Reef auctions with FIXED END TIME -vs- MOVING END TIME ("xyz" minutes after last bid): Which do you prefer?

[Daniel@R2R]

When bidding on reef auctions, there are 2 basic systems I've seen:

1) FIXED END TIME: Auctions end at a fixed time that's announced at the beginning of the auction. This is essentially how eBay does it and allows for (and sort of encourages) sniper bidding at the auction's end. Now, I'll tip my hand and say that I actually prefer this one, and my reasoning is that I like things that can't be extended into perpetuity. Plus, I actually like the sniping game.

2) MOVING END TIME: Auctions end "xyz" minutes after the last bid. There's certainly a good argument for this style of auction as well. It does ensure that the highest bid at the end really is the highest bid that anyone was willing to put down, and for those who don't like sniper bidders (my people ), this effectively ends that competition. However, this type of auction can literally end way later than it was originally scheduled to end (which is a problem for those of us with stricter schedules).

So what do you guys think? Which style of auction do you prefer?

 

[Ben549]

When bidding on reef auctions, there are 2 basic systems I've seen:

1) FIXED END TIME: Auctions end at a fixed time that's announced at the beginning of the auction. This is essentially how eBay does it and allows for (and sort of encourages) sniper bidding at the auction's end. Now, I'll tip my hand and say that I actually prefer this one, and my reasoning is that I like things that can't be extended into perpetuity. Plus, I actually like the sniping game.

2) MOVING END TIME: Auctions end "xyz" minutes after the last bid. There's certainly a good argument for this style of auction as well. It does ensure that the highest bid at the end really is the highest bid that anyone was willing to put down, and for those who don't like sniper bidders (my people ), this effectively ends that competition. However, this type of auction can literally end way later than it was originally scheduled to end (which is a problem for those of us with stricter schedules).

So what do you guys think? Which style of auction do you prefer?

This is a great question to ask and I hope the sponsors follow what users vote for.

 

[Derrick0580]

Isn’t a fixed end time what really makes it an auction? If the end time keeps changing that takes the the thrill out of the challenge of hitting bid at the last second on the guys fighting you for the purchase!

 

[Daniel@R2R]

Isn’t a fixed end time what really makes it an auction? If the end time keeps changing that takes the the thrill out of the challenge of hitting bid at the last second on the guys fighting you for the purchase!

So...I tend to agree with you, but I know at least some people who disagree with me. Haha!

 

[danenelsen]

Isn’t a fixed end time what really makes it an auction? If the end time keeps changing that takes the the thrill out of the challenge of hitting bid at the last second on the guys fighting you for the purchase!

Couldn't agree more with this! Auctions are fun because you have to try to get the last bid at the last second!

 

[Coral Websites]

I'll chime in on this, Its called "Popcorn Bidding" Essentially, if a bid is placed on an item within the last 1 minute of the auction, bidding on that particular item will extend for 2 minutes. Bidding on that item continues until there are no more bids placed within the final minutes. This will ensure whoever is willing to pay the most gets the item, not whoever has the fastest hands when the auction closes.

Popcorn Bidding is the exact same thing as if you where going to a live auction house and the auctioneer says "going once, going twice, ect. If someone comes in with a higher bid while he's saying that he then continues asking if anyone wants to bid higher. Doing this allows the person that was outbid a fair chance to rebid.

Also Ebay is not, by any definition, a true auction. A true auction allows bidders to defend their prior high bids until they decide to stop. On eBay, a pre-set timer stops competitive bidding. This countdown timer, in fact, favors bidders with sniping tools and fast internet connections not the seller.

The vast majority of auctioneers and auction houses who offer online auctions utilize modern online auction software. This software allows extended bidding, so that everyone can participate.

The purpose of auctions is for the vendors to get the best pricing that customers are willing to pay and it also allows the buyers to decide themselves the maximum they want to pay to take it home.

For those that don't want to wait around to see how many times it gets bid up, they can always place a "Proxy Bid" for the top price they are willing to pay and then allow the computer system to bid for them by the minimal bid increment until someone places a higher bid than their maximum.

If vendors allow customers to "snipe" corals at the last minute then they are leaving money on the table and eventually will have to stop doing auctions all together.

