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Fred CIMO - I like lots that close after a set period of inactivity (no bids) rather than closing the entire auction at one time. But, I also believe that auction houses lose out with this method because it doesn't allow for that last moment irrational "I want to win something" bid. I have to figure those bids add up to a few dollars and add to the bottom line. How much? I don't know. I do know that I was high on a lot In REA until the last hour because when I went to bed (near 2AM EST) I was on top. Well, I wasn't this AM...
It would be interesting to see if the auction houses analyze the numbers. My guess is that customer satisfaction would be higher in auctions where lots closed after a set time of inactivity. Perhaps the few dollars (or however much it is) drives the auction houses to keep all lots open FOREVER (it seems).