Auction Houses do it this way because I think they believe it results in higher selling prices.
I can see where it would in certain cases, but not all.
I see two situations where it can also be good for a buyer. If you really want something, stay up and out wait other bidders. Second situation happened to me recently. In the RMY auction in October there were several pictures I was interested in, but had a set budget. As I didn't know how much interest each would garner, it was hard to plan how to bid. During the auction, I was able to shift bidding from one picture to another when the bid went over budget on the first. After all was done, I came away with a nice group of photos that fit within my budget, including a couple that I thought would've gone for much more. In retrospect, if they all ended at the same time, I probably would not have bid on a couple that I won and would've lost the others anyway as I wasn't going higher on them either way. This definitely worked to my advantage.
I think if you have one item you want and can't stay up it definitely can lead to disappointment in the morning.
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