As a buyer if i'm willing to pay more than someone else is for the item then, I should be able to do that.

Non-sniping bidders object to sniping, claiming that it is unfair to place bids at a point when it is impossible or unfeasible for other bidders to evaluate and possibly counter the bid, causing them to lose auctions even though they would have been willing to meet the winning bid amount with a counter-bid. This could lead them to chose not to bid on future auctions. As a result, sniping has a negative impact on the growth rate of the auction platform.

Snipping only benefits the sniper.

 

[Derrick0580]

Auctions are a joke anyway. If the vendor is willing to sell their corals at a fraction of the price over retail, why not just lower the retail price to begin with and maybe the corals will just sell instead of needing to be placed in an auction.

 

[KStatefan]

I have never been to a auction that had a fixed end time the auctioneer always went as long as there were bids coming in.

 

[Nano_Man]

People then know when the finish time is and can go to the pub
Also will theses auctions be open to the uk or not

 

[exnisstech]

I buy nothing at auctions. I did years ago so I'm familiar with the process. IMO an auction with a moving end time benifits no one but the vendor.

 

[Reefer Matt]

I like a set end time. If people want to defend their bid, they can put in their highest bid up front, or keep bidding until the auction ends. Having an open ended bidding time invites more non paying bids for online auctions in an anonymous forum.

 

[exnisstech]

I have never been to a auction that had a fixed end time the auctioneer always went as long as there were bids coming in.

That quite a bit different than online auctions. JMO

 

[Reefing102]

I like a set end time. You can easily set up a set end time auction and also put in a mandatory proxy bid for the user so they have to put in their max bid and can always adjust it if they want to spend that little bit more up til the very end.

That said, I honestly don’t care about auctions too much. I generally don’t participate in them. Whatever the vendors/auction sites rules are, that’s what it is. If I don’t like it, tough luck for me.

That also said, could have both options available…but then I’m sure that will triple the complaints received cause x user didn’t see it was a fixed time not a continuous…blah blah blah

 

[KStatefan]

That quite a bit different than online auctions. JMO

Why do online auctions have to be different then live auctions? I do not care for any online auctions. I have tried them a few times and it always gives me a shady feeling.

 

[exnisstech]

They don't have to it's just my opinion they should be. Just something about sitting at a computer screen isn't the same as standing in a crowd raising your hand so I don't think they should be run the same. It's just how I feel after doing both for years. I do neither now.

 

[Daniel@R2R]

They don't have to it's just my opinion they should be. Just something about sitting at a computer screen isn't the same as standing in a crowd raising your hand so I don't think they should be run the same. It's just how I feel after doing both for years. I do neither now.

I feel the same way about it. I get that at an in-person auction, there's a final call for higher bids (that whole "going...going...sold" thing), but there's also no real set time for bidding either as those auctions tend to last only a few minutes per item (my point is that these are different types of events altogether IMO). In-person auctions are literally people gathered to place bids very briefly, and even in those auctions, you gotta be quick. Online auctions are a different animal than in-person auctions IMO.

 

[billyocean]

In real life they don't say "going, going" for 2 minutes..lol. I prefer fixed..put in your highest proxy and if you win you win

 

[OctoReef12]

I like the emphasis on fair auctions. I have a really hard time winning ebay auctions due to all the sniping software that's out there. I've had items I bid on that won't get a single bid the entire time until the last 3 seconds of the auction. That's not fun, nor does it feel like I had a chance when I don't use sniping software. That being said, I do enjoy the thrill of "manually" sniping a bid at the last minute on other auction sites. Popcorn bidding feels more like an in person auction and I have no problem with that, apart from running out of time to bid due to real life circumstances.

 

[Gtinnel]

My answer depends on if I’m the buyer or the seller. If I’m selling the item I want the bids to continue for as long as somebody is willing to pay more. If I’m buying then I want a set time to stand a chance at getting a better price because there wasn’t enough time for someone else to bid who would pay more.

My final answer though is probably that I don’t especially like auctions.

 

[SPS2020]

Not a fan and do not participate in auctions, mainly due to time and hassle. I'll contact a reputable R2R vendor or two, get a price and have it shipped.