For Berserker eyes first- new WineBid feature coming soon

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Re: For Berserker eyes first- new WineBid feature coming soon

#351 Post by ybarselah »

relevant thread regarding auctions, bidding strategies, and extending lots with last-minute (second) bidding. wow:

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Re: For Berserker eyes first- new WineBid feature coming soon

#352 Post by M. Meer »

ybarselah wrote: March 12th, 2021, 9:11 am relevant thread regarding auctions, bidding strategies, and extending lots with last-minute (second) bidding. wow:

Imagine if they had overtime bidding! 😅
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Re: For Berserker eyes first- new WineBid feature coming soon

#353 Post by MBerto »

They did - read the thread and watch the videos.

That's fascinating, Yaccov. I was thinking to myself how ridiculous it would be if a live Christie's auction just had a hard deadline. I'm surprised they would auction something so "valuable" (we'll leave my thoughts on NFTs to another thread) with such a janky system.
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Re: For Berserker eyes first- new WineBid feature coming soon

#354 Post by ybarselah »

MBerto wrote: March 12th, 2021, 9:59 am They did - read the thread and watch the videos.

That's fascinating, Yaccov. I was thinking to myself how ridiculous it would be if a live Christie's auction just had a hard deadline. I'm surprised they would auction something so "valuable" (we'll leave my thoughts on NFTs to another thread) with such a janky system.
yeah, the whole thread is fascinating. especially the email sent/received.
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Re: For Berserker eyes first- new WineBid feature coming soon

#355 Post by Rodrigo B »

Interesting. Thanks for sharing Yaacov. Though it appears that Justin’s bid simply wasn’t received by the servers, in which case his suggestion of implementing blockchain wouldn’t have helped him in this instance. Though it does make me wonder if 30 second intervals are enough for the new WineBid feature and whether or not all would be better served if the OT extensions were a full minute each instead of 30 seconds.

What Christies should have done (if indeed Justin bid did come in, albeit just a bit delayed) is reach out to the bidder that “won,” explain the situation and say that in light of that they’d be taking one more bid from Justin and the “winner” (if they so desired) and the highest of those would win.
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Re: For Berserker eyes first- new WineBid feature coming soon

#356 Post by M. Meer »

MBerto wrote: March 12th, 2021, 9:59 am They did - read the thread and watch the videos.
Thanks! 👍🏼👍🏼
Probably gonna be at least one unhappy party when it starts to get to this level, haha.

It is an interesting topic with potentially serious/annoying implications given how images and videos have been shared so freely up until now, but yeah...
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Re: For Berserker eyes first- new WineBid feature coming soon

#357 Post by Keith Levenberg »

ybarselah wrote: March 12th, 2021, 9:11 am relevant thread regarding auctions, bidding strategies, and extending lots with last-minute (second) bidding. wow:

The stunning thing to me here is that apparently a $70MM customer at an auction house gets approximately the same boilerplate customer service response I get when Postmates forgets my fries.

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Re: For Berserker eyes first- new WineBid feature coming soon

#358 Post by Alan Rath »

Im waiting for the seller’s claim against Christies for the extra $10M
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Re: For Berserker eyes first- new WineBid feature coming soon

#359 Post by Marshall Manning »

Don't really feel too sorry for a guy that can afford to bid $70 Million on an auction.
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Re: For Berserker eyes first- new WineBid feature coming soon

#360 Post by Rodrigo B »

Marshall Manning wrote: March 12th, 2021, 3:18 pm Don't really feel too sorry for a guy that can afford to bid $70 Million on an auction.
Yeah. It's the same dude that paid some $4.5M for a lunch with Warren Buffet, only to bail and cancel at the last minute
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Re: For Berserker eyes first- new WineBid feature coming soon

#361 Post by AndyK »

Keith Levenberg wrote: March 12th, 2021, 2:39 pm
ybarselah wrote: March 12th, 2021, 9:11 am relevant thread regarding auctions, bidding strategies, and extending lots with last-minute (second) bidding. wow:

