Auction House Strategy

[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 $$

[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.

[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.

[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.

[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.

[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.

[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.

[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

[yanks12025]

Re: Auction House Strategy

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]

Re: Auction House Strategy

What'd you get outbid on late? You had a contest cert to use in this auction?

[ivo610]

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.

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]

Re: Auction House Strategy

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]

Re: Auction House Strategy

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]

Re: Auction House Strategy

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]

Re: Auction House Strategy

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.