I LOVE Heritage Auctions' Signature Live Auctions. Big money shows up for the best games with the best grades. There's hype, speculation, watch parties. They're awesome! I watch dozens of listings for weeks only for the bids to go crazy during the once-in-a-quarter live auction. However, the reason I won't buy certain items from Signature Live Auctions is not because the bids get out of reach, but because they get out of reason.
A lot of big spenders show up for Signature Live Auctions. However, only one bidder can take home that sealed Super Mario Bros hangtab or that "Red text" Pokemon Blue. When these items end early in the auction, there are a high number of big spenders looking at the remaining items in the auction. Not wanting to go home empty-handed, these big spenders then spend more than normal on more normal items.
The November 2023 Signature Auctions offer a prime example. On November 3, a VGA 85+ Halo Special Edition Green OG Xbox Console sold for $10,200. Just six days later, an identical VGA 85+ console sold for just $6,000. How do we explain a 41% swing in just 6 days? Easy. The first one sold during a Signature Live Auction after some high value pieces.
To be clear, the sexy items we all get excited for during the Signature Live Auctions sell for their value. It's the other items - the items that on another day might be available during a mini-boss, 64-bit, or internet-only auction - that sell for a premium during the Signature Live Auctions. These are what I won't buy from a Signature Live Auction.
In my opinion, this why the exciting items sell early in the auction. If they appeared later, all those big spenders would be holding back their bids and reserving their capital in the hopes of walking away with the grails. It's a smart move by Heritage, but not something I'll fall for. I'll bid on those big-ticket items where I can, but I'll wait another day for the consolation prizes.
Unless you really want those leftovers, you should too.
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