Clink starts tonight. Anyone else excited?

[Eric Seffinga]

Maybe, but not likely. I've never gotten lucky with a piece I was involved in that didn't jump up during live bidding by at least 50%, and more often doubling or tripling by close. Might just be me though.

[Tokay]

My focus is on just a few items now. A couple of pieces I really liked posted reserves that are just too much above what I would consider FMV for me to be interested. They are priced as if the potential buyer has a strong sentimental attachment to the items, which I do not.

[AnkurJ]

I put reserves on my pieces that I felt were close to market value. I've lost money too many times selling without a reserve.

[cstojano]

I have to say the 3 week auction format dims excitement a bit.

[Justin Case]

I have to say the 3 week auction format dims excitement a bit.

 

Dont worry that gets more than made up in the last hour/minutes/seconds.

 

Just one slightly different question. Does everyone understand the bidding pattern?

When i click on the bidding history there are some strange increment jumps. If the previous bid is winning at $1400 how does it jump to $1600 then $1608(the same biddder) to the current winning bidder.

[GreatEscape]

I have to say the 3 week auction format dims excitement a bit.

 

Dont worry that gets more than made up in the last hour/minutes/seconds.

 

Just one slightly different question. Does everyone understand the bidding pattern?

When i click on the bidding history there are some strange increment jumps. If the previous bid is winning at $1400 how does it jump to $1600 then $1608(the same biddder) to the current winning bidder.

 

My understanding is that if the max bid ($1608) exceeds the new high bid by less than a bidding increment (+$100), then the top bid is revealed. Previous bidder had bid a full increment (or 2) above the high bid $1400, so his/her $1500 or $1600 max bid was not reveled until the latest bidder. Finally, if the latest bidder had matched the previous bidder (say both bid $1600), the high bid would be $1608 but credited to the previous bidder by time priority.

 

Hope that helps.

[cstojano]

Will the timing system convert to one like eBay's, where there is a second by second count down in the last few minutes? Also does a last second bid extend the auction by a certain amount of time (I assume not given comments about sniping).

[Tokay]

There is a count at the end. No, a bid doesn't extend the auction. Snipe away!

[Bronty]

It just means someone below them bid say 1550, and the next increment was 1650 but the max bid was 1608

[Justin Case]

I have to say the 3 week auction format dims excitement a bit.

 

Dont worry that gets more than made up in the last hour/minutes/seconds.

 

Just one slightly different question. Does everyone understand the bidding pattern?

When i click on the bidding history there are some strange increment jumps. If the previous bid is winning at $1400 how does it jump to $1600 then $1608(the same biddder) to the current winning bidder.

 

My understanding is that if the max bid ($1608) exceeds the new high bid by less than a bidding increment (+$100), then the top bid is revealed. Previous bidder had bid a full increment (or 2) above the high bid $1400, so his/her $1500 or $1600 max bid was not reveled until the latest bidder. Finally, if the latest bidder had matched the previous bidder (say both bid $1600), the high bid would be $1608 but credited to the previous bidder by time priority.

 

Hope that helps.

 

Yes i think ive understood it.

[Justin Case]

It just means someone below them bid say 1550, and the next increment was 1650 but the max bid was 1608

 

If the next increment should be $1650 i.e $100 higher than the current winning bid and you put in a maximum bid of $1608 the this would ne rejected, no?

[Mephisto]

It just means someone below them bid say 1550, and the next increment was 1650 but the max bid was 1608

 

If the next increment should be $1650 i.e $100 higher than the current winning bid and you put in a maximum bid of $1608 the this would ne rejected, no?

 

Not if the person put in their max bid of $1608 before the person bid $1,550. If you tried to put in a new bid below the correct increment amount it should reject it but if your max bid was long prior ago it would not.

[Justin Case]

Will the timing system convert to one like eBay's, where there is a second by second count down in the last few minutes? Also does a last second bid extend the auction by a certain amount of time (I assume not given comments about sniping).

 

I wish it would extend to stop all the last second sniping going on. When you put in a maximum bid and you lose out by $50 or $100 or whatever you do feel a little aggrieved losing out on a piece of artwork you wanted thinking you could have raised that extra cash. Ive decided from now on my maximum bid is going to have a few extra hundred dollars added on which would be borrowing money from friends if it means getting the piece i want.

[rotembk]

I wish it would extend to stop all the last second sniping going on. When you put in a maximum bid and you lose out by $50 or $100 or whatever you do feel a little aggrieved losing out on a piece of artwork you wanted thinking you could have raised that extra cash. Ive decided from now on my maximum bid is going to have a few extra hundred dollars added on which would be borrowing money from friends if it means getting the piece i want.

 

You're funny if you think most winners of the desirable lots simply were quick enough to put in one increment above the underbidder.

[AvengersFan]

I can't help myself here...a little bit of unsolicited advice...take it for what it's worth...if you have to borrow money from a friend to fund your hobby it's no longer a hobby. Meant in all sincerity and not being snarky.

best,

jay

[Silver Surfer]

I can't help myself here...a little bit of unsolicited advice...take it for what it's worth...if you have to borrow money from a friend to fund your hobby it's no longer a hobby. Meant in all sincerity and not being snarky.

best,

jay

 

Have to disagree. Purchases could be funded by selling other stuff but maybe the timing isn't right and if the short term loan is available then why not? Heritage offers time payments as do other dealers so why not take advantage of it. If a person can't afford it altogether then that's another issue.

[AKA Rick]

I can't help myself here...a little bit of unsolicited advice...take it for what it's worth...if you have to borrow money from a friend to fund your hobby it's no longer a hobby. Meant in all sincerity and not being snarky.

best,

jay

 

I will agree with that to the degree that if a person is putting time payments on a piece or borrowing money that goes beyond what they can truly afford and manage, even using money earmarked for the necessities in life, that person truly "can't afford" to make the purchase and probably has poor judgement in prioritizing their finances.

