[benjulmag]

The one point I agree with is that whatever rule is put in effect the end result should be to maximize the total dollars the auction grosses, as opposed to maximizing bidder satisfaction. I have never felt closing each lot individually does that because many bidders are interested in more than one lot. If these bidders have limited funds (a situation that applies to the great majority of bidders), a bid on one lot might be contingent on having given up on another lot.

Or, to say it another way, I do not believe ending lots individually maximizes the return to the consignors.

I think it would be worth experimenting with a rule that reduces the 15-minute rule to something less, for example a 10-minute rule that after a certain hour (say, two hours after extended bidding begins) reduces to a five-minute rule. I would also begin the extended bidding at an earlier hour (say, 6PM) and see what happens. Maybe it will be the case the auction will end at a reasonable time and bidders when polled will not be complaining they did not understand the rules or did not have time to get in their bids.