The stunning thing to me here is that apparently a $70MM customer at an auction house gets approximately the same boilerplate customer service response I get when Postmates forgets my fries.
This blows my mind, too.
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Re: For Berserker eyes first- new WineBid feature coming soon

#362 Post by AndyK »

Rodrigo B wrote: March 12th, 2021, 3:23 pm
Marshall Manning wrote: March 12th, 2021, 3:18 pm Don't really feel too sorry for a guy that can afford to bid $70 Million on an auction.
Yeah. It's the same dude that paid some $4.5M for a lunch with Warren Buffet, only to bail and cancel at the last minute
How does this matter? I don't think he was asking for your pity, just highlighting a problem that occurred. Like anyone else here would complain about WineBid freezing in the last 2 minutes on their $50 snipe.
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Re: For Berserker eyes first- new WineBid feature coming soon

#363 Post by Rich Brown »

AndyK wrote: March 12th, 2021, 3:56 pm
Rodrigo B wrote: March 12th, 2021, 3:23 pm
Marshall Manning wrote: March 12th, 2021, 3:18 pm Don't really feel too sorry for a guy that can afford to bid $70 Million on an auction.
Yeah. It's the same dude that paid some $4.5M for a lunch with Warren Buffet, only to bail and cancel at the last minute
How does this matter? I don't think he was asking for your pity, just highlighting a problem that occurred. Like anyone else here would complain about WineBid freezing in the last 2 minutes on their $50 snipe.
Hard to argue with that one!! [cheers.gif]

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Re: For Berserker eyes first- new WineBid feature coming soon

#364 Post by Victor Hong »

The week has just begun.
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Re: For Berserker eyes first- new WineBid feature coming soon

#365 Post by DanielP »

Today was a strong reminder of why you shouldn't bid your maximum early. People frequently change their max bids if they are losing the auction, because most people aren't good at initially gauging the actual maximum they're willing to pay.
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Re: For Berserker eyes first- new WineBid feature coming soon

#366 Post by Robert.A.Jr. »

So who lost something in OT? Appears that I did, was not willing to play at that point. Did win something, tho. So there is that.
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Re: For Berserker eyes first- new WineBid feature coming soon

#367 Post by crickey »

Only one wine I was tracking went to OT bidding. As it was already waaaaay over what I was willing to pay, I didn't pay much attention otherwise. I think someone bid an additional amount in the OT.
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Re: For Berserker eyes first- new WineBid feature coming soon

#368 Post by B. Sawyer »

All of the wines I was bidding on went to OT. I happened to win them all when everyone else stopped engaging
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Re: For Berserker eyes first- new WineBid feature coming soon

#369 Post by Max S. »

Rodrigo B wrote: March 12th, 2021, 10:57 am Interesting. Thanks for sharing Yaacov. Though it appears that Justin’s bid simply wasn’t received by the servers, in which case his suggestion of implementing blockchain wouldn’t have helped him in this instance. Though it does make me wonder if 30 second intervals are enough for the new WineBid feature and whether or not all would be better served if the OT extensions were a full minute each instead of 30 seconds.

What Christies should have done (if indeed Justin bid did come in, albeit just a bit delayed) is reach out to the bidder that “won,” explain the situation and say that in light of that they’d be taking one more bid from Justin and the “winner” (if they so desired) and the highest of those would win.
But then they'd have to admit there were issues with online auctions. [snort.gif]
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Re: For Berserker eyes first- new WineBid feature coming soon

#370 Post by Rodrigo B »

Max S. wrote: March 29th, 2021, 3:55 pm
Rodrigo B wrote: March 12th, 2021, 10:57 am Interesting. Thanks for sharing Yaacov. Though it appears that Justin’s bid simply wasn’t received by the servers, in which case his suggestion of implementing blockchain wouldn’t have helped him in this instance. Though it does make me wonder if 30 second intervals are enough for the new WineBid feature and whether or not all would be better served if the OT extensions were a full minute each instead of 30 seconds.

