Timed auction

[Bokbag]

Hi all,

This may be an obvious question to answer. The next Sportingold auction is a timed one, which I think is a first for them. Will it work a bit like eBay where there is a week to bid (or something like that)? What will be the time do you think?

Also intrigued if this type of auction will attract certain items or put off others, or make no difference? What are everyone’s experiences with these auctions? Thanks

[grantham]

My experience of timed auctions is that they all have a similiar closing time, but if anyone bids in the last 10 minutes of the auction finishing the timer is reset to 10 minutes to close, this continues until no one bids in the last 10 minutes

You can convince yourself for 9:59 that you are getting a bargain, then someone who doesn't know how the process works, bids last second and the whole process starts again
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[safc66]

Nothing like Ebay! No sniping here - if you place a bid it gets extended by another 10 minutes - it could in reality if enough bids are placed go on for ever! However you don't need to pay for anyone in a loud waistcoat (he might be on holiday to be fair) - if this was to be a success do all future SG auctions follow this model?
Whether you like it or not it's becoming more popular so must be cheaper/profitable to the auctioneer not necessarily to the buyer/seller!

[ndg1860]

As I am back on here, I can start to reply to some of these threads. There are a few things that require a response.

First off, the next Sportingold auction (Mar 24th) is not timed. The one after (Apr 28th) is. You can check their site to confirm.

Secondly, I generally thought it was five minutes and not ten, but that is up to the auction house. I believe that Midlands has always been five minutes.

I did notice that Budd's were considering this for their previous big auction but then chose against it. I think safc may be correct in that one or both of the auctioneers are more likely to be on leave and thus why this is a rare timed auction. That said, given Emma wants to sell the company, this may be just a cost-cutting test to see just how it goes and how much is saved.

As to costs, I wonder if it may also mean that the commission is reduced and as to items, that could be most interesting. One thing it will eliminate are the telephone bids that always slow down an auction and, sometimes, are a dealer who will just bid on something they were not intending to bid on, egged on by the auctioneer. However, Sportingold is the fastest auction of sporting memorabilia and so, speed has never really been a problem.

[RIKERBCFC]

Mullocks also have a timed Football and Rugby League Auction ending on the 5th March.

[Bokbag]

Thanks for all the replies that’s very informative

In your experience does this type of auction have any impact on the type or value of items submitted or the final realised prices?