Quote:
Originally Posted by insidethewrapper
Does any other auction house just end an auction at anytime they wish ? If the rule is 15 minutes then it should be 15 minutes. It just seems a little fishy that someone can make a bid and then the auction house declares the auction done.
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I don't think the OP's question or the above were answered, so I will give it a go.
Closing for the REA auction is based on a 15-minute rule applied to the auction as a
whole. So for the lot you lost, for example, no one could bid on it for hours so long as bids were being placed on other lots. Some auction houses close lot-by-lot using a 15/20 minute rule, but not REA.
There are other auction houses who can end the auction when the decide. Grey Flannel is one example. It's important to read each auction house's rules prior to bidding so there are no surprises. I do this for every auction because I have a difficult time keeping track of how each auction house handles things.
5 am EDT was pretty brutal, but late last year I got outbid on a lot at Grey Flannel at 7 am EDT after being high bidder for about 9 hours. I'm on the west coast and figured someone may have woken up on the east coast and decided to bid again. That was pretty disappointing.