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Posted By: Joann

Matt,

I'm missing what you're saying. It doesn't make sense at all to say that the reason people didn't bid earlier is because they knew it would end later.

The only reason not to bid on something earlier is because you want to make decisions on where to move money around over time as the interplay between your lots unfolds throughout the night.

There is no point in waiting to bid later just for the purpose of waiting to bid later. Then it's like trying to snipe, and REA not being ebay you can't snipe. If Rob or Doug "guaranteed" that an auction would end between 1 and 2 you would have what amounts to sniping.

The simplest example is this: if you only want to bid on one lot, and you have an absolute max in mind for that lot, then it makes no sense not to bid on that lot earlier at your max. Not bidding early because you know it's ending later serves no purpose. The only purpose served by waiting is if you are bidding on more than one lot and you don't want to commit too early before you see how they play out over time.

So there is no point or purpose to waiting, and honestly I don't believe that most people wait to bid just because they know it's staying open.

Joann