But Jeff, if they all closed at once and you realized at 11:59 you weren’t going to get your first choice how would it be any different? I think all sides can make feasible arguments as to why a certain way works better and then the other side can show otherwise. So as not to change the basics of how REA ends their auction, why not just add a 1-2 minute extension for every item with bids after say 11:58 and more than likely it will all be ending shortly thereafter anyway. This way the format stays the same and the best and highest bid wins the item and not the best sniper. I understand why eBay with their thousands of auctions needs to end that way but for the 92 lots or whatever someone said that would still be going they will then end more fairly. More money to the consignor and fairer to the bidders as well I think.
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Originally Posted by Bicem
I think Heritage's lot by lot works well for the higher end stuff (to get max value) but it's not great for the lower tier items.
Real example from yesterday... I was bidding on 5 photos and had them ranked in terms of desirability. My top one the early bidding was pretty strong so I decided to focus my entire budget to winning it and let the other ones close. By the time I realized I was clearly bidding against someone who seemed like they were going to win it at any price and my total budget had been surpassed, the other 4 photo lots were of course closed. I 100% would have bid on them if I knew I wasn't going to get my #1.
So again, great for the best items, not great for the secondary stuff.
I'm in the camp that there's no true best way and will adapt to each auction, with the exception of the 4am... 5am... 6am closes that are ridiculous.
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