Clink starts tonight. Anyone else excited?

[cstojano]

Since we are talking auction psychology how does this work. There were two items in the last 6 months that were offered via auction with a high opening bid. I knew the owners of both lots. The auction comes, no one bids. I immediately contact the consignor thinking I could offer their net minus fees and we do the deal. Both times I was told the item would now be more than what it would have been at auction including the buyer's premium. The spreads here are pretty significant, assuming 20% BP and 20% commission to the house on the hammer price.

 

[drdroom]

Question about reserves on clink. If your bid hits or exceeds the reserve, will it automatically update to that? Or do you need another bid to push you higher/closer to the reserve?

 

Yes, I believe if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status would be $3,000 and says reserve is met, then if others bid, you automatically get the next bid placed, but not to exceede your $5,000 maximum bid.

 

 

I think this is wrong. In my understanding, if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status will be $1, with a minimum next bid of $2. Reserve cannot be met without at least two bidders legitimately bidding the piece up to that point.

[drdroom]

It would of course be rude smart to put in a competitive bid in the first few days, as that could then block the rest of us from placing our tracking bids (if a second person did the same thing).

 

Fixed that one for you

 

I was wondering about that. What do you see as the advantage of cutting down tracking bids on a lot you're after? Just fewer eyes on the piece?

[J.Sid]

It would of course be rude smart to put in a competitive bid in the first few days, as that could then block the rest of us from placing our tracking bids (if a second person did the same thing).

 

Fixed that one for you

 

I was wondering about that. What do you see as the advantage of cutting down tracking bids on a lot you're after? Just fewer eyes on the piece?

 

Not a foolproof plan by any means, but 6 people with tracking bids has to be better than 60 people with tracking bids, right? (if you are planning on bidding to win)

[Lucky Baru]

The prices on the comics I was interested in have driven me back to just placing bids on the pages I want. You didn't used to see jumps in pricing like that until the last day or two of a Comic Link auction. I'm thinking a couple of the ones I want are going to fly under the radar. This is a very strong auction for Comic Link.

 

If its not too personal, wondering which items you abandoned (now that prices got to a certain level)

Clearly not expecting to hear about any you are still considering.

 

The Tomb of Dracula 10 cgc at 9.8 that hit $3544.00. That drove me back over to the dark side. Should be interesting to see where it ends. Oh, and the Miller Captain America page. Nice page. It just appears that it has 2 or more people that are very interested in it.

[malvin]

Question about reserves on clink. If your bid hits or exceeds the reserve, will it automatically update to that? Or do you need another bid to push you higher/closer to the reserve?

 

Yes, I believe if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status would be $3,000 and says reserve is met, then if others bid, you automatically get the next bid placed, but not to exceede your $5,000 maximum bid.

 

 

I think this is wrong. In my understanding, if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status will be $1, with a minimum next bid of $2. Reserve cannot be met without at least two bidders legitimately bidding the piece up to that point.

 

I think all it takes is 1 bidder to hit the reserve.

 

Malvin

[robert frey]

i agree with malvin- if you hit the reserve, you hit the reserve and that is the current bid.

[DeadpoolJr.]

It would of course be rude smart to put in a competitive bid in the first few days, as that could then block the rest of us from placing our tracking bids (if a second person did the same thing).

 

Fixed that one for you

 

I was wondering about that. What do you see as the advantage of cutting down tracking bids on a lot you're after? Just fewer eyes on the piece?

 

Not a foolproof plan by any means, but 6 people with tracking bids has to be better than 60 people with tracking bids, right? (if you are planning on bidding to win)

 

I just make a clink folder in my favorites tab. The real hassle is organizing them by when they end depending on how many you're watching.

[AKA Rick]

i agree with malvin- if you hit the reserve, you hit the reserve and that is the current bid.

 

That is what I originally said. Also, when the reserves are revealed on ComicLink, the bid status is the notch below the reserve, even tho nobody has bid that amount, essentially saying, the next bid placed hits the reserve and is eligible to win. So, with, you know, once a reserve is met, it becomes the high bid regardless of other bidders, whether lower or non existent bidders.

 

If you don't believe it, just place a $1,000,000 bid on a current auction with a reserve and see how you are magically the top bidder with the reserve met.

[drdroom]

Good idea, but I think I'll just stay with my current strategy of ignoring all reserve auctions, at least until the reserve posts

[drdroom]

Question about reserves on clink. If your bid hits or exceeds the reserve, will it automatically update to that? Or do you need another bid to push you higher/closer to the reserve?

 

Yes, I believe if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status would be $3,000 and says reserve is met, then if others bid, you automatically get the next bid placed, but not to exceede your $5,000 maximum bid.

 

 

I think this is wrong. In my understanding, if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status will be $1, with a minimum next bid of $2. Reserve cannot be met without at least two bidders legitimately bidding the piece up to that point.

 

I think all it takes is 1 bidder to hit the reserve.

