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Posted By: JimB

In the midst of staying up late waiting for the Memory Lane auction to close I began to think about how the 15 minute rule when applied to all lots in an auction as a group is really a relic of the pre-internet days. In the telephone auctions of the '90's when many were not bidding online, but rather by phone, it made sense to wait until the phone stopped ringing for 15 minutes since often phones were jammed and difficult to get through on the final night. But nowadays when most, if not all, bidders bid online and there is no issue of getting through on the phone, I think Mastro's new policy of closing each lot individually makes a lot more sense. Lots may go back and forth a few times, but all the interested parties and do what they wish and have it be done in a relatively short time. That way everybody does not need to stay up until two in the morning while battles ensue over only a handful of lots. I stayed up for more than three hours with no activity on the lots I was interested in while a handful of bidders were still bidding on other lots and keeping all of the lots open. I am not coming down on Memory Lane. I think they put on a great auction. I just hope more auction companies follow Masto's lead and begin policies whereby they close lots individually when there is no activity for 30 minutes on that lot.
JimB