• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Because Auctions Don't Take Enough Time Already...
1 1

Started by adamstrange,

20 posts in this topic

adamstrange

adamstrange

Posted
Posted

From Heritage:

1) Normal bidding: Bids are taken up until 6:00 PM CT the night the auction closes. 2) 10 Minute Ending: On a lot-by-lot basis, starting at 6:00 PM CT, any person who has bid on the lot previously may continue to bid on that lot until there are no more bids for 10 minutes. For example, if you bid on a lot during Normal Bidding, you could participate during Extended Bidding for that lot, but not on lots you did not bid on previously. If a bid is placed on the lot at 6:05, the new end time for that lot would become 6:15. If no other bids were placed before 6:15, the lot would close. If you are the high bidder on a lot, changing your bid will not extend the bidding during the 10 Minute Ending phase (only a bid from another bidder will extend bidding). If you are the only bidder at 6 PM, you will automatically win the lot at 6:10.

Link to comment
Share on other sites
GreatCaesarsGhost

GreatCaesarsGhost

Posted
Posted
45 minutes ago, adamstrange said:

From Heritage:

1) Normal bidding: Bids are taken up until 6:00 PM CT the night the auction closes. 2) 10 Minute Ending: On a lot-by-lot basis, starting at 6:00 PM CT, any person who has bid on the lot previously may continue to bid on that lot until there  no more bids for 10 minutes. For example, if you bid on a lot during Normal Bidding, you could participate during Extended Bidding for that lot, but not on lots you did not bid on previously. If a bid is placed on the lot at 6:05, the new end time for that lot would become 6:15. If no other bids were placed before 6:15, the lot would close. If you are the high bidder on a lot, changing your bid will not extend the bidding during the 10 Minute Ending phase (only a bid from another bidder will extend bidding). If you are the only bidder at 6 PM, you will automatically win the lot at 6:10.

We all know how the extended bidding  thing wrings out the last dollar from the way things go at CC.

But this introduces a new aspect to the extended bidding in the sense that it is only open to those who have previously bid before the extended bidding periods begin. This changes nothing and seems like needless complications written by lawyers.

 I don't know anyone who wants a book that wouldn't have thrown down a bid during the normal auction period.  Nobody can know if a book is going to end during the normal auction period, so nobody is going to hold their bid until the extended period begins.  Why Heritage felt the need to limit extended bidding to those who previously bid during the normal auction, I cannot fathom.

Link to comment
Share on other sites
damonwad

damonwad

Posted
Posted

:frown: A far cry from a few years ago when all the Sunday lots closed at the same time. Those were the days (for buyers at least).

This is similar to how REA and Goldin run their sports auctions (though REA resets the clock for EVERY lot if one lot is bid on in extra time). I'd hate living on the east coast for these drawn out auctions.

Link to comment
Share on other sites
BitterOldMan

BitterOldMan

Posted
Posted

I ended up losing a non-comic book Heritage auction on extended bidding.  I put in the most that I was willing to pay thirty minutes before the auction ended.  Another bidder keep bidding.  Two and a half hours later the other bidder won, since I refused to bid more and could purchase the item cheaper somewhere else.  Unfortunately, in California, there is the buyer's premium and sales tax, which adds 30.5 percent to the final bid.  If I don't win, there is always another auction.  I would have preferred live bidding.

Link to comment
Share on other sites
Dr. Love

Dr. Love

Posted
Posted
1 hour ago, adamstrange said:

From Heritage:

1) Normal bidding: Bids are taken up until 6:00 PM CT the night the auction closes. 2) 10 Minute Ending: On a lot-by-lot basis, starting at 6:00 PM CT, any person who has bid on the lot previously may continue to bid on that lot until there are no more bids for 10 minutes. For example, if you bid on a lot during Normal Bidding, you could participate during Extended Bidding for that lot, but not on lots you did not bid on previously. If a bid is placed on the lot at 6:05, the new end time for that lot would become 6:15. If no other bids were placed before 6:15, the lot would close. If you are the high bidder on a lot, changing your bid will not extend the bidding during the 10 Minute Ending phase (only a bid from another bidder will extend bidding). If you are the only bidder at 6 PM, you will automatically win the lot at 6:10.

