Quote:
Originally Posted by Rhotchkiss
Here is an interesting hypothetical, and is nothing more than hypothetical considering (1) we don’t know if Powell had in a max bid that exceeded his last bid, and (2) it’s unlikely that Powell would have been able to bid against himself (in the complete set lot), but what happens in this situation:
Powell is high bidder on the set at $615k with a max bid placed of $640k. When the 30 minute timer on the set lot ends, Powell’s $615k bid is higher than the aggregate of the individual lots at $610. However, some of the individual lots remain open and one lot gets two more bids before it closes, pushing the aggregate to $620k. Powell has a $640k max bid placed, but his auction is closed, so his auction will not recognize the $640k max bid, which would have beat the $615k aggregate….
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Since the lot for the set was closed, I doubt having a max bid higher than the total of the individual card lots would have mattered. That seems to be the cause of the problem - there was no link between all of the lots that would keep them all open and also indicate what the total of the individual lots was so someone bidding on the set would know what they needed to bid to be ahead (and if they could actually increase their bid if no one else was bidding on the set as well).
Someone else mentioned that the lot for the set should have had its bid automatically increase to reflect the total of the individual lots as well as everything staying open until they all closed together. Clearly none of that happened.