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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.
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As a bidder, this is how I bid. I've got a budget, and sometimes I'm interested in more than one item in the auction. With auctions that close lot-by-lot, I lose the flexibility of being able to re-allocate money within my budget to other lots as I get outbid. I have won numerous lots in auctions this way over the years, and thus I prefer auctions that close all at once. I've been saying this on Net54 for years.
That said, as an auctioneer, I can definitely see the other side of the coin. I do receive phone calls from people every auction, asking what time I think the auction is going to stay open until. That said, I also receive bids. 20% of the dollars spent in yesterday's LOTG auction came from bids that were placed yesterday. I can't help but feel its a disservice to the consignor to shut the auction down before everyone who wants to place a bid has placed a bid, regardless of what time it is.
There's also the time zone issue. In my first auction, I went into extended bidding at 6PM eastern time. I received one wave of calls from west coast bidders who were unable to place bids because extended bidding started in the middle of the afternoon, and a second wave of calls from west coast bidders who were frustrated because they went out to dinner, came home and logged in to bid, and the auction was already closed.
It's for this reason that I'm with Jay - I strongly recommend using the max bid feature. Of course I understand why many people feel uncomfortable with this, and its unfortunate. We all want to participate in a hobby we can trust, and if we're not comfortable, it's awfully difficult to leave a max bid and walk away.
Definitely a complex issue with many different perspectives.
-Al