Heritage changing to live auctions

[eatbrie]

I probably won't be bidding much anymore.  8pm on Sunday is generally a bad time for me.  Gavelsnipe helped in the past, but now don't think I will have time to sit down and wait for the auction to go by.

T

[Dread_Pirate_Mel]

I watched it for the first hour and conked out.  It was on pace to take three hours, way too long.  I ended up winning one the old-fashioned way through an advance bid.

[ddilts399]

I probably won't be bidding much anymore.  8pm on Sunday is generally a bad time for me.  Gavelsnipe helped in the past, but now don't think I will have time to sit down and wait for the auction to go by.

T

This is what they are counting on, get people that do not have the time to put up big up front bids, then hopefully get the people that do have the time to "just one more bid" ;10 times till they win the poster, or at least push the bids.

Sniping, more times than not, is a win for the buyers in that type of setup. Occasionally you may get a couple people that ramp up crazy snipes, but more times than not in a collectible arena people put in what they feel would be a bargain in their mind snipe unless a must have item.

[MoviePosterBid.com]

a shortened "deadlined" auction benefits the bidder
the more time allowed benefits the consignor

Heritage's setup isn't much different from the setup at MoviePosterBid or EMP

the seller has a duty to the consignor to get as much as possible
our duty to the buyer is just honesty & care

if my way or Heritage's way benefits the consignor, that benefits the auction which also benefits the hobby
no business decision is based on all-or-nothing concepts

[Mirosae]

^ fair enough.  Unfortunately for me...HA weekly auctions have fab posters.  I am...doomed

[Dread_Pirate_Mel]

I noticed tonight that the Emovie auctions are separated by seven seconds. Each item can be extended but multiple items can end at the same time.   It works much better than the slow one-by-one slog at HA.

[Dread_Pirate_Mel]

This new format is freaking me out, man. Poster nerds do not like auction chaos!  The auctions at EMP end every seven seconds (although some are extended).  At HA, it's one-by-one water torture....

[Dread_Pirate_Mel]

Well, I really did mess up.  Thinking I was bidding on the 40x60, I started bidding on the one sheet "Dracula Has Risen From The Grave":

http://movieposters.ha.com/c/item.zx?saleNo=161416&lotNo=53128

So I "won" the one sheet for $143 and then the 40x60 popped up:

http://movieposters.ha.com/c/item.zx?saleNo=161416&lotNo=53129

So I had to start bidding on that too, eventually "winning" for $113.

So I ended up significantly overpaying for the one sheet and getting a reasonably good deal on the 40x60.

 

[eatbrie]

I haven't bid on anything yet.  It was so much easier before.  I really don't have time to spend 2 hours in front of my computer every Sunday night. 

T

[movieposterodyssey]

I really don't have time to spend 2 hours in front of my computer every Sunday night. 

T

No doubt!
I'm still kinda sketchy on how the cash flow is greater with this system...based on the fact many say they don't wanna sit through an entire auction.I have to imagine some business is being lost.


Anthony

[Mirosae]

The format "one by one" is ok for sig auction but I don't think it helps on Sunday. I have to say.  It is a pain in the Royal Highness Rear Asset.

[Dread_Pirate_Mel]

No doubt!
I'm still kinda sketchy on how the cash flow is greater with this system...based on the fact many say they don't wanna sit through an entire auction.I have to imagine some business is being lost.
Anthony

I'm sure they've crunched the numbers and believe it will increase revenue. 

It changes the rules of the game.  In a 7 day auction (604,800 seconds), all but the last ten seconds is a "preview period" and the real bids come in at the very end. Bruce would say this is "blind bidding" but I don't agree. You're forced to make a serious bid at the end to have a real chance.  The serious bidders assess the true fair market value and made the final bid based on that.

[Bruce]

I'm sure they've crunched the numbers and believe it will increase revenue.  

It changes the rules of the game.  In a 7 day auction (604,800 seconds), all but the last ten seconds is a "preview period" and the real bids come in at the very end. Bruce would say this is "blind bidding" but I don't agree. You're forced to make a serious bid at the end to have a real chance.  The serious bidders assess the true fair market value and made the final bid based on that.

I have said that IF everyone understood that "all but the last ten seconds is a preview period" THEN every auction would have ZERO bids until it closes, and then it WOULD be "blind bidding". People like the eBay style auctions ONLY because many people bid early, and they can swoop in and snatch items at the last second.

