Quote:
Originally Posted by cgjackson222
I agree with this and want to reiterate how important bidding is during extended hours. The more people that have already bid on an item, the better chance of a bidding war in after hours. And obviously there will be more people eligible to bid if there are smaller bid increments. For the same reason, I don't think it is in the consigner's interest to allow "straight bids" as a bidder can bid up the price in one fell swoop and prevent anyone else from getting in bids at lower prices.
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Charles, That is a great point about making significant "straight bids" early on. Any AH allowing that would let a bidder be able to significantly deter potential competition in many cases.
In fact, if an AH were smart, what they would do is actually decrease the bidding increments the farther into extended bidding an auction runs. Someone faced with having to make a $500 bid to take over the lead is going to be a lot less likely to bid than if they only have to bid $50 to take the lead in bidding. It is easier for someone in their minds to justify continuing to bid when the increment is small, simple human nature. Would likely eke out a lot of higher ending prices for the consignors, across the board.