Quote:
Originally Posted by Rhotchkiss
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.
|
Even though I am usually not bidding on multiple lots at a time, I would vote for this close. I also acknowledge that we will not come to a consensus and there will be critics of every conceivable auction close. Probably will even be critics of the “inconceivable” types of auction closes if anyone catches the reference there.