Quote:
Originally Posted by Exhibitman
Wrong answer. If the auction closing time is the issue, set a firm closing time, say midnight, but close all lots at the same time so anyone who is topped on a lot during OT can reroute to the next lot on his list. I reiterate: any time you close lots individually you cost the consignor money if there is someone who would have bid on a lot once he was beaten on a more desirable lot but was shut out because some lots closed earlier than others. I have been that someone more than once.
And as others have pointed out, the rules at Heritage allow for bidding practices that may result in a price being run up:
"The Auctioneer, its affiliates, or their employees consign items to be sold in the Auction, and may bid on those lots or any other lots."
"If a lot bearing estimates fails to open for 40–60% of the low estimate, the Auctioneer may pass the item or may place a protective bid on behalf of the consignor."
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There's no perfect format and I think each closing method can result in a bidder getting hosed:
1. Close lots individually - may result in money allocated for auction not being spent due to some auctions of interest closing and then not winning later lots. May miss lots if you don't realize the auction is a lot by lot closing and log in later.
2. Allow auctions to go late until bidding slows - may result in unscrupulous AHs bumping up bids to your Max bids if they know what those are. Also doesn't allow bidders to change their mind on their "max" after they are outbid and asleep. Also hard for those on the east coast with jobs outside the hobby.
3. Close at a set time - lots and lots of snipes at the last minute that doesn't allow someone to change their max and bid more later. Also may surprise bidders who don't realize there is a set close time.
My personal preference from a bidders perspective is:
Approach 3, 1, 2.
I've never seen any research or studies that say one of these approaches is better/worse for consigners than the others. The general perception is that letting the auction run all the way to its inevitable end is best for consigners but, again, never seen any research that says this is true.
jeff