Quote:
Originally Posted by glchen
A couple of years ago, it seemed to be the consensus that ending auctions lot by lot hurt consignors (but not bidders) (see this thread: Link), and Huggins & Scott even had a poll once asking if they should change their auction ending procedures. (The results were to keep it the same.) However, it looks like the thinking is changing where consignors are now also believed to be disadvantaged by the all lots close at the same time style. |
Scott and I have had many discussions on how to end our auctions. And we do have enough lots for it to stay open until 4am+ CST. At this point, with our auction s/w finally being able to do it, we believe keeping all bidders interested is the best strategy. That means letting everyone have an equal chance and closing them individually. He and I are both very active collectors and we both feel we will bid more if we are ON a lot and can stay on it, instead of playing the "how late can I stay up" game. Now, that being said...a company like REA with only one auction a year, we will make an exception for and stay up. Many times on the all-nighters I go to bed before they are over, thereby causing the consignors potential money in their pockets. I don't bid in my sleep and I rarely leave up to bids. There is no perfect answer but this is our thinking right now. We reserve the right to change our minds. One thing everyone should also keep in mind too, the reason some might not close individually is because their s/w won't let them. Yes, one of the major s/w's used wouldn't ever allow us to close individually.. That is one reason we changed s/w. Happy collecting.