Registered: 01/06/07
Posts: 6250
Loc: Corner of Insipid and Wrong
Originally Posted By: VintageComics
Originally Posted By: Dr. Balls
Originally Posted By: Calamerica
CAL who won't bid the "extended auctions" on the aforementioned sites above...
I'm with CAL on this one. I'm looking for a deal, not to be someone else's open pocket book during an auction.
I think it's important to point out that there is nothing ethically wrong with an extended time auction (shill bidding aside).
It's in the auction houses best interest to get the most they legally and honestly can for the consignor.
For buyers looking for a bargain, yeah it sucks, but it seems that even with extended bidding some bargains are available.
I can see pros and cons for both extended bidding and time close bidding.
It is not always about finding a bargain though. Extended bidding is strictly a business move to generate more dollars for the seller and the auction house. Ethics don't have anything to do with it really.
It is not worth my time, as a buyer, to sit around and stick my thumb in my rear because someone else can't make a decision. If I wanted to do that, I would attend Live auctions. In that sense, the extended bidding doesn't work because they lost my bid.
Although in a live auction, the bidding is not going to continue for hours, I imagine. I haven't been to any so that is just a guess on my part.
On the other hand, collectors are an emotional group and extended bidding takes advantage of that in spades so at worst, it is a wash.It (extended bidding) probably comes out on top though.
Snipes are nice as a buyer because it allows a last second bid, A definite termination point that doesn't allow the "emotional" bidder to keep going up, which what "extended bidding" is allowing to happen. It obviously favors the house and the seller.
Bid what you are willing to pay and leave it alone seems to be the obvious solution.
The only draw back is it does make it extremely difficult to manage multiple bids on multiple items limited by a budget. I'm sure many bidders often go into an auction with several items on their radar and the idea "if I don't win this one, I'm going for that one". Extended bidding and even auctions ending at the same time or with in minutes of each other will complicate the decision making for the buyer.
The only draw back is it does make it extremely difficult to manage multiple bids on multiple items limited by a budget. I'm sure many bidders often go into an auction with several items on their radar and the idea "if I don't win this one, I'm going for that one". Extended bidding and even auctions ending at the same time or with in minutes of each other will complicate the decision making for the buyer.
well, the key factor is the number of bidders imho
It seems everyone likes Comiclink, so with a lot of bidders you tend to get good prices for things. Someone puts in their max bid of 75-100% of gpa, beating all the low ballers, and then if someone wants the book, they just pay gpa and get it.
The best auction for sellers is something like the Billy Wright or Twin Cities because you have so many bidders. And no one wants to go home without at least one book... What fun is that?
I'm not sure the 2 minute extended period really matters as much as the deep pool of bidders bidding
On Doug's site, I think its more like: "so you are the only bidder, you have deep pockets, and you want this really cool and hard to find book that never goes on sale?" "well then you will have to beat the shill and pay up if you want it"
well, the key factor is the number of bidders imho
It seems everyone likes Comiclink, so with a lot of bidders you tend to get good prices for things. Someone puts in their max bid of 75-100% of gpa, beating all the low ballers, and then if someone wants the book, they just pay gpa and get it.
The best auction for sellers is something like the Billy Wright or Twin Cities because you have so many bidders. And no one wants to go home without at least one book... What fun is that?
I'm not sure the 2 minute extended period really matters as much as the deep pool of bidders bidding
On Doug's site, I think its more like: "so you are the only bidder, you have deep pockets, and you want this really cool and hard to find book that never goes on sale?" "well then you will have to beat the shill and pay up if you want it"
cgcworldcgcworld
FACT if I stop posting, trillions and trillions of transistors would be out of work.
Registered: 09/04/03
Posts: 4102
Loc: Headed for Fort Benning
Well if you don't like this, then check this out!!!
I participated for the first time last November in another auction, in a different collecting realm. The auction ends at 10:00PM but doesn't officially end until five minutes have passed between the last bid. The entire auction remains open and anything can be bid on, even if you didn't bid on the item before the extended period!!! The auction in November finally closed at about 7:00 AM in the morning and went bidding continued 9 hours after the auctions "close".
That format truly sucks.
Jim
_________________________
" Having been at the lunch where this picture was taken (last year's NYCC), I can attest to the friendship you all shared from an outsider's perspective. I was just e-mailing with a buddy of mine and fellow boardie, who was also at that lunch, that you could just tell that these guys had a level of friendship that you just don't often see in adults of that age. I honestly thought you guys had been friends for years! My heart really goes out to you guys and all of his family! " dem1138 July 24/09 3:16PM
Well if you don't like this, then check this out!!!
I participated for the first time last November in another auction, in a different collecting realm. The auction ends at 10:00PM but doesn't officially end until five minutes have passed between the last bid. The entire auction remains open and anything can be bid on, even if you didn't bid on the item before the extended period!!! The auction in November finally closed at about 7:00 AM in the morning and went bidding continued 9 hours after the auctions "close".
That format truly sucks.
Jim
I love comics, but I don't love them that much. That format really blows.
