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Posted By: barrysloate

To repeat, it took REA more than eleven extra hours to close, keeping East coast people up until past three in the morning.

Don't you think the same result could have been accomplished in eight hours, and have the auction conclude by midnight? Do you think most bidders were spending eleven solid hours getting all their bids in? Of course not- nearly all of it was dead air, just waiting and waiting to see if they were going to get topped. And in theory if you really want something you can never go to bed if you don't request a callback. Because no matter how late it is you still run the risk of being topped by another bidder.

Over the years the auction houses have continually fine tuned and revised the rules to make things work better. Well guess what, they still have some work to do. And this is no insult towards Rob- his auctions are wonderful and we have been friends for a very long time. But the rules need revision.