What Is Extended Bidding?

The Golf Auction uses an “extended bidding” process to close all of our auctions.  All lots in the auction close at the same time.  After 6:00 pm EST, for the current auction, the auction continues until there are no bids placed on any lots in the auction in a fifteen (15) minute time frame. 

For example, during “extended bidding”, if Lot #1 receives a bid within the fifteen (15) minute time frame, the WHOLE auction is extended 15 minutes.  All bidders are all on the same playing field and are all equipped with the information required to ensure that the only reason they do not win a given lot is they are not interested in the lot or the price for the lot went above their threshold. The auction is not closed until all bids have been made, and when the auction is closed, the high bidder on every lot is the person who is willing to pay the most for the item.  This is precisely what auctions are supposed to accomplish.

This system is great for bidders in that every lot goes to the bidder who is really willing to pay the most for the item, and great for consignors in that each lot is really sold to the bidder who is willing to pay the most. Also, bidders also have the ability to transfer their purchasing power from one lot to another on all lots as they have been outbid.    This is a great example of the reason to use an “extended bidding” closing style. This promotes higher prices, which is great for consignors, while at the same time allowing bidders to not get shut out, which is great for bidders.

When dealing with auctions of many lots involving the golf collectibles field the ability to transfer purchasing power is a very powerful strength, often resulting in higher prices.

Please feel free to contact us with any questions or comments.  Good luck bidding.