 

Malvin

 

If you guys are right, as seems likely, then isn't that kind of messed up? Some poor sap bids way more than anyone else thinks the piece is worth, and the bid gets stepped up dozens of increments by NOBODY bidding? Then he wins it at the reserve and takes it home thinking that at minimum there is one other person out there willing to buy it for almost that price, when in truth no one else is even close?

[mtlevy]

But what if the individual wants to buy it at above reserve price - if one bidder can't trip reserve then this transaction would require a second bidder.

[malvin]

 

I think all it takes is 1 bidder to hit the reserve.

 

Malvin

 

If you guys are right, as seems likely, then isn't that kind of messed up? Some poor sap bids way more than anyone else thinks the piece is worth, and the bid gets stepped up dozens of increments by NOBODY bidding? Then he wins it at the reserve and takes it home thinking that at minimum there is one other person out there willing to buy it for almost that price, when in truth no one else is even close?

 

You have a point, but in almost all other auction houses (for OA), such as eBay and HA, all it takes is 1 bid at the reserve to win it. Sometimes you have to pay what it takes to win and you should know what you are doing if you are doing that.

 

Malvin

[The-Collector]

Since we are talking auction psychology how does this work. There were two items in the last 6 months that were offered via auction with a high opening bid. I knew the owners of both lots. The auction comes, no one bids. I immediately contact the consignor thinking I could offer their net minus fees and we do the deal. Both times I was told the item would now be more than what it would have been at auction including the buyer's premium. The spreads here are pretty significant, assuming 20% BP and 20% commission to the house on the hammer price.

 

Strange.

[buyatari]

Question about reserves on clink. If your bid hits or exceeds the reserve, will it automatically update to that? Or do you need another bid to push you higher/closer to the reserve?

 

Yes, I believe if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status would be $3,000 and says reserve is met, then if others bid, you automatically get the next bid placed, but not to exceede your $5,000 maximum bid.

 

 

I think this is wrong. In my understanding, if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status will be $1, with a minimum next bid of $2. Reserve cannot be met without at least two bidders legitimately bidding the piece up to that point.

 

I think all it takes is 1 bidder to hit the reserve.

 

Malvin

 

If you guys are right, as seems likely, then isn't that kind of messed up? Some poor sap bids way more than anyone else thinks the piece is worth, and the bid gets stepped up dozens of increments by NOBODY bidding? Then he wins it at the reserve and takes it home thinking that at minimum there is one other person out there willing to buy it for almost that price, when in truth no one else is even close?

 

I'm not a fan of reserves but if you were a bidder in any auction isn't winning the only thing that matters?

Would you rather lose an auction because you were the only bidder even though you were willing to pay the sellers asking price? Once someone agrees to pay the sellers min asking price there is no need to play games. Set the bid to this price.

[cstojano]

Question about reserves on clink. If your bid hits or exceeds the reserve, will it automatically update to that? Or do you need another bid to push you higher/closer to the reserve?

 

Yes, I believe if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status would be $3,000 and says reserve is met, then if others bid, you automatically get the next bid placed, but not to exceede your $5,000 maximum bid.

 

 

I think this is wrong. In my understanding, if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status will be $1, with a minimum next bid of $2. Reserve cannot be met without at least two bidders legitimately bidding the piece up to that point.

 

I think all it takes is 1 bidder to hit the reserve.

 

Malvin

 

If you guys are right, as seems likely, then isn't that kind of messed up? Some poor sap bids way more than anyone else thinks the piece is worth, and the bid gets stepped up dozens of increments by NOBODY bidding? Then he wins it at the reserve and takes it home thinking that at minimum there is one other person out there willing to buy it for almost that price, when in truth no one else is even close?

 

I'm not a fan of reserves but if you were a bidder in any auction isn't winning the only thing that matters?

Would you rather lose an auction because you were the only bidder even though you were willing to pay the sellers asking price? Once someone agrees to pay the sellers min asking price there is no need to play games. Set the bid to this price.

 

I wouldn't want to be the only bidder on an item with a reserve that triggers well above where the current bidders were. In fact, it would almost ruin a piece for me (this sounds silly I know). because I would constantly worry about overpaying for it. Even allowing for the real phenomenon of auction fever, I would feel better actually paying more for the same item against a competitive field than being the only bidder (see my post above about how this apparently has backfired though).

[Justin Case]

Question about reserves on clink. If your bid hits or exceeds the reserve, will it automatically update to that? Or do you need another bid to push you higher/closer to the reserve?

 

Yes, I believe if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status would be $3,000 and says reserve is met, then if others bid, you automatically get the next bid placed, but not to exceede your $5,000 maximum bid.

 

 

I think this is wrong. In my understanding, if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status will be $1, with a minimum next bid of $2. Reserve cannot be met without at least two bidders legitimately bidding the piece up to that point.

 

I think all it takes is 1 bidder to hit the reserve.

