Shohei Ohtani’s 50-50 Ball
An online auction’s "extra innings" helped boost the final price for a historic home run ball hit by Shohei Ohtani to $4.4 million.
The auction for the baseball collectible struck by the ex-Angel-now-Dodger superstar ended Tuesday, Oct. 22. The home run made him the first player to hit 50 homers and steal 50 bases in a season. An anonymous seller of the Ohtani ball apparently was quickly cashing in on baseball history made on Sept. 19.
The "Soft" Close
The "soft" close is an online auction quirk that tries to recreate the energy a human auctioneer brings to a room full of bidders. Here’s how it works.
- The Ohtani ball’s initial bidding went until 7 p.m. Tuesday night. That’s when the extended bidding kicked in – adding 30 minutes to the deadline whenever a new bid was made. It certainly stirred new activity.
- The Ohtani ball auction started on Sept. 27 with an asking price of $610,000 – that’s $500,000 plus a 22% fee paid to the auction house. By Tuesday morning, 25 bids had pushed the price to $2.6 million – up 320%.
- On Tuesday, there were 15 more bids that started 3 minutes before the initial 7 p.m. deadline. This activity upped the price by another $1.8 million. So these extra innings of bidding, lasting almost two hours, helped to add 71% to the final price.
The Ziggurat Tale
In the Ziggurat auction, any new bids in a 24-hour period pushes the deadline back another full day.
- The US government no longer needs the Ziggurat facility built in 1971. It’s using the federal General Services Administration to sell the real estate in an auction that started June 5.
- The Ziggurat’s price rose to $176.4 million on Tuesday, Oct. 21 after new two bids. That’s up 152% from the initial $70 million asking price.
What Are Bidders Thinking?
Ohtani’s global appeal means the buyer could be from anywhere. They’re acquiring bragging rights of ownership and betting the superstar’s career path continues to soar, helping to boost the collectible’s value over time.
What’s the Catch?
Curiously, the government will have a final say in what happens after both auctions. Who owns the Ohtani ball will fall to the courts, which will decide who gets the sale proceeds. When the home run soared into the stands in Miami, a melee ensued as fans attempted to grab the souvenir. The person who gained control of the ball and put it up for auction is being sued by another fan who claims they possessed it first.
Conclusion
The "soft" close is an innovative way to maintain the excitement of an auction online. The Ohtani ball’s final price of $4.4 million is a testament to its historical significance. Similarly, the Ziggurat’s price of $176.4 million shows the appeal of this unique piece of real estate.
Frequently Asked Questions
Q: What is the "soft" close?
A: The "soft" close is an online auction quirk that tries to recreate the energy a human auctioneer brings to a room full of bidders.
Q: How does it work?
A: Bids are accepted until a certain time, and then extended bidding kicks in, adding 30 minutes to the deadline whenever a new bid is made.
Q: What is the Ziggurat?
A: The Ziggurat is a unique piece of real estate in Laguna Niguel, CA, up for auction.
Q: Who is bidding on the Ziggurat?
A: Local real estate companies and individuals with experience in Southern California land development.
Q: What is the catch with the Ohtani ball?
A: The government will have a final say in what happens after the auction, and the courts will decide who gets the sale proceeds, as the ball is being sued over.
