I used to agree that the open/close all lots after no bidding was the best to maximizing consignors totals. After competing in the last couple Legendary I not so sure, one I just didn't see many lots going for cheap last two nights and don't really think they are leaving money on the table (which I find impressive with all the negative issues going on with them).
I went into this last auction having a strong desire for 4 lots but I knew I could only afford 1-2. Now two auctions ago I was shut out and learned my lesson that you cant treat it like the other auctions where you can in essence wait till 4am to put your bids in and win some just because people went to bed (I have been on both sides of this). Back to the bidding the lesson I learned in Legendary auctions with lots closing, if you have limited funds chasing a few lots you really have to bid your lots up on the last day a few hours prior to extended, for instance my top item I wanted around 8pm still had about 12 bidding increments left till my max, figuring these could take up to 15 minutes each, theoretically I might not be out bid for 3 hours into the extended time and at that time the other three lots I wanted would easily all be closed. So two hours prior to extended I started to be top bidder on the 2-4 lots and rebid any time I was knocked down. Sure enough I ended getting bid up on two so that at the start of extended I was up on only 2 and my 3-4 had already exceeded my bidding limits so now I was down to two and both had 8 increments left. Since I still had plenty money left in both and could cover both if I won them at 70% of max, i rebid each in extended till I was down to 6 bids on each then my top lot went off to my max. I was a little worried at this point as I was winning both but one at 80% and the other at 95% which would have been a strain to buy but getting a nice lot for 80% I knew I could flip them on ebay for a quick profit and come out ahead. I only had to sit about 5 minutes till I was outbid on my second lot and 6 minutes after that I won my top lot.
Now you could say if one more bid was placed on my top lot I would have been out and not won anything but in that case 3 of the 4 lots would have been well over my budget and I would not have won anyway and would have drove up the price on the #2 but you could also say any of those lots might not have got the forced early action and sold lower at the end because of it.
The other thing I find interesting is I know a number of dealers whos best auctions seem to be the open closes because they can use the no bidding till way late on all bargains and count on a number of people not waking up to re-bid. And if dealers are making their money then there is already money left on the table or they would not be bidding. Just food for thought, I find it interesting bidding in both.
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