 

Comic Books and Artwork are luxury items, not necessities.

 

I also see artwork as an investment, so if a person does borrow for the short term to buy a piece with the full intent of reselling it at a profit, it becomes a commodity and similar in how some approach the stock market.

 

Personally, if I can't afford to buy a piece right away with the payment in full, to me, it's a sign that I just can't afford it and am at peace with the fact that I can't own everything I want. But, I'm just not that "layaway" kind of person nor the type who carries balances on their credit cards either.

[Justin Case]

I wish it would extend to stop all the last second sniping going on. When you put in a maximum bid and you lose out by $50 or $100 or whatever you do feel a little aggrieved losing out on a piece of artwork you wanted thinking you could have raised that extra cash. Ive decided from now on my maximum bid is going to have a few extra hundred dollars added on which would be borrowing money from friends if it means getting the piece i want.

 

You're funny if you think most winners of the desirable lots simply were quick enough to put in one increment above the underbidder.

 

I never said 'most winners of the desirable lots simply were quick enough to put in one increment above the underbidder, ' so let me explain.

 

There have been a few instances where i had discussions with winners of lots that i was bidding on where 2 of them went an extra $100 over $5K for their maximum bids and fortunately won it at that price and the other went an extra $1K over their max and won it at 11K. Now in the latter case no i wasnt prepared to go an extra $1K over my max bid but in the former cases yes i would have gone an extra $100 with bids placed earlier which would have won me those 2 pieces seeing as those bids were place with 5 seconds and 3 seconds to go. .

[rotembk]

I wish it would extend to stop all the last second sniping going on. When you put in a maximum bid and you lose out by $50 or $100 or whatever you do feel a little aggrieved losing out on a piece of artwork you wanted thinking you could have raised that extra cash. Ive decided from now on my maximum bid is going to have a few extra hundred dollars added on which would be borrowing money from friends if it means getting the piece i want.

 

You're funny if you think most winners of the desirable lots simply were quick enough to put in one increment above the underbidder.

 

I never said 'most winners of the desirable lots simply were quick enough to put in one increment above the underbidder, ' so let me explain.

 

There have been a few instances where i had discussions with winners of lots that i was bidding on where 2 of them went an extra $100 over $5K for their maximum bids and fortunately won it at that price and the other went an extra $1K over their max and won it at 11K. Now in the latter case no i wasnt prepared to go an extra $1K over my max bid but in the former cases yes i would have gone an extra $100 with bids placed earlier which would have won me those 2 pieces seeing as those bids were place with 5 seconds and 3 seconds to go. .

 

Then I would say to you that the last thing you want is to switch to a HA type auction. If you have limited resources, you'll never win in a "live auction" against a BSD unless the BSD is just not around to bid. In the case of eBay and CLink where everyone throws in their max bid, even with limited resources you may win if the BSD doesn't fully appreciate the competition's valuation (sure, a BSD can put a max bid of $1 million on anything they want, but even BSDs don't want to throw away money).

[zhamlau]

I wish it would extend to stop all the last second sniping going on. When you put in a maximum bid and you lose out by $50 or $100 or whatever you do feel a little aggrieved losing out on a piece of artwork you wanted thinking you could have raised that extra cash. Ive decided from now on my maximum bid is going to have a few extra hundred dollars added on which would be borrowing money from friends if it means getting the piece i want.

 

You're funny if you think most winners of the desirable lots simply were quick enough to put in one increment above the underbidder.

 

I never said 'most winners of the desirable lots simply were quick enough to put in one increment above the underbidder, ' so let me explain.

 

There have been a few instances where i had discussions with winners of lots that i was bidding on where 2 of them went an extra $100 over $5K for their maximum bids and fortunately won it at that price and the other went an extra $1K over their max and won it at 11K. Now in the latter case no i wasnt prepared to go an extra $1K over my max bid but in the former cases yes i would have gone an extra $100 with bids placed earlier which would have won me those 2 pieces seeing as those bids were place with 5 seconds and 3 seconds to go. .

 

Then I would say to you that the last thing you want is to switch to a HA type auction. If you have limited resources, you'll never win in a "live auction" against a BSD unless the BSD is just not around to bid. In the case of eBay and CLink where everyone throws in their max bid, even with limited resources you may win if the BSD doesn't fully appreciate the competition's valuation (sure, a BSD can put a max bid of $1 million on anything they want, but even BSDs don't want to throw away money).

 

 

Also I think whats being neglected here is the fact that this style format has one major psychological advantage for the sellers: It forces game players to a hard and fast deadline. Everyone wants it for the cheapest smallest bid as possible. If you are willing to play the 'small bids at the end' increment game, you don't have to show your hand and can keep putting in the tiniest up bid possible to hope the other guy drops out. Your cap never has to be thrown out unless someone pushes you to it.

 

In this format however, you have to commit. No game playing here, you have to at some-point before that clock hits :00 take a stand. "Here is my max i will pay, no more, no more games if i have to pay that full amount so be it". That bid is basically occurring in a sort of vacuum. Its only based on current bid and your personal desire. You take a stand with it, and as such have to own it and put all chips in the middle.

 

I think the psychology is fascinating. As a seller I often times run into game players and nickel bandits. Nothing wrong it it, we all want a deal. But I like the clarity that a hard deadline gives. It puts the power back into the hands of the seller. Its like going all in (back to poker analogies i guess). You have committed the piece to sell for whatever price the runner ends at when it hits :00. If you want it, make your best offer before then. If not, you lose it. When you make a buyer commit or lose the item, I find a good offer is generally made if the buyer really wanted it.

 

I love the format personally (obviously) both buying and selling.