I see 2 points here
1 - Most seem to be in favor of the lot by lot close rule - which is not new to the auction world, but a system that REA is now adopting. I agree this is definitely in the best interests of consignors and am a bit sad because I have sniped a number of items quite successfully in the past.
2 - Confusion about why there is an "extended bidding period" between 6PM and 12AM when bidding will no longer end at 12. If you are using a 5 minute lot by lot end, then an "extended bidding period" preceding it is silly. As mentioned earlier in the thread - if bidding will not end at the end of the "extended bidding period", there is no incentive to bid during it. I strongly suspect this will change soon - pick whatever soft closing time you want and then the 5 minute clocks start.
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