What Christies should have done (if indeed Justin bid did come in, albeit just a bit delayed) is reach out to the bidder that “won,” explain the situation and say that in light of that they’d be taking one more bid from Justin and the “winner” (if they so desired) and the highest of those would win.
But then they'd have to admit there were issues with online auctions. [snort.gif]
They kind of already admitted issues in their email response to Justin. Christies handled the situation in the worst possible way. Missed opportunity to raise the price of the lot even higher
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Re: For Berserker eyes first- new WineBid feature coming soon

#371 Post by AndyK »

Robert.A.Jr. wrote: March 28th, 2021, 7:10 pm So who lost something in OT? Appears that I did, was not willing to play at that point. Did win something, tho. So there is that.
One of the wines I was bidding on went into OT, but didn't want it enough to either pay the amount or spend more time, so I just closed the browser at 7:00.
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Re: For Berserker eyes first- new WineBid feature coming soon

#372 Post by Mattstolz »

all of this talk of bidding strategies has completely not taken into account my strategy of assuming the first bidder put in a high MaxBid and just continually driving the price up dollar by dollar until I start to toe the line of what I think their MaxBid may be.


just kidding. but honestly, I see a lot of the arguments in this thread, but I have two issues with them: mostly that people participating in auctions are not rational very often. also, I, for example, only bid at all on what I would consider a pretty extreme deal. the actual price I would maybe be willing to pay for that bottle at the end of the day may be higher, but if I want to pay that I'll buy it at a retail store. Winebid (and other auctions) is where I try to snag something that crept under everyone's radar. So I might not always use a max bid because I dont really want to outbid someone and pay close to what my perceived value of that wine is... its not why I'm on the site in the first place. one bid on a lot, and if I'm outbid then I look again next week.

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Re: For Berserker eyes first- new WineBid feature coming soon

#373 Post by Rodrigo B »

Mattstolz wrote: March 29th, 2021, 7:21 pm all of this talk of bidding strategies has completely not taken into account my strategy of assuming the first bidder put in a high MaxBid and just continually driving the price up dollar by dollar until I start to toe the line of what I think their MaxBid may be.


just kidding. but honestly, I see a lot of the arguments in this thread, but I have two issues with them: mostly that people participating in auctions are not rational very often. also, I, for example, only bid at all on what I would consider a pretty extreme deal. the actual price I would maybe be willing to pay for that bottle at the end of the day may be higher, but if I want to pay that I'll buy it at a retail store. Winebid (and other auctions) is where I try to snag something that crept under everyone's radar. So I might not always use a max bid because I dont really want to outbid someone and pay close to what my perceived value of that wine is... its not why I'm on the site in the first place. one bid on a lot, and if I'm outbid then I look again next week.
Assuming the first bidder didn’t put in a shill bid, that still results in them winning the lot at a price their ok with, albeit at not the best lowest price.

I was away for auction close last week so I didn’t see any OT bidding, but it’ll almost certainly result in more people bidding higher. Sunk cost fallacies creating a situation where bidders increasingly bid incrementally higher was already part of the WineBid auction dynamics before OT. I can only imagine that will be exacerbated in lots that go to OT.

I can also see situations where people try to put in effectively artificially high shill bids in OT to try to win lots. In a scenario where competing bidders both attempt this, it could end up being quite costly.

As a last remark: last week I was away for auction close so I set my max bid on my lots Sunday morning. I ended up winning all my lots. In all lots sans 2 I was the only bidder, so I won with the lowest possible bids. So there may be something to be said for setting up your bids early, but that’s just a single data point, so it’s tough to extrapolate.
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Re: For Berserker eyes first- new WineBid feature coming soon

#374 Post by Robert Dentice »

Robert.A.Jr. wrote: March 28th, 2021, 7:10 pm So who lost something in OT? Appears that I did, was not willing to play at that point. Did win something, tho. So there is that.
I officially hate it. There is a bunch of things I want this week and I will not be able to be in front of my computer during the bidding. It is not as simple as saying put in your high bid and just hope for the best. For example what if I was bidding on 10 wines and I did not get half of them I might be willing to go higher than my current bid on another.
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Re: For Berserker eyes first- new WineBid feature coming soon

