An Open Message to Heritage's Auctioneers

[DJRome]

Hey Guys, we're all really looking forward to the auction. One thing you might want to consider before starting the live event: Unless it's a high value item, keep the auction moving!

 

The last oa auction started with the Simon collection, and you worked the room to bring an $800 item up to 1k. The 3 minutes you spent squeezing $200 for a Sick cover is 3 minutes of my life that I'm never getting back. Multiply this by the dozens (hundreds?) of other low value lots sold and you wind up adding hours to the live event. I can't speak for anyone else, but I'm finding it harder and harder to make it through these live auctions. I'm forced to clear my schedule for the day in exchange for hours of mind numbing boredom punctuated with the occasional bidding war.

 

Now, I realize that it's your job to get the auction house the best return on their pieces. And if we're talking about the super valuable stuff, I agree. Take your time with the DKR #2 cover. Give it 15 minutes if you want. It'll give me time to make the popcorn.

 

But you're not helping Heritage's bottom line by squeezing every item for the last penny. By the end of the previous live auction, there was a noticeable rush to make up for lost time and several lots went a too cheaply (It was a good day to be in the market for Zeck pieces, for sure). If this behavior continues, you may find yourself losing not only potential buyers, but sellers who are looking to move any artist whose name comes after "P" in the dictionary.

 

Ok, rant's over. I hope this message makes it way to the proper people, and is taken as the constructive criticism it is meant to be. Now let's all have some good, clean fun out there. It's almost showtime!

[Bronty]

good post!

[jjonahjameson1]

good post!

 

Really? I pretty much disagree with everything in the post.

[Bronty]

did u try and sit through the last auction? The stuff at the end was rushed for sure. They took too long at the beginning and it made for a rush at the end.

 

I thought it was more fact than something to have an opinion about

[MachoGrande]

The last Heritage auction was excruciating.

[jbud73]

I think the pacing is important, the vital aspect being consistency. I can disagree with the OP in that if Heritage wants to milk a 800 piece up to 1000 I understand that, if I am the consignor I'd want them to try and get every penny for my stuff. That said I also seemed that the end of the auction was a breeze by and if that was to make up for time then I'd consider my original point on consistency and the OP's point about inconsistency.

 

One thing that will always be hard to control as a variable is Action. If there is a lot of action on a 800 piece then it will take longer for it to close as the auctioneer has to consider all the Action and bids. If a 25K piece has been bid up pre-auction and there is no action on it at the live event then the auctioneer just waiting for 10 minutes of dead airspace because it is a 25k piece doesn't help anyone.

 

I've know auction houses to impose a clock on run of the mill stuff to keep the pacing consistent and make sure that a 1K piece at the opening is given the same due as a 1K piece at the end.

[jjonahjameson1]

did u try and sit through the last auction? The stuff at the end was rushed for sure. They took too long at the beginning and it made for a rush at the end.

 

I thought it was more fact than something to have an opinion about

 

I did for Friday and it was highly enjoyable for the most part. I do think there was a difference in approach between the male and female auctioneers, but at the same time I think every lot deserves the same treatment.

 

I also think they rushed towards the end because of the sheer volume of lots. It was just as interesting to see the auctioneers squeeze out a couple hundred bucks out of a slow moving auction as a heated exchange.

 

If I'm a consigner, I want them to earn their 20 points and if you're not an engaged bidder on my lot, then I really don't care if you're bored behind your laptop.

[Bronty]

yeah but the problem with that is you have to keep the auctions timely and reasonable if you want the most eyeballs looking at the live auction.

 

I mean by your logic they should make each live auction session 14 hours and make sure they get every last cent from every possible auction.

 

How do you think that would go over? There would be nobody watching if they did that. They have to balance getting hte most from every auction with keeping things MOVING and TIMELY.

 

Both are equally important and the pendulum swung too far last time.

 

I agree that the volume of lots last time was an issue but that falls squarely on them - either push more forward to future auction, or they create an additional session the next day. IMO it serves no one's interest to have marathon sessions. You don't want reasonable posters with no axe to grind describing your auctions as "excruciating" as was done above. If that happens there is a problem because you are turning off your potential bidders.

[Heronext]

Good subject. Having watched a Heritage Live Auction recently for the first time (it was the one with all the Schmell books), I found if anything that they were going through the material too quickly. On one item I was willing to pay more than the hammer price but I couldn't get my bid in quickly enough. I understand that it can't run perfectly for everyone's tastes, but I myself wondered if the sheer volume of material they have to get through would be a deterrent for a consignor. It may have to do with fitting in too much material in a given day. This raises the possibility in my mind that they might be trying to maximize their commission on volume of sell-through to the detriment of my individual sale. The auctioneer seemed less than enthusiastic as well (Saturday).

