Quote:
Originally Posted by Vintage Vern
Sure they do. Live auction you know when time is up. Going once, going twice, sold. If you don't bid your time is up. Its up for all in the same manner. There's not a clocked time, but still a time frame in which to bid. If the auction says over by 10pm EST you ALWAYS have the chance to win as well.
You have the same right if it closes by clocked time as well. If someone has a higher bid you should have bid more vs trying to save money. Snipe is the chance you take vs giving your best or highest bid. You do so hoping to save yourself money. People have different approaches. Some put in one bid at their highest price and walk away. Others try to sneak a bid in hoping to save money vs being OK with their max bid. You win or lose the same in either scenario. My gripe is stay in one lane, and make sure its easy to understand the rules in place.
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For a live auction to be like eBay, there would have to be a list of times that every item ended at. As others have pointed out, that's not how they work. Yes, there's a time that a lot actually ends, but it's not predetermined because someone can always place another bid before the auctioneer declares a lot sold. Until then, you don't truly know when the lot will close.
Earlier you complained about shill bidders. That's a big reason why people don't want to place a maximum bid early then hope it holds up because they suspect someone else may just bid them up with no real intention of winning the auction. Having extended bidding gives a bidder the chance to keep bidding if they want to without having to place their maximum bid a lot sooner than necessary. While every auction house has their own rules, it usually doesn't take much effort to figure out when a lot is closing. Every auction I bid in shows the amount of time left for each individual lot, and it gets updated accordingly based on the rules of the auction if/when someone places another bid either on the lot or on another lot if the entire auction closes at the same time.