#375 Post by Rodrigo B »

Robert Dentice wrote: March 29th, 2021, 8:02 pm
Robert.A.Jr. wrote: March 28th, 2021, 7:10 pm So who lost something in OT? Appears that I did, was not willing to play at that point. Did win something, tho. So there is that.
I officially hate it. There is a bunch of things I want this week and I will not be able to be in front of my computer during the bidding. It is not as simple as saying put in your high bid and just hope for the best. For example what if I was bidding on 10 wines and I did not get half of them I might be willing to go higher than my current bid on another.
That is part of my issue with OT bidding. That some lots I’m tracking go into OT, but others don’t. I can very well see scenarios where I’m tracking multiple bottles that I’m outbid in OT, but if the other lots I would be willing to shift my spend to didn’t go into OT then I’m missing out on way more lots.
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Re: For Berserker eyes first- new WineBid feature coming soon

#376 Post by Mattstolz »

ive really just had one question the whole time: are there really that many people who are sitting around watching the auctions close? I put in my bid on Monday night and then forget about it until I either get an email saying I won on Sunday or until I look again on Monday to see what new stuff came up

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Re: For Berserker eyes first- new WineBid feature coming soon

#377 Post by Rodrigo B »

Mattstolz wrote: March 30th, 2021, 4:06 am ive really just had one question the whole time: are there really that many people who are sitting around watching the auctions close? I put in my bid on Monday night and then forget about it until I either get an email saying I won on Sunday or until I look again on Monday to see what new stuff came up
Given that WineBid’s site overloaded a few times this summer and recently a few weeks ago, I’d say there are plenty.

Personally whether or not I sit around watching auction close depends on what’s being auctioned, how many lots I’m bidding on, and how eager I am to win some or all of those lots.
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Re: For Berserker eyes first- new WineBid feature coming soon

#378 Post by JDavisRoby »

Mattstolz wrote: March 29th, 2021, 7:21 pm all of this talk of bidding strategies has completely not taken into account my strategy of assuming the first bidder put in a high MaxBid and just continually driving the price up dollar by dollar until I start to toe the line of what I think their MaxBid may be.


just kidding. but honestly, I see a lot of the arguments in this thread, but I have two issues with them: mostly that people participating in auctions are not rational very often. also, I, for example, only bid at all on what I would consider a pretty extreme deal. the actual price I would maybe be willing to pay for that bottle at the end of the day may be higher, but if I want to pay that I'll buy it at a retail store. Winebid (and other auctions) is where I try to snag something that crept under everyone's radar. So I might not always use a max bid because I dont really want to outbid someone and pay close to what my perceived value of that wine is... its not why I'm on the site in the first place. one bid on a lot, and if I'm outbid then I look again next week.
I would assert buying habits across many asset classes are not rational right now. Auction or not.
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Re: For Berserker eyes first- new WineBid feature coming soon

#379 Post by Victor Hong »

JDavisRoby wrote: March 30th, 2021, 4:41 am
Mattstolz wrote: March 29th, 2021, 7:21 pm all of this talk of bidding strategies has completely not taken into account my strategy of assuming the first bidder put in a high MaxBid and just continually driving the price up dollar by dollar until I start to toe the line of what I think their MaxBid may be.


just kidding. but honestly, I see a lot of the arguments in this thread, but I have two issues with them: mostly that people participating in auctions are not rational very often. also, I, for example, only bid at all on what I would consider a pretty extreme deal. the actual price I would maybe be willing to pay for that bottle at the end of the day may be higher, but if I want to pay that I'll buy it at a retail store. Winebid (and other auctions) is where I try to snag something that crept under everyone's radar. So I might not always use a max bid because I dont really want to outbid someone and pay close to what my perceived value of that wine is... its not why I'm on the site in the first place. one bid on a lot, and if I'm outbid then I look again next week.
I would assert buying habits across many asset classes are not rational right now. Auction or not.
Whether global equities or older wine, buying steadily during disfavored or indifferent market environments is the key. The subsequent frenzies thereby become fun and lucrative to watch.
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Re: For Berserker eyes first- new WineBid feature coming soon