 

At a certain point, an item is going to sell for what it is going to sell for. All you need is a healthy pool of educated bidders, which our hobby has. But as a first-time viewer and participant, I was very surprised by the rushed nature and the exhausted demeanor of the auctioneer.

[Bronty]

Interesting take. Truth be told, I think the first time I watched one I had a similar reaction. Part of it was being a little unfamiliar with the interface at the time and the general process of the bidding ('WTF is this 'cut bid' thing?').

 

So, perhaps you may find your opinion of the speed changing over time as you become more comfortable with it. I know I found it all too much to take in at first, and now it just seems like a snail's pace sometimes

[jjonahjameson1]

yeah but the problem with that is you have to keep the auctions timely and reasonable if you want the most eyeballs looking at the live auction.

 

I mean by your logic they should make each live auction session 14 hours and make sure they get every last cent from every possible auction.

 

How do you think that would go over? There would be nobody watching if they did that. They have to balance getting hte most from every auction with keeping things MOVING and TIMELY.

 

Both are equally important and the pendulum swung too far last time.

 

I agree that the volume of lots last time was an issue but that falls squarely on them - either push more forward to future auction, or they create an additional session the next day. IMO it serves no one's interest to have marathon sessions. You don't want reasonable posters with no axe to grind describing your auctions as "excruciating" as was done above. If that happens there is a problem because you are turning off your potential bidders.

 

. Too many salient points to discuss for this two-finger typist. We can discuss over some brew at the Hobbystar show (thumbs u

[Bronty]

I wish! that show is always at the very worst time of year for me Otherwise I'd say its a deal and the beer is on me!

[Comicshrine]

 

I don't mind I get a Zeck piece in that auction for a bargain price!!

[Bird]

Why would you sit through the whole shebang anyway? They have alerts if you cannot trust yourself to check in at the right time, but sitting through every lot is self-torture. I agree that they should milk the lots for all they are worth. If it takes forever, fine with me. I check in periodically throughout the day and get to my computer when necessary. Heck, I even went to one live in NYC but left the room, and even the building, for large stretches of time.

 

People may be turned off and bored, but I suspect they will still remain customers of Heritage. What else can you do? Especially when others think it is appropriate to milk bids. Now no one wants rushed lots, but those are really separate issues.

[PokerKid]

Damn auction house getting the most value for its sellers, the most profit for its company, and ensuring all bidders have had the opportunity to be heard. Freakin' scoundrels.

 

 

[AKA Rick]

Heritage is in the business of servicing it's clients who consign, as well as a buying clientele, both of whom compensate Heritage with a % commission of the sales price, so it's in Heritage's best interests to keep auctions going for as long as there's active interest.

 

I'd say if anyone wants a quick auction, go to eBay where it's based on a specific end date and time. Or if their time is worth money, then just put an internet bid at the maximum they're willing to pay and walk away with crossed fingers. Otherwise, the Heritage auctions are a game of patience.

 

Also, since the commissions are so high, personally, between the commissions (19.5% buyer's premium), sales tax and shipping, I generally add about 1/3 of my bid price (if outside of CA/TX then 25% roughly 1/4) to the "all in total" so, if I'm willing to spend $4,000, I should really only be bidding $3,000 since you add the 19.5% ($585) and then if you have to pay sales tax (if CA or TX, I believe), in CA @ 9% ($270), you're right about at $4,000 out of pocket.

 

I think smart bidders have calculators by their side to figure out what they're willing to pay and that's what's making the auctions take longer. Too bad Heritage didn't just have a seller's premium and no added fees for the buyers, since it's pretty hefty coming in thinking you bought something for $30,000 and faced with a roughly $40,000 bill.

[Bronty]

actually heritage is really transparent with the premium.

 

when you have the heritage live window open, it will say something to the effect of:

 

Next bid: $10,000 (11,950 with buyer's premium). Nobody needs a calculator, all you need is the parenthetical data.

[theflashunc]

Three minutes to bump the sales price on an item by 20% seems worthwhile to me.

 

The raw dollar value may not compare to the high priced lots, but that's a significant increase in the return for whoever's selling that item.

 

That is their job, after all.

[malvin]

Three minutes to bump the sales price on an item by 20% seems worthwhile to me.

 

The raw dollar value may not compare to the high priced lots, but that's a significant increase in the return for whoever's selling that item.

 

That is their job, after all.

 

That part isn't the issue, its the fact that lots later on in the session appear to be rushed, so those consignors lose out. That part is not their job.

 

Malvin

[Bird]

Three minutes to bump the sales price on an item by 20% seems worthwhile to me.

 

The raw dollar value may not compare to the high priced lots, but that's a significant increase in the return for whoever's selling that item.

 

That is their job, after all.

 

That part isn't the issue, its the fact that lots later on in the session appear to be rushed, so those consignors lose out. That part is not their job.

 

Malvin

 

That is another issue entirely.Giving enough time for the lots is one thing, scheduling too many lots is really something else.