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warshawlawwould have been a study of the various techniques for closing used by auctioneers. Is the best price realized by closing all lots at once, closing them staggered, forcing them into overtime where the only bidders are those who bid during regulation play time, etc.
I will say this as a consignor: I am reluctant to place my items in an auction where the auctioneer lists the start very low and I cannot dictate a reserve. I think the reason why the study showed that low starts = low finishes is that a certain percentage of lots will sell for a fraction of their "market" given these low starting bids (and bad descriptions; see below). If I had something of real value and rarity for one of these auctions, I would insist on a reserve of my choosing.
Another factor not taken into account (perhaps cannot be taken into account) but of critical importance is the quality of auctioneer descriptions. With all due respect to my friends who actually write these things, many times I see an auction undersell a lot because the auctioneer does not do a good job of describing the items. My latest auction winnings were a great example of this situation: I was thrilled to find multiple uncatalogued cards in the lot. Had they been properly described I am certain that the lot would have drawn more bids. It isn't limited to one auctioneer, either. I see lots of rare and obscure materials routinely misdescribed, not placed in context, etc. Not that I'm complaining as a buyer, but as a seller I have been very pissed in the past when the auctioneer misdecribed my stuff and cost me money. If I am auctioning anything of significance I would insist on having the last say on the description.