Frustration with Memory Lane Auction ending....another 15 minutes

calgarycollector

Not sure how many board members participated in the recent Memory Lane auction which ended Saturday. I gave up on my items around 10 or 11pm MST after a scheduled 5pm close.

I wanted some of the unopened packs up for grabs but at some point got so frusturated with the process they use to end items I gave up. From what I can tell out of the hundred of lots up for bid, the auction continues open for "all items" until not one single items recieves a bid in the final 15 minutes.

So even though the items I bid on and was winning had no bids placed for 3-4 hours, I guess it was still up for grabs towards midnight......

Seems strange and pretty frusturating experience. Anyone else feel the same?

Do all auction houses run this way? Good for the sellers but sure makes for a depressing slow end to things.

grote15

<< <i>Not sure how many board members participated in the recent Memory Lane auction which ended Saturday. I gave up on my items around 10 or 11pm MST after a scheduled 5pm close.

I wanted some of the unopened packs up for grabs but at some point got so frusturated with the process they use to end items I gave up. From what I can tell out of the hundred of lots up for bid, the auction continues open for "all items" until not one single items recieves a bid in the final 15 minutes.

So even though the items I bid on and was winning had no bids placed for 3-4 hours, I guess it was still up for grabs towards midnight......

Seems strange and pretty frusturating experience. Anyone else feel the same?

Do all auction houses run this way? Good for the sellers but sure makes for a depressing slow end to things. >>



Most auction houses (bit not all) employ the 15-minute rule which means that as long as a bid is placed on ANY lot, the
time for bidding on ALL lots in OT is extended by 15 min. If NO bids are placed on ANY lots for 15 min in OT, all auctions
end simultaneously. Only those who bid on a lot in "real time" are eligible to bid in OT on that lot. Most of these auctions
end well into the wee hours, so I usually place a bid in real time and if it's still reasonably priced in OT, I will put in
what I am willing to pay and let the chips fall where they may.

gemint

I bid and won the PSA 9 1967 Mickey Stanley. These types of auctions are frustrating. I noticed later in the evening the timer kept reupping when one minute or less was remaining. I'm pretty sure the AH refreshes it to ensure a set amount of 'after hours' trading passes even if nobody has placed a new bid. Otherwise, why would bidders keep waiting until 1 minute left to place their bids? Waiting longer gains them no benefit.

calgarycollector

I had thought when reading the "extended bidding rules" it only applied to those items that had a bid placed in the final minutes and not to every single item including those that had gone stale for several hours.

I guess I know now, just frusturating and not something I will choose to experience again.

esquiresports

I think you see the delay because people are hoping to outlast the other bidders. I recently lost out on a Grey Flannel auction item at 4:09 Pacific! No countdown timer at Grey Flannel. It is frustrating, and I there is an argument that they miss out on bids with the all auction closing at once format. Several auction houses close on a lot by lot basis (e.g., Huggins & Scott). It's a lot more humane.

JHS5120

I HATED that auction!

I had been winning 7 items after the first two hours, 5 after three hours, 4 when I went to bed and 2 when I woke up!

It is absolutely ridiculous. The best auction format is Heritage HANDS DOWN - all initial bids by 11 pm EST and then a 30 minute clock on each individual lot. If there are no bids on your item in 30 minutes, it ends. It doesn't matter if some a$$hole is going at it for some random card that you want no part of.