Posted By:
Joe D.I think (as I have said and others have said) -
if REA would have put an actual clock that winds down and gets reset when a bid comes in - it would have been a much more tolerable evening.
End all lots at the same time.... that is fine if it is in the best interest of your consignors.
But have a real clock that ticks down - and then resets.
Forgive me if it was suggested earlier in this thread... but it didn't seem like a 'real' 15 minute rule.
There were '15 minute' slots of time. If someone bid within that slot - it went on for another '15' minute slot after that slot was done.
So... if someone bid at 10:01 - instead of the 15 minute clock resetting then (ending at 10:16).....
the 10:00 - 10:15 time slot was bid within so the 10:15 - 10:30 was allowed.
I am not suggesting that this actually how REA does it (I wouldn't know) - but I am saying the feedback they show on their website made it very much seem like that was the system.
If it is indeed the system.... then the bid above would have extended the auction for 29 minutes - not 15 - dragging things on longer.
A countdown ticker might put more pressure on people to throw a bid in if it ticks down too low for comfort (again moving things along)
I also like reducing it to a 10 minute rule / or even a 5 minute rule after a certain time.
edit: spelling