#380 Post by Jayson Cohen »

JDavisRoby wrote: March 30th, 2021, 4:41 am
Mattstolz wrote: March 29th, 2021, 7:21 pm all of this talk of bidding strategies has completely not taken into account my strategy of assuming the first bidder put in a high MaxBid and just continually driving the price up dollar by dollar until I start to toe the line of what I think their MaxBid may be.


just kidding. but honestly, I see a lot of the arguments in this thread, but I have two issues with them: mostly that people participating in auctions are not rational very often. also, I, for example, only bid at all on what I would consider a pretty extreme deal. the actual price I would maybe be willing to pay for that bottle at the end of the day may be higher, but if I want to pay that I'll buy it at a retail store. Winebid (and other auctions) is where I try to snag something that crept under everyone's radar. So I might not always use a max bid because I dont really want to outbid someone and pay close to what my perceived value of that wine is... its not why I'm on the site in the first place. one bid on a lot, and if I'm outbid then I look again next week.
I would assert buying habits across many asset classes are not rational right now. Auction or not.
If by this you mean (at least that) auction buyers seem to be buying at pricing above retail for wines priced at any level, esp when premium is tacked on, I agree.

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Re: For Berserker eyes first- new WineBid feature coming soon

#381 Post by Jayson Cohen »

I saw enough somewhat new bid patterns for wines I was tracking last week (it could be I am imagining that, I admit) that there is no way I bid before Sunday evening this week.

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#382 Post by Victor Hong »

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Re: For Berserker eyes first- new WineBid feature coming soon

#383 Post by JDavisRoby »

Jayson Cohen wrote: March 30th, 2021, 6:13 am
JDavisRoby wrote: March 30th, 2021, 4:41 am
Mattstolz wrote: March 29th, 2021, 7:21 pm all of this talk of bidding strategies has completely not taken into account my strategy of assuming the first bidder put in a high MaxBid and just continually driving the price up dollar by dollar until I start to toe the line of what I think their MaxBid may be.


just kidding. but honestly, I see a lot of the arguments in this thread, but I have two issues with them: mostly that people participating in auctions are not rational very often. also, I, for example, only bid at all on what I would consider a pretty extreme deal. the actual price I would maybe be willing to pay for that bottle at the end of the day may be higher, but if I want to pay that I'll buy it at a retail store. Winebid (and other auctions) is where I try to snag something that crept under everyone's radar. So I might not always use a max bid because I dont really want to outbid someone and pay close to what my perceived value of that wine is... its not why I'm on the site in the first place. one bid on a lot, and if I'm outbid then I look again next week.
I would assert buying habits across many asset classes are not rational right now. Auction or not.
If by this you mean (at least that) auction buyers seem to be buying at pricing above retail for wines priced at any level, esp when premium is tacked on, I agree.
Stonks. Houses. Cars. NFT. All kinds of “assets” are selling above expected sales prices at a time when many would wonder if not spending money and hoarding cash is the prudent play.

Not all true in all markets of course, ie, wine brokers (& wine makers) whose model relies on sales to the hospitality industry are likely not seeing the same bump as someone like WineBid. Same for certain residential markets.
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#384 Post by Victor Hong »

JDavisRoby wrote: March 30th, 2021, 7:07 am
Jayson Cohen wrote: March 30th, 2021, 6:13 am
JDavisRoby wrote: March 30th, 2021, 4:41 am

I would assert buying habits across many asset classes are not rational right now. Auction or not.
If by this you mean (at least that) auction buyers seem to be buying at pricing above retail for wines priced at any level, esp when premium is tacked on, I agree.
Stonks. Houses. Cars. NFT. All kinds of “assets” are selling above expected sales prices at a time when many would wonder if not spending money and hoarding cash is the prudent play.

