And that’s how big auction houses like Sotheby’s and Christie’s do it. One by one and on the Internet you can tunnel in to the room where the auction is being held and bid live.
I’m still struggling with understanding why closing the items all at once helps someone on a limited budget. It seems as if you run the same good or bad luck depending on when you get outbid on the item as you’re screwed if you get outbid right at the end and have nowhere to turn if they close all at once. Perhaps I’m missing something.
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Originally Posted by oldjudge
Hey Jeff! I hope you picked up some nice items.
As for closing method, my favorite is a live auction format. Start with Lot 1, fight it out, move on to Lot 2. Every on line closing method has issues. If I were running an auction house I would use a variation of LOTG’s closing. All lots with no bids in the last half hour close at 11PM EDT. All remaining lots close individually with a 5 minute rule. This eliminates the traffic jam at the end and has virtually everyone to bed by midnight.
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