Posted By:
Al C.risafulliFor what it's worth, while I can understand the 15-minute rule on individual lots, I prefer it for the whole auction.
This way, if a lot I'm interested in goes above what I'm willing to pay, the fact that I won't win the lot creates "found money" for me - and I can go bid on something else if I like.
I won a '52 Mantle in REA last month for that very reason. There was a lot I was looking at, and at about 1:30 the bidding went too high for my tastes. So I dropped in a 2AM bid on the Mantle and won it - and couldn't be happier. Had the auction had a 15-minute rule for each lot, the Mantle would have been closed.
-Al