I like the item-by-item closing approach and think Dave Schrader's way of doing it is pretty decent. Every lot has a fixed closing time so it's either bid or get out. I think perhaps the 30 seconds between lots might be a tad short especially if you are bidding on a couple of lots that close one after the other and might need some more time to rethink your strategy.
Letting auctions run until 6:00 AM (or whatever) the next day just seems crazy to me.
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