Link please?  I can't find this on their site.  References to 30 minute ending on signature, and bids taken until 10PM CT, yes.

Link to comment
Share on other sites
adamstrange

adamstrange

Posted
  • Author
Posted
13 minutes ago, Dr. Love said:

Link please?  I can't find this on their site.  References to 30 minute ending on signature, and bids taken until 10PM CT, yes.

It was part of a marketing email today.  Coming soon.

Link to comment
Share on other sites
szav

szav

Posted
Posted (edited)

Does "on a lot by lot basis" mean the individual lots are spread out over several hours spaced a part by a few minutes with the 10 minute timers kicking in at specified times for each lot...or is it everything ends at 6, no more live bidding session? Extended bidding only for items you put in a bid for prior to 6, mad free for all at the end?

Oh well, wont typically effect me, I rarely bid on more than one or two books at a time, and just put in my max bid hours or days in advance. I almost never sit through the actual auctions.

Edited by szav
Link to comment
Share on other sites
lou_fine

lou_fine

Posted
Posted
19 minutes ago, batman_fan said:

All I know is I am in agony for an auction ending tomorrow :cry:

Well, since tomorrow is Sunday, how do their Sunday auctions end anyways?  hm

Is it like their regular auctions where it keeps going up as long as there's a bidder before last call, or is it in the CL final bell format?  ???

Link to comment
Share on other sites
batman_fan

batman_fan

Posted
Posted
1 hour ago, lou_fine said:

Well, since tomorrow is Sunday, how do their Sunday auctions end anyways?  hm

Is it like their regular auctions where it keeps going up as long as there's a bidder before last call, or is it in the CL final bell format?  ???

I wish the delta between the start and the end was one maybe two days !

Link to comment
Share on other sites
N e r V

N e r V

Posted
Posted
7 hours ago, adamstrange said:

From Heritage:

1) Normal bidding: Bids are taken up until 6:00 PM CT the night the auction closes. 2) 10 Minute Ending: On a lot-by-lot basis, starting at 6:00 PM CT, any person who has bid on the lot previously may continue to bid on that lot until there are no more bids for 10 minutes. For example, if you bid on a lot during Normal Bidding, you could participate during Extended Bidding for that lot, but not on lots you did not bid on previously. If a bid is placed on the lot at 6:05, the new end time for that lot would become 6:15. If no other bids were placed before 6:15, the lot would close. If you are the high bidder on a lot, changing your bid will not extend the bidding during the 10 Minute Ending phase (only a bid from another bidder will extend bidding). If you are the only bidder at 6 PM, you will automatically win the lot at 6:10.

Anything to pressure bidders into as much buyers remorse as possible, that’s why...

 

Oh wait, they are really trying to make things more exciting for the bidders by giving everyone a fair chance at feeling the above...:foryou:

Link to comment
Share on other sites
batman_fan

batman_fan

Posted
Posted

I actually don't hate the 3 minute extensions to live bidding on ComicConnect (the twelve months between the auction starting and closing on the other hand :insane:).  Three minutes is enough time for me to check what I can sell to up my bid or come up with a plausible excuse to use on the misses.

Link to comment
Share on other sites
N e r V

N e r V

Posted
Posted (edited)
5 hours ago, batman_fan said:

I actually don't hate the 3 minute extensions to live bidding on ComicConnect (the twelve months between the auction starting and closing on the other hand :insane:).  Three minutes is enough time for me to check what I can sell to up my bid or come up with a plausible excuse to use on the misses.

And you can get batmanfan’s 2 books on digital  “Instant Power Selling” and “Perfect Excuses for Dummies...in 3 minutes or less” available on Amazon.

Must reads...:devil:

Edited by N e r V
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
1 1
Go to topic listing