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Proxy bidding
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Started by Rick2you2,

23 posts in this topic

Rick2you2

Rick2you2

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Posted

While proxy bids are sometimes necessary, I was wondering about all of your thoughts on the subject. Particularly, the use of a high proxy and its effect on pricing.

As I see it, the subject breaks in one of three ways. For people who like to buy on a strict budget, it is one and done. You win or you lose. But for others, I know when I am outbid by a machine, I have the urge to add a few dollars and see if that puts me on top. Bad for the proxy bidder, who must then pay more, and good for the seller. But, if it happens more than a few times, I have the urge to drop the whole subject and turn my attention elsewhere. That’s bad for the seller, since I am unlikely to come back, but not terrible for the proxy bidder, whose use of a high proxy does cost him more, but has eliminated competition. Timing also matters, where I think a high proxy in the early stages of bidding is more likely to increase overall pricing.

So, more simply, do you think high proxies result in higher final prices or lower prices, or have no effect?

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grapeape

grapeape

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5 hours ago, Jay Olie Espy said:

Live bidding is very inconvenient to me. The last two Sunday auctions the lots I bid on were ready to go while I was on the road. I prefer to give it my all on a proxy bid and hope for the best. 

I made my first bids from my I phone because I was on the road. It was handy but my urge to impulse bid seemed magnified by the thrill of bidding while my poor wife skillfully negotiated the 5 and 405 freeways.

A few of my greatest wins came on eBay early 2000’s by placing my max bid the day of auction and letting it go. Come home the end of the day and my max bid got it done with room to spare.

Takes the emotion out of it.

Yes punishment bids are a concern but I’ve found slapping a real max bid day of auction intimidates some of the “watchers” and pushes all but the toughest collectors out of the game.

Edited by grapeape
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John E.

John E.

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39 minutes ago, grapeape said:

I made my first bids from my I phone because I was on the road. It was handy but my urge to impulse bid seemed magnified by the thrill of bidding while my poor wife skillfully negotiated the 5 and 405 freeways.

A few of my greatest wins came on eBay early 2000’s by placing my max bid the day of auction and letting it go. Come home the end of the day and my max bid got it done with room to spare.

Takes the emotion out of it.

Yes punishment bids are a concern but I’ve found slapping a real max bid day of auction intimidates some of the “watchers” and pushes all but the toughest collectors out of the game.

There was a piece on Sunday HA auction that I was really interested in the day of the Art Con and since I didn’t blow my wad at the show I wanted to go after it. But alas, I found myself on the 405. I’m always doing something on Sundays, the day that I have no afternoon/evening routine. At least with CLink, the auctions end on a weeknight when it’s more predictable for me. 

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Rick2you2

Rick2you2

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1 hour ago, Jay Olie Espy said:

There was a piece on Sunday HA auction that I was really interested in the day of the Art Con and since I didn’t blow my wad at the show I wanted to go after it. But alas, I found myself on the 405. I’m always doing something on Sundays, the day that I have no afternoon/evening routine. At least with CLink, the auctions end on a weeknight when it’s more predictable for me. 

iPads are convenient for that sort of thing. Very portable, and good image quality.

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grapeape

grapeape

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1 hour ago, Jay Olie Espy said:

There was a piece on Sunday HA auction that I was really interested in the day of the Art Con and since I didn’t blow my wad at the show I wanted to go after it. But alas, I found myself on the 405. I’m always doing something on Sundays, the day that I have no afternoon/evening routine. At least with CLink, the auctions end on a weeknight when it’s more predictable for me. 

I get it. No one wants to be a slave to the computer on a weekend.

I used to spend hours searching out deals. If you don’t get out sometimes and smell the daisies you can lose it.

Im kinda sorta attached to my iPhone now. I begged my kids not to get me one back in 2017.

Johnny Carson was right when he used to bag on horrible Southern California traffic. Horrific to travel around in this overcrowded state.

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tth2

tth2

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9 hours ago, grapeape said:

I made my first bids from my I phone because I was on the road. It was handy but my urge to impulse bid seemed magnified by the thrill of bidding while my poor wife skillfully negotiated the 5 and 405 freeways.

A few of my greatest wins came on eBay early 2000’s by placing my max bid the day of auction and letting it go. Come home the end of the day and my max bid got it done with room to spare.

Takes the emotion out of it.

Yes punishment bids are a concern but I’ve found slapping a real max bid day of auction intimidates some of the “watchers” and pushes all but the toughest collectors out of the game.

My thoughts exactly. 

I live in a timezone that is not conducive to Heritage's live bidding, so I have no choice but to put in my max bid and let it ride.  Sometimes I get bid up, sometimes I win well below my max, and sometimes I get outbid.  It's definitely not like I get mysteriously bid up to my max every time.   

Are there some items that I regretted losing, and if I had been live bidding I might have gone above my max proxy bid to try to win it?  Sure, but those cases are rare.  In fact, the one time I stayed up because there was a piece I really really wanted, I ended up getting caught in the emotion of things and not only bid like a madman on the piece that I wanted, but on some other lots that I just happened to be watching while waiting for my lot to come up.  So I now prefer to take the emotion out of it and just let my max proxy bid ride while I sleep and see how things ended up the next morning.

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jjonahjameson11

jjonahjameson11

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11 hours ago, MYNAMEISLEGION said:

yeah, but they're coming HERE to Texas where @Jay Olie Espy and I live with your sushi, electric cars, yoga pants, and In-N-Out Burger. :pullhair: Try driving through Austin at rush hour. rantrant

Lol!  I think Texas is the fast-food burger capital of the World.

if I recall from my time there, in addition to McDonalds, Burger King, and Wendy’s, there was:

Hardee’s, Checkers, Texas burger, jack-in-the-box, and probably a few other hamburger chains that I’m forgetting!

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vodou

vodou

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1 hour ago, jjonahjameson11 said:

Lol!  I think Texas is the fast-food burger capital of the World.

if I recall from my time there, in addition to McDonalds, Burger King, and Wendy’s, there was:

Hardee’s, Checkers, Texas burger, jack-in-the-box, and probably a few other hamburger chains that I’m forgetting!

Whataburger is the only one worth discussing.

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tth2

tth2

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12 hours ago, jjonahjameson11 said:

Hardee’s, Checkers, Texas burger, jack-in-the-box, and probably a few other hamburger chains that I’m forgetting!

Isn't Sonic from Texas?  Even if it's not, I associate it with Texas.

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