalbert]

Re: Auction House Strategy

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!