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The reason auctions go so late is because the current auction format encourages people to stall late into the night hoping their competition will give up. I don't see how this helps the final price of lots.
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Agreed.
Leon, I don't know if it would change my bidding if the AH was to extend payment terms but I know I would not want to wait for my money as a consignor, or maybe have someone back out from payment down the road leaving who owes what to whom. If the AH wants to take on the risk of those problems, maybe by paying the consignor in full immediately and taking some sort of vig on extended payments then that would be different.
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If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason and Dixon's but between patriotism and intelligence on the one side, and superstition, ambition and ignorance on the other. - Ulysses S. Grant, military commander, 18th US President.
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