Auction houses want higher prices, so they go with the format that they think will bring in more bids. One of the reasons for all lots close at once is the ability to switch from lot to lot if you become outbid. For example, if you have three lots that you put bids out, but are currently losing on all 3, and have a $500 budget, you might first bid on the lot that you want most. However, if that lot exceeds your budget in extended bidding, you might want to switch to another lot. However, if the auction ends lot by lot, then that lot may already have ended, and you would not have a chance to bid on that lot any more. The other thing of course is that if you are busy (such as feeding or putting the kids to bed) when the countdown clock begins for extended bidding, then you may not have a chance to look at the bidding during extended time, and then auction may end before you can put your bids. (All of this is where you don't believe in max bids due to fear of shilling.)
Obviously, I'm on the west coast, so the all lots ending at once works great for me. I put in placeholder bids in the auction for all lots that I am interested in when the auction first opens. Then after all of the kids are asleep at night, I take a look at the bidding around 10:30 - 11pm PST, which is near 2am EST, and then put in any new bids that I think are worthwhile.
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