Can someone explain the Double Overtime session LOTG auctions
 

From LOTG email.
( 4) OUR AUCTION CLOSES USING THE "DOUBLE OVERTIME" METHOD. PLEASE TAKE NOTE.

At 9:00 PM, the entire auction will enter the extended bidding period. If you have placed a bid on an item prior to 9:00 PM Eastern, you may continue to bid on it afterward. IF YOU WISH TO BID ON AN ITEM DURING EXTENDED BIDDING, YOU MUST HAVE PLACED A BID ON THAT ITEM PRIOR TO 9:00 PM EASTERN TIME TONIGHT. There can be no exceptions to this.

At 9:00 pm eastern time, the 15-minute rule clock begins ticking, and will reset every 15 minutes as long as there are bids placed during that 15-minute period. The clock will continue to reset every 15 minutes as long as bids come in. If there are no bids during a 15-minute interval, the auction will close.

The Double Overtime session begins at MIDNIGHT eastern time. Items not receiving a bid between midnight and 1am eastern time will close at 1am. These lots will close all at once, and no more bidding on them will be permitted. There can be no exceptions to this.

The remaining items will remain open in "Double Overtime" until no remaining open item in the auction has received a bid for 15 minutes, or until a Fair Warning email is issued.

5) We cannot predict when the auction will close. We are the only company in the industry that uses the "Double Overtime" closing method. In past auctions, 90% of the lots have closed at 1:00 AM. However, there is no way to predict when the auction will close, and no way to guarantee it will remain open. Bidders determine this based on their own activity. Please remain vigilant.)





If I am interpreting the email correct:
If my lot closes after 9 pm and I am the high bidder, I win the auction?
Or..
Does the auction start back up at 12am?

Or is the double OT , just for lots that have bids every 15 minutes until 12am?

So confused with the email.

It took me a minute when I read it also.

It works the same as REA or any other auction that closes all at the same time in general.

However it also closes any lot that has no bids from midnight to 1am at 1am. So most of the auction ends at 1am since a small percentage of lots are still getting bids during that time.

Eliminates having to stay up all night for lots that have no action after midnight.

At least that's how I interpreted it. I haven't had personal experience with it because I am usually outbid by then.


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It's not like REA since once the less active lots are dropped at 1AM the auction doesn't close until there is no bid on any lot for 15 minutes. There is no lot by lot closing. The auction will almost surely stay open to after 3AM.

Yes that is the primary difference no lot by lot closing after 1pm. Any that are open for bidding all close when 15 minutes of no bids on any of the after 1am lots.

So if a card really interests you

Either drink a lot of coffee, take a late nap , or use the max bid button.

They are true what they say most close by 1am but approx 20% go into overtime and double overtime and so on.

I can explain it pretty well!

The entire auction remains open on the 15-minute rule beginning at 9pm Eastern. If you are the ONLY bidder on a lot at 9PM, you won it. Go to bed!

At 1AM, any lot that hasn't received a bid within the last hour will close, all at once. Most auctions, 90-95% of the auction is closed at 1AM. If you are the high bidder at 1AM and the lot hasn't received a bid since before midnight, it will be marked as "Closed," and bidding on that lot is over. Go to bed!

The only lots that remain open after 1AM are the ones that have had active bidding after midnight. For those lots, we let them stay open until the bidders are done bidding. Those remaining lots remain open under the 15-minute rule. Usually, that's about 40-60 lots. If you're a bidder on one of those lots, keep bidding til you're done. We will generally send out a fair warning email if we need to after 3AM so the handful of people still bidding can finish up.

As is the case with all of our auctions, for most of you, the auction is over at 1AM Eastern.

We send out invoices on MONDAY NIGHT.

Hope this helps!

-Al

What a novel concept...the business in question itself could answer the question directly and completely. Who would have thought that was even possible. :eek: Imagine the time we save going straight to the source?

I know we all love to start new threads and come here for answers but usually the closest distance between two points is a straight line.

FYI, for tonight's LOTG auction, 303 of 1400 lots are still open after the 1 AM close, or 21.6% of the lots. Nice call Jeff!

Great auction once again Al.

That's a good sign--better material stays open longer.

It was a strong auction and I felt like a kid in the candy store with all the sweets around me.
The prices seemed strong and the over time just kept going.

Al, I totally understand, and like how LOTG does it; truthfully, as a bidder, I like the lot by lot better but strongly prefer this over wake up at 5am Memory Lane and similar, but for consignors I think it is a great method.

I think what confuses people is the use of the 15 minute rule from 9pm to midnight (or 1am). The reality is that there is zero chance that the entire auction will go 15 minutes without a bid from 9 to midnight. So it’s kind of a red herring.

Al, ball park - how many total bids come in between 9pm and midnight? I bet a lot