Not all true in all markets of course, ie, wine brokers (& wine makers) whose model relies on sales to the hospitality industry are likely not seeing the same bump as someone like WineBid. Same for certain residential markets.
Thank the place where I delivered a lot of late-night carry-out noodles in 2008, as asset bailout programs were initiated.......the New York Fed.

Zero or negative interest rates make cash holders into fools.
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Re: For Berserker eyes first- new WineBid feature coming soon

#385 Post by brigcampbell »

Obviously, Russ won't be sharing the results from the "You asked for it, you got it." feature with the WB crowd but this change has to raise the sale price for items with more than a couple of motivated bidders which is the goal.

For items that sell for less that "market price" because lack of interest this feature probably won't have much effect.

But for items where there are two or more interested parties, it'll definitely push up the price. I'm think cases where there are "casual" and "serious" interested buyers for an item. Example, say there's a wine that draws moderate activity, it's a nice wine to have and appeals to a broad audience, so the casual interested buyers are bidding along with the serious in regulation time. But say two of the serious are bidding because it's a birth year wine, those two will quickly find themselves in OT weeding out the casual buyers and buyers looking for a good deal.

It's like my buddy that just put his house up for sale and the relator said "you're asking $100K too much and you won't get many offers". He said "I only want one offer".

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Re: For Berserker eyes first- new WineBid feature coming soon

#386 Post by Victor Hong »

brigcampbell wrote: March 30th, 2021, 7:58 am Obviously, Russ won't be sharing the results from the "You asked for it, you got it." feature with the WB crowd but this change has to raise the sale price for items with more than a couple of motivated bidders which is the goal.

For items that sell for less that "market price" because lack of interest this feature probably won't have much effect.

But for items where there are two or more interested parties, it'll definitely push up the price. I'm think cases where there are "casual" and "serious" interested buyers for an item. Example, say there's a wine that draws moderate activity, it's a nice wine to have and appeals to a broad audience, so the casual interested buyers are bidding along with the serious in regulation time. But say two of the serious are bidding because it's a birth year wine, those two will quickly find themselves in OT weeding out the casual buyers and buyers looking for a good deal.

It's like my buddy that just put his house up for sale and the relator said "you're asking $100K too much and you won't get many offers". He said "I only want one offer".
Your post confirms that a viable, competitive, and fair market will openly balance the legitimate interests of both buyers and sellers.
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Re: For Berserker eyes first- new WineBid feature coming soon

#387 Post by MBerto »

Victor Hong wrote: March 30th, 2021, 7:14 am
Thank the place where I delivered a lot of late-night carry-out noodles in 2008, as asset bailout programs were initiated.......the New York Fed.
Well? Which one is it?
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Re: For Berserker eyes first- new WineBid feature coming soon

#388 Post by brigcampbell »

Victor Hong wrote: March 30th, 2021, 8:03 am
brigcampbell wrote: March 30th, 2021, 7:58 am Obviously, Russ won't be sharing the results from the "You asked for it, you got it." feature with the WB crowd but this change has to raise the sale price for items with more than a couple of motivated bidders which is the goal.

For items that sell for less that "market price" because lack of interest this feature probably won't have much effect.

But for items where there are two or more interested parties, it'll definitely push up the price. I'm think cases where there are "casual" and "serious" interested buyers for an item. Example, say there's a wine that draws moderate activity, it's a nice wine to have and appeals to a broad audience, so the casual interested buyers are bidding along with the serious in regulation time. But say two of the serious are bidding because it's a birth year wine, those two will quickly find themselves in OT weeding out the casual buyers and buyers looking for a good deal.

