Quote:
Originally Posted by LukeLyon
As a buyer, I just don't want any particular card (s) bad enough to stay up watching these auctions all night. I put it my max bid with the AHs i trust and go to bed. I don't bid with the ones I don't trust. If the closings happened at a normal time, i would get involved, but the current system seems pretty much insane to me.
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Exactly. If you place 5-6 max bids and go to bed, only to find out they all were topped at 3:45 a.m., then your money slept. But if they were topped earlier because the auction was ending sooner, you might still get that urge to win something and extend your max bid(s), particularly if you saw they were all topped and you adjusted your goal to just trying to win one or two.
Barry is right "And bidders who have to eventually go to sleep are bidders who aren't bidding, so the auction house is leaving some amount of money on the table." Saying that night owls bid late doesn't mean: a) they would not have bid earlier if required to by the rules and b) doesn't account for money lost from those who went to sleep while still willing to spend.
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If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason and Dixon's but between patriotism and intelligence on the one side, and superstition, ambition and ignorance on the other. - Ulysses S. Grant, military commander, 18th US President.
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