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doug goodmanCorey R. Shanus said "I might add that another approach altogether might be to after, say, midnight change the 10-minute rule to a 5-minute rule, and every 20 minutes knock 1 minute off it, with the understanding that after 1:20am it would stay at 1 minute. This way by 1:30am you'd be down to a 1-minute rule, everybody still bidding would be glued to their computer screens and the auction would probably be over very shortly."
Finally, a bit of sanity in the conversation. When bidding on an open ended auction, as when bidding on an ebay stlyed set ending auction, my purpose is to be the high bidder while not spending more than I feel the item is worth.
While I empathize with those who are not able to stay up until the wee hours to bid, the logical time to bid on an item, is as near to the end of the auction as possible. Living on the left coast helps me with that goal, but doesn't negate my logic.
In an open ended late night auction this means there are probably less bidders left, so less chance of being outbid, and as the clock on the wall clicks, other bidders are gradually lost to the late hour. This strategy worked well for me when I bought two lots of bound Sporting Life in the Clean Sweep late May auction, one which sold for less than 1% more than I had planned as my high bid. In retrospect I am very happy with the extra $69 I spend.
In an ebay style auction this means that the remaining bidders will have little, if any, time to enter a higher bid, and I won't have time to get "auction fever" and enter another bid. Auction fever always reigns in an open ended auction. This strategy works very well for me every day. Except for the occasional auction in which I am the only bidder, an early bid on ebay only serves to cost me money, or lose the auction, as other bidders have a chance to bid again. Say what you will about sniping, but it's the logical way to bid.
Steve Verkman said "Our goal here is not to make any money from this but rather to have the auction end earlier and not reward a similar group of bidders who bid very late in every major auction."
While I trust that Mr. Verkman is honest with his claim, I can't help but chuckle at the coincidence that his company does make more money.
I think that Mr Shanus hit the nail on the head. I would go one step farther by ending the auctions at noon, thereby giving everybody in all North American time zones the maximum chance of being available for, and able to last until, the end of the auction.
As for those who bid on more than one auction, the Clean Sweep method of extending all auctions if one auction receives a bid is, again, the most logical method to give everybody a chance to bid and maximize the auction house take.
Ultimately the highest prices are going to be realized by the auction house when the most bidders are available for the hammer fall, and that's the purpose of an auction.
Now I have to go snipe a filler quality 1958 Bob Hazle Topps card on ebay.
Best regards,
Doug Goodman