Quote:
Originally Posted by T206Collector
Exactly right. To close each lot individually is only a benefit to certain bidders, but certainly not consignors. Let's say you have $10,000 to bid in the auction and you are going hard after a T206 Green Cobb which eclipses the $10,000 mark at 11:00 PM. Under an individually closed lot auction, that $10,000 might not get spent on another lot if it has already closed. But in REA, you can move that $10,000 to other auctions after 11:00 PM.
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That's a good point. But the system incentivizes bidders to bid low and early, then wait till after the Auction closing time to place their real bid. This result isn't really to the benefit of consignors either. I suppose the best way is to reduce the 15 minute rule to 10 minutes, or even 5 minutes. After a month to think about it what your max is on an item, you don't need that that much more time.