Quote:
Originally Posted by Rhotchkiss
Last night was the first time I seriously participated in an auction by Clean Sweep (won a 1907 Detroit-Cobb PC and a signed Walter Payton helmet). They have an interesting way of closing auctions. It’s a bit confusing, but I think it works as follows:
All bids must be placed by 6pm. Extended bidding starts at 11pm (not sure why the 6pm rule) and all lots stay open until no lot gets a bid for 15 minutes. Pretty standard so far, but here is the catch - the buyers premium increases by 5% for any bid after 1:30am and by 10% for any bid after 2:30pm. The extra BP does not apply to max bids placed before 1:30.
So, they leave the auction open on a wholesale basis, but charge extra for bids placed after certain times. I kind of like that. Thoughts?
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1st thought is it's a money grab for the AH. I understand the idea is to negatively incentivize people to place ceiling bids before 1:30, but I would just strategize differently factoring in the extra % if I was placing later bids accordingly - with the consignor potentially getting less and the AH more.