If there was no early bidding, EVERYONE would hate eBay style auctions.

[jayn_j]

Well there is a strategy to bid it up some before the live period in order to scare off the competition.  People do tend to bid higher during the live frenzy, and if your nuclear early bid scares them off, you may actually get it for a somewhat lower price.

[Bruce]

Well there is a strategy to bid it up some before the live period in order to scare off the competition.  People do tend to bid higher during the live frenzy, and if your nuclear early bid scares them off, you may actually get it for a somewhat lower price.

This works just as well in time-extended auctions. In both formats, many times the items that are bid "high" early get no bids at the end, for exactly the reason you cite.

[MoviePosterBid.com]

while the extra time may be onerous, it's just become a "real auction" in actuality

online bidders of the past 15 years never really knew what true bidding was like at an auction because there were timed endings on eBay that are dead-ended but live auctions never worked that way until eBay was created.

when we would go to Sotheby's or Christies or heaven forbid Guernseys, the auctions took hours or hours over 2 days and we would hang out, bid on items, go out and hang out outside for a few minutes, go back inside for items we were waiting for, wash, rinse & repeat.

I never went to an auction physically where the auctioneer said "and here we have a great piece of art by Jack Kirby and the auction ends in 30 seconds, 20 seconds, 10,9,8,7,6,5,4,3,2,1.. that's all folks.. sorry sir, we cannot accept your bid because the auction closed at 8:31:56"

[Bruce]

while the extra time may be onerous, it's just become a "real auction" in actuality

online bidders of the past 15 years never really knew what true bidding was like at an auction because there were timed endings on eBay that are dead-ended but live auctions never worked that way until eBay was created.

when we would go to Sotheby's or Christies or heaven forbid Guernseys, the auctions took hours or hours over 2 days and we would hang out, bid on items, go out and hang out outside for a few minutes, go back inside for items we were waiting for, wash, rinse & repeat.

I never went to an auction physically where the auctioneer said "and here we have a great piece of art by Jack Kirby and the auction ends in 30 seconds, 20 seconds, 10,9,8,7,6,5,4,3,2,1.. that's all folks.. sorry sir, we cannot accept your bid because the auction closed at 8:31:56"

 

[MoviePosterBid.com]

agreement!
 

[jayn_j]

This works just as well in time-extended auctions. In both formats, many times the items that are bid "high" early get no bids at the end, for exactly the reason you cite.

Of course, to make that work you need to have 2 accounts under your control or work with someone.  If you simply put in a $200 proxy bid, it may sit at $1 unless somebody else bids it up.

Actually that isn't a bad strategy either, and one that has worked for me when I am not going to be around for the close.  Put in a bid early at your absolute max price and then walk away.  Many of the bidders will get discouraged as your proxy keeps topping their tentative bids and they drop out.  It isn't as effective, and I probably lose more than I win this way, but I never feel bad as I know that my 'fair price bid' was what it was worth to me.  I do win about 30-40% of what I bid this way.

[eatbrie]

I have said that IF everyone understood that "all but the last ten seconds is a preview period" THEN every auction would have ZERO bids until it closes, and then it WOULD be "blind bidding". People like the eBay style auctions ONLY because many people bid early, and they can swoop in and snatch items at the last second.

If there was no early bidding, EVERYONE would hate eBay style auctions.

Why, Bruce?  I don't care if people bid early or not.  What I care about is getting what I want, whether items have zero or 100 bids.  And since I always snipe within 3 seconds of the end, I actually never know how many people are bidding.

T

[MoviePosterBid.com]

I think he means sellers Thierry

you have to have balls of steel sometimes with these auctions, when you have a $1000 item and on the last day it's still only $48 with 2 hours left

[eatbrie]

I think he means sellers Thierry

Gotcha.

[Bruce]

Gotcha.

Also, you are a super-knowledgeable bidder. If that $300 poster is sitting at $10 with seconds to go, you know that you will need to bid at least $150 to get it (and probably much more).  But Joe Newbie will bid $50, thinking he is bidding five times the price, and then he finds he is blown out of the water.

Auctions like that DO get lower prices than those with time-extended auctions, and consignors learn to avoid them, even if super-knowledgeable bidders love them.

[eatbrie]

All I got from what you said is that I am super-knowledgeable!

I think I might have feelings for you, Bruce.

 

T

[erik1925]

Bromances can be a very good thing....