Posted By:
barrysloateI still think keeping all the lots open is a better system. I don't want anybody to be shut out on one because it closed while he was focusing on another. I don't think the auction will go all night to resolve 96 lots. My guess is it will end before midnight. And Leon knows how much I love staying up until 2:00 AM. The auction can take care of itself but there will be at least one guy who calls at 2:00 AM to ask a basic question. Hey, if I'm not snoring too loudly I'll hear the phone and answer it.
There's also such a thing as ceiling bids. There are so many people who are afraid to call an auction house before they go to bed and say "I'll bid $600 with a ceiling of $1000." But that same person will stay up all night and end up placing that same $1000 bid himself at 3:00 in the morning. Somehow they feel better about being in control but I do find it funny.