It's like my buddy that just put his house up for sale and the relator said "you're asking $100K too much and you won't get many offers". He said "I only want one offer".
Your post confirms that a viable, competitive, and fair market will openly balance the legitimate interests of both buyers and sellers.
I would agree (assuming my assessment is correct)

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Re: For Berserker eyes first- new WineBid feature coming soon

#389 Post by Jay Miller »

MBerto wrote: March 30th, 2021, 8:05 am
Victor Hong wrote: March 30th, 2021, 7:14 am
Thank the place where I delivered a lot of late-night carry-out noodles in 2008, as asset bailout programs were initiated.......the New York Fed.
Well? Which one is it?
He set up a clearing market for noodles, buying up unused noodles from other noodle shops and then finding buyers for them and delivering them.
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Re: For Berserker eyes first- new WineBid feature coming soon

#390 Post by John Morris »

Jay Miller wrote: March 30th, 2021, 8:17 am
MBerto wrote: March 30th, 2021, 8:05 am
Victor Hong wrote: March 30th, 2021, 7:14 am
Thank the place where I delivered a lot of late-night carry-out noodles in 2008, as asset bailout programs were initiated.......the New York Fed.
Well? Which one is it?
He set up a clearing market for noodles, buying up unused noodles from other noodle shops and then finding buyers for them and delivering them.
Unfortunately, some of the noodle traders were over-leveraged and didn't survive their margin calls from Goldman and Morgan Stanley.
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Re: For Berserker eyes first- new WineBid feature coming soon

#391 Post by brigcampbell »

John Morris wrote: March 30th, 2021, 8:26 am
Jay Miller wrote: March 30th, 2021, 8:17 am
MBerto wrote: March 30th, 2021, 8:05 am

Well? Which one is it?
He set up a clearing market for noodles, buying up unused noodles from other noodle shops and then finding buyers for them and delivering them.
Unfortunately, some of the noodle traders were over-leveraged and didn't survive their margin calls from Goldman and Morgan Stanley.
Hence, the creation of Noodle based CDO's which spreads the risk of the sub-prime noodle vendors.

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Re: For Berserker eyes first- new WineBid feature coming soon

#392 Post by John Morris »

Until the next black swan noodle event.
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Re: For Berserker eyes first- new WineBid feature coming soon

#393 Post by Victor Hong »

John Morris wrote: March 30th, 2021, 9:42 am Until the next black swan noodle event.
Chinese prefer pigeon over swan, especially at wedding banquets.
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Re: For Berserker eyes first- new WineBid feature coming soon

#394 Post by Victor Hong »

John Morris wrote: March 30th, 2021, 8:26 am
Jay Miller wrote: March 30th, 2021, 8:17 am
MBerto wrote: March 30th, 2021, 8:05 am

Well? Which one is it?
He set up a clearing market for noodles, buying up unused noodles from other noodle shops and then finding buyers for them and delivering them.
Unfortunately, some of the noodle traders were over-leveraged and didn't survive their margin calls from Goldman and Morgan Stanley.
Like me, he parts his hair in the middle, and pedals around a fancy tote bag of greasy hot messes, to peddle at numerous investment banks.

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Re: For Berserker eyes first- new WineBid feature coming soon

#395 Post by John Morris »

And, like you, he's very popular with investment banks.
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Re: For Berserker eyes first- new WineBid feature coming soon

#396 Post by Victor Hong »

John Morris wrote: March 30th, 2021, 10:05 am And, like you, he's very popular with investment banks.
With each five-alarm kitchen fire and toilet back-up, both he and I are less so. [barf1.gif]
I am barely a step behind him. Seriously.
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Re: For Berserker eyes first- new WineBid feature coming soon

#397 Post by Victor Hong »

We look alike.
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Re: For Berserker eyes first- new WineBid feature coming soon

#398 Post by Alan Rath »

Rodrigo B wrote: March 29th, 2021, 8:12 pm
Robert Dentice wrote: March 29th, 2021, 8:02 pm
Robert.A.Jr. wrote: March 28th, 2021, 7:10 pm So who lost something in OT? Appears that I did, was not willing to play at that point. Did win something, tho. So there is that.
I officially hate it. There is a bunch of things I want this week and I will not be able to be in front of my computer during the bidding. It is not as simple as saying put in your high bid and just hope for the best. For example what if I was bidding on 10 wines and I did not get half of them I might be willing to go higher than my current bid on another.
That is part of my issue with OT bidding. That some lots I’m tracking go into OT, but others don’t. I can very well see scenarios where I’m tracking multiple bottles that I’m outbid in OT, but if the other lots I would be willing to shift my spend to didn’t go into OT then I’m missing out on way more lots.
I’m missing the logic. If a lot you were bidding on went into OT, someone was obviously interested in the wine. They either outbid you, or pushed the price closer to your max bid, causing the time extension. One of you won at or below the price you were willing to pay. The system worked.