 

Malvin

 

If you guys are right, as seems likely, then isn't that kind of messed up? Some poor sap bids way more than anyone else thinks the piece is worth, and the bid gets stepped up dozens of increments by NOBODY bidding? Then he wins it at the reserve and takes it home thinking that at minimum there is one other person out there willing to buy it for almost that price, when in truth no one else is even close?

 

Im with you on this. In the past i have bid on artwork which had reserves where i have triggered the reserve and won the item then sold it 5 years later for a loss. That really should not have happemed but it told me i was the only one willing to pay anywhere near what the reserve price was so it was a lessoned learned. From now on i will only bid on artwork with reserves if it is something i wanted really badly.

 

I much prefer the 'no reserve' item auctions because at least you know there is at least one other person interested at paying roughly the same price and there isnt a huge gap to the underbidder. It was once suggested a few years ago that isnt it about time that an Original Art guide was produced which would be great. However we dont have one and so to me this is the best sort of guide we currently have.

[AKA Rick]

The is (the reserve issue) why most savvy buyers stand on the sidelines at comic link until they reveal the reserve amount it takes to start really bidding on it to actually win it. Everyone is reluctant to be that first bidder to trigger the reserve, hoping it will pass unsold, so a lower price offer deal can be made after the seller is shown through proof that their piece is not necessarily worth as much as they thought, a sort of reality check between perceived valuation and more true marketplace valuation.

 

There is absolutely no reason at all to bid on an auction with a reserve to track or contend for until the reserve is revealed. Comic Link s very good at managing their auctions, and giving ample timeline bid.

 

The reserves in truth are simply "opening bid" prices.

 

The problem with a lot of reserves are, a lot are set too high per FMV and go untriggered (a week or so before the auction closes you will see the asterisk next to the next bid price, indicating it is a reserve bid auction and the next bid is that reserve) So, one day apiece can be at $2,000 reserve not met to $4,900 reserve not met, with no bidding activity boosting the price, it just gets jumped there, so if the piece does not sell, the truth is it was not at the cusp bid of $4,900 as many may (including the seller) may think, but was at $2,000 the last known human bid.

 

I know Comic Link has been great advisors to me on valuation and explaining it all to me as a seller. They (and most other sussessful selling consigners) say, the most successful results come from No Reserve. It''s a risky roll of the dice for some art owners who don't want to take any chances, but then, maybe a straight sale or posting the offering on Comic Link's marketplace styled sales format where you list a price and accept receiving lower offers subject to your approval or denial.

 

It would be interesting to see the % of auctions with reserves that sell vs are not met, and unsold.

 

I now only sell via No Reserve, and love the energy and enthusiasm that a no reserve live auction brings with bidders actively competitive knowing to bid their best efforts because the piece will defiantly sell.

 

[cstojano]

The is (the reserve issue) why most savvy buyers stand on the sidelines at comic link until they reveal the reserve amount it takes to start really bidding on it to actually win it. Everyone is reluctant to be that first bidder to trigger the reserve, hoping it will pass unsold, so a lower price offer deal can be made after the seller is shown through proof that their piece is not necessarily worth as much as they thought, a sort of reality check between perceived valuation and more true marketplace valuation.

 

 

I wish, see my post above about two different sellers NOT seeing the lack of a bid above the reserve or 0 bids at a high opening bid, as evidence of their valuation being too high.

[Panelfan1]

Question about reserves on clink. If your bid hits or exceeds the reserve, will it automatically update to that? Or do you need another bid to push you higher/closer to the reserve?

 

Yes, I believe if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status would be $3,000 and says reserve is met, then if others bid, you automatically get the next bid placed, but not to exceede your $5,000 maximum bid.

 

 

I think this is wrong. In my understanding, if the starting bid is $1 with a $3,000 reserve and you bid $5,000, the status will be $1, with a minimum next bid of $2. Reserve cannot be met without at least two bidders legitimately bidding the piece up to that point.

 

I think all it takes is 1 bidder to hit the reserve.

 

Malvin

 

If you guys are right, as seems likely, then isn't that kind of messed up? Some poor sap bids way more than anyone else thinks the piece is worth, and the bid gets stepped up dozens of increments by NOBODY bidding? Then he wins it at the reserve and takes it home thinking that at minimum there is one other person out there willing to buy it for almost that price, when in truth no one else is even close?

 

I'm not a fan of reserves but if you were a bidder in any auction isn't winning the only thing that matters?

Would you rather lose an auction because you were the only bidder even though you were willing to pay the sellers asking price? Once someone agrees to pay the sellers min asking price there is no need to play games. Set the bid to this price.

 

I won just one auction at the reserve. I was prepared to go much higher as it was on my wish list for some time

Guess the reserve curse worked in my favor. Not sure how you would find the original seller after an auction if the item didn't sell on reserve. Most of the time I have no idea who the original owner is/was.