Solution to the late night catalog auction dilemma

beefcake210

I too am sick and tired of playing this 3AM waiting game. I always felt people should be encouraged for bidding early - this whole system only encourages people to stay up forever. More to the point, EVERYONE loses - if I'm bumped at 10PM, I might consider bumping back! If I'm bumped at 3AM, and soundly asleep, there isn't going to be a bidding war!

Here's what I'd propose:

Take the cutoff time of 10PM EST, which is 7PM on the left coast. Even 11/8PM wouldn't be that bad. ALL initial bids must be in by then.

Next, each lot remains open for 15 minutes after 10PM, or after the last bid has been received ON THAT LOT. So, if a lot gets a bid at 10:10PM, it resets the 15 minutes on that lot only until 10:25PM. To place a bid after 10PM, you have to have made a bid before it. Of course it's only possible because of the Internet, where you can see the countdown right on your computer.

Any lot which goes 15 minutes without a bid is closed, and the high bidder is declared the winner.

This way, the items which still have active bidders remain active, while the other items close. AND, it forces people to bid earlier, and creates more competition and bidding wars. And with 15 minute intervals, if an item gets a bid ever 15 minutes for 2 hours, it'll double in price - so things will move up very quickly.

Seriously, do you know of other types of auctions that have these rediculous rules? It really is petty - imagine someone bidding in a Sotheby's art auction, and having to stay up until 3AM to see if he's going to get bumped on a $10M painting? The current system treats bidders like 2nd class citizens, and I've simply grown bored and weary of messing up my sleep schedule for something like this.

NickM

As a Left Coaster, I disagree. I take advantage of the late closing times, especially on auctions, such as American Memorabilia, where you don't have to have bid on that particular lot to bid after the scheduled close, so long as you have bid during the auction. There's nothing like going through the catalog and online listings at 2 a.m. to find that a lot you thought would have been over $300 hasn't even opened at $100.

Nick

joedel

Mastronet tried this in one auction about a year to 18 months ago. When about 50-60% of the lots ended by the first hour after initial bids needed to be placed, there was severe backlash from both bidders AND consignors. It seems that Mastronet did not fully inform the public of the new rule (it was only listed in the rules' fine print) and several bidders (dealers) who read the fine print really cleaned up. This early closure rule only lasted for that auction.

Also, did you ever notice that these auctions companies just barely reach the next even plateau in total prices realized (ie: $4.01 million or $9.51 million). It appears they force the auction to last only to hit the next big dollar total so they can publicize there "great auctions". The rumor is that the next big auction is anticipated to do $10 million. It would be interesting to see if the final realized total is $10.01 million or thereabouts.

dude

Hey Joedel! It's great to see you on the Board! Stick around and be sure to contribute more in the near future.

Dan Markel

joedel

Thanks Dan!

I have been reading the threads for about two months now, and felt compelled to comment on this particular issue.

Basilone

JoeDel-

Welcome to the boards as well....thanks for the contribution.

John

millfam36

the present system helps mastronet, and creates bad will on the part of the bidders. at least with ebay, you know when the auction is ending and know whether you won or lost at that point.