What I hear over and over is that people are unhappy they might have to pay closer to market price (or more, in cases where buyers get overly enthusiastic lol). What I don’t hear are sellers complaining. For every buyer, there’s a seller, and they are equally important to the process.

The idea that someone might go higher on a wine because he lost out on other lots seems dubious. You can’t say on one hand that you only buy bargains, but if you miss out on a bargain you might overspend on some other wine.

It’s actually getting a little tiresome reading people complain about an efficient market system.
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Re: For Berserker eyes first- new WineBid feature coming soon

#399 Post by Victor Hong »

Alan Rath wrote: March 30th, 2021, 10:57 am
Rodrigo B wrote: March 29th, 2021, 8:12 pm
Robert Dentice wrote: March 29th, 2021, 8:02 pm

I officially hate it. There is a bunch of things I want this week and I will not be able to be in front of my computer during the bidding. It is not as simple as saying put in your high bid and just hope for the best. For example what if I was bidding on 10 wines and I did not get half of them I might be willing to go higher than my current bid on another.
That is part of my issue with OT bidding. That some lots I’m tracking go into OT, but others don’t. I can very well see scenarios where I’m tracking multiple bottles that I’m outbid in OT, but if the other lots I would be willing to shift my spend to didn’t go into OT then I’m missing out on way more lots.
I’m missing the logic. If a lot you were bidding on went into OT, someone was obviously interested in the wine. They either outbid you, or pushed the price closer to your max bid, causing the time extension. One of you won at or below the price you were willing to pay. The system worked.

What I hear over and over is that people are unhappy they might have to pay closer to market price (or more, in cases where buyers get overly enthusiastic lol). What I don’t hear are sellers complaining. For every buyer, there’s a seller, and they are equally important to the process.

The idea that someone might go higher on a wine because he lost out on other lots seems dubious. You can’t say on one hand that you only buy bargains, but if you miss out on a bargain you might overspend on some other wine.

It’s actually getting a little tiresome reading people complain about an efficient market system.
Those people presume to have a proprietary call option, to buy cheap wines which they are currently unwilling or unable to purchase. So, they blame other people.
They are why I have stopped posting available WineHunter deals. They complain that somebody else is buying them. Put up or shut up. Skinflint whiners.
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Re: For Berserker eyes first- new WineBid feature coming soon

#400 Post by David_K »

Alan Rath wrote: March 30th, 2021, 10:57 amI’m missing the logic. If a lot you were bidding on went into OT, someone was obviously interested in the wine. They either outbid you, or pushed the price closer to your max bid, causing the time extension. One of you won at or below the price you were willing to pay. The system worked.

What I hear over and over is that people are unhappy they might have to pay closer to market price (or more, in cases where buyers get overly enthusiastic lol). What I don’t hear are sellers complaining. For every buyer, there’s a seller, and they are equally important to the process.

The idea that someone might go higher on a wine because he lost out on other lots seems dubious. You can’t say on one hand that you only buy bargains, but if you miss out on a bargain you might overspend on some other wine.

It’s actually getting a little tiresome reading people complain about an efficient market system.
So when you win a lot in OT, you're paying market price, but somehow when you win the wine before the introduction of the OT feature, it wasn't market price but rather some secret below-market deal? Everyone knows the intent of the feature is to increase the price at which wines sell. Whether that will happen or not is too soon to say. The price of goods goes up and down all the time. That doesn't mean that as a buyer, I have to be happy about it when the price of something I want to buy goes up, and when the experience of buying that good becomes less enjoyable.
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