REA Modernizes The Auction Closing Method

September 25, 2016

Please note this post was originally written in 2016 and contains references to dates that were specific to the 2016 auction. Please refer to the current auction's terms and conditions for pertinent closing dates and times. 

We are very pleased to announce that we are introducing a new auction closing method that will once and for all eliminate the late-night/early-morning bidding that has for so long been a thorn in collectors’ sides. Effective immediately with this auction, extended bidding will begin at Noon Eastern (12:00 PM EST) on Sunday, October 30. The auction will utilize the same 15-minute extended bidding method in which the entire auction will stay open until no bids have been placed for a period of 15 minutes in the entire auction. Bidders can monitor the activity using our “300 Most Recent Bids” feature to judge the pace of the auction. If the bidding continues past 6:00 PM EST, we do reserve the right to close the auction at any time, but the auction will not, under any circumstance, continue past Midnight (12:00 AM EST).

It is important to understand that this does not mean the auction will necessarily have a "hard close" at Midnight. We will monitor the bidding and if we feel it is slowing down, we may choose to close it manually without reference to the 15 minute rule. Bidders can always see the current, real-time activity on our website. We will send out at least one email updating bidders on the status of the auction, including a "Fair Warning" email, which will suggest that the auction closing is somewhat imminent. Naturally, this "Fair Warning" always induces a flurry of bids, and we will monitor this activity in making our decision to close the auction. We recommend that bidders utilize the "Honest Auto Bid" feature for leaving maximum bids, which are known only to the bidder and absolutely no one at REA.

We believe that the previous auction closing method in which extended bidding began at 9 PM and continued through the night, often beyond 5 AM the next morning, is an outdated practice that was necessitated by the absence of the internet, mobile phones, smart phones, and all the other modern technology that we enjoy today. Auctions had to end that way because it was a time when almost everyone was assured to be home and able to participate via phone. We have been monitoring the data available to us for several auctions, and the interactions with our auction via mobile devices increases dramatically each year. The auction is always accessible on a phone or iPad wherever you go.

By switching the extended bidding period to occur during the day, we believe that it will serve to engage more bidders and no longer place an emphasis on (or reward) those who can stay up the latest. We want every collector to have the opportunity to participate and pursue items that interest them right up to the last minute (and not have to choose between baseball cards or sleep). We understand that inherently there will be bidders who have activities or functions to attend during the day on Sunday. With so many options available to those bidders to participate, including accessing the auction online, receiving text notifications directly to their cellphone upon being outbid, utilizing our callback system on important lots, following the auction on the Collectable app, or calling our office directly to speak to any one of our representatives available all day, we are confident that the auction will always be available whenever it’s wanted.

We understand that change can be difficult to embrace, but we believe this is one improvement that everyone will be able to get behind.

As always, if you have any questions, please feel free to call or email us.

Robert Edward Auctions