I just had a long conversation with a friend about REA’s new close and I have changed my tune a tad. I fully applaud REA for continuing to improve, and I really was against the all-lots-close-at-midnight, and think the 5-minute, lot-by-lot close is a huge improvement. But 5 minutes may not be enough. Especially, when you are bidding on 8-12 lots; it’s just too hectic in 5 minutes. I think you need more time. I think I am starting to think this would be my ideal auction close:
Extended bidding starts at 11pm eastern. During extended bidding, every lot closes on a lot by lot basis after 15 minutes goes by on that lot without a bid.
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