Quote:
Originally Posted by CuriousGeorge
But Jeff, if they all closed at once and you realized at 11:59 you weren’t going to get your first choice how would it be any different? I think all sides can make feasible arguments as to why a certain way works better and then the other side can show otherwise. So as not to change the basics of how REA ends their auction, why not just add a 1-2 minute extension for every item with bids after say 11:58 and more than likely it will all be ending shortly thereafter anyway. This way the format stays the same and the best and highest bid wins the item and not the best sniper. I understand why eBay with their thousands of auctions needs to end that way but for the 92 lots or whatever someone said that would still be going they will then end more fairly. More money to the consignor and fairer to the bidders as well I think.
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Oh I wasn't saying a midnight hard close was any better, just wanted to illustrate Heritage's lot by lot isn't perfect either.
Your hard close with a 2 min add-on for lots receiving a late bid sounds interesting, but agreed it should start earlier than midnight Eastern time.