Quote:
Originally Posted by dog*dirt
As a buyer I prefer ending lot by lot but as a when consigning I prefer late auctions.
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Why? There's no evidence that closing auctions lot by lot reduce the $$$ a consigner gets. IF properly marketed and people understand the auction ends lot by lot, anybody bidding at 4am could make the same bid at midnight.
The reason auctions go so late is because the current auction format encourages people to stall late into the night hoping their competition will give up. I don't see how this helps the final price of lots.
Yes, I understand there are particular scenarios where in a lot by lot format you can't bid on everything you want and may lose out on things but I feel a lot more is lost by consigners from people who would otherwise bid just giving up. I understand you can use max bids but there are plenty of downsides to that as well.
I am a big fan of lot by lot auctions as mentioned previously.
jeff