Rhett- bidders wait until 4:00 AM for a simple reason: they know they can, and nothing at all compels them to bid sooner. They wait eight hours after the so-called close before they even start to bid. I have discussed many times that it is a flaw in the system (but nobody listens). If the auction house told bidders that they would be closing at midnight no matter what (even if they were prepared to go later) every bidder would get his bids in early, and not a nickel would be lost. But like I said, nobody needs to bid early so nobody does.
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