REA Closing

[Snapolit1]

So it will go to midnight (almost certainly) and then lots will close lot by lot on a 5 minute basis.

Let me be the first to say . . . I like it. If there are two guys duking it out tooth and nail, let them go at it. Otherwise many other items will likely close at a pretty reasonable hour.

Nothing is perfect for everyone, but I like this.

At 1145 est I will check out the handful of items I am bidding on and assess how I want to let it affect my sleep.....

[Cmount76]

+1

[Rhotchkiss]

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

[RCMcKenzie]

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

[Topnotchsy]

Originally Posted by RCMcKenzie

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

I'm with you on the closing. I'd prefer an earlier end (10 or 11 seems pretty reasonable to me) and then a 10-minute rule.

[Snapolit1]

Originally Posted by RCMcKenzie

Am I the only one who's having a beer, hitting refresh on "my bids" every 5 minutes, and waiting for Midnight eastern? I wouldn't mind an 11pm eastern close and a 10 minute rule, but I do like this format much better than the 4AM soft close, old-school style...Rob

Ah, ya just driving yourself nuts. I'd watch a movie and come back at 11:30 . . .

There is something you can set up so you get a text immediately if your are outbid.

[ejharrington]

I just wish they would move it to Saturday night.

[pokerplyr80]

Originally Posted by Snapolit1

Ah, ya just driving yourself nuts. I'd watch a movie and come back at 11:30 . . .

There is something you can set up so you get a text immediately if your are outbid.

I've been getting a text and an email each time I'm out bid.

I agree 10 or 15 minutes would be better than 5. Maybe they're hoping limited time will lead to more impulsive last minute bids. I've put in a few of those from time to time.

[griffon512]

Originally Posted by Rhotchkiss

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

+1

[insidethewrapper]

I loved the format but I agree maybe 10 minutes would be ideal. I found it very easy to bid on or watch about 10 items after midnight. I went to My Bids and then clicked Recent Bids. It told you exactly what time the item would end, ie. 12:27:39 etc Very easy. Again you can always put in a Max. bid. Now if I had
$100K plus to spend and wanted to watch 100 + items then it would be hard.

[Rhotchkiss]

Originally Posted by insidethewrapper

I loved the format but I agree maybe 10 minutes would be ideal. I found it very easy to bid on or watch about 10 items after midnight. I went to My Bids and then clicked Recent Bids. It told you exactly what time the item would end, ie. 12:27:39 etc Very easy. Again you can always put in a Max. bid. Now if I had
$100K plus to spend and wanted to watch 100 + items then it would be hard.

I did not know I could view recent bids with differing closing times/count downs. That’s a nice fact. Thank you

And I agree the Donlin Overprint went very low.

[Vintageclout]

Originally Posted by Rhotchkiss

I certainly like it better than the old way - the free-for-all, get all max bids in by absolute midnight close.

That said, I would really like to see the lot-by-lot close extended to 15 minutes.

5 minutes is just not enough time to adjust and make relatively quick and expensive decisions, especially when, like me, you are toggling between 6-15 different potential items. And 30 minutes (like Heritage) is too long to wait to know if you are going to get outbid. 15 minutes is the sweet spot.

So, as I said in an earlier thread, I applaud REA for the change. But I request they consider (and ultimately implement) a 15 minutes lot-by-lot close.

Spot on Ryan! +1,000!!!!

[benjulmag]

Kudos to REA for being receptive to its customers concerns and tweaking the closing method to try to arrive at the best of imperfect options. I have never liked the hard close, nor the lot by lot close. But I also did not like having to stay up to dawn to know I won an item.

Going forward I think starting the lot by lot closing a bit earlier -- say 11 PM eastern time -- and lengthening the closing time per lot to 10 minutes might address some of the expressed concerns. And, after seeing how that works, there is the additional option to further reduce after a certain point -- say midnight -- the individual lot closing time to 5 minutes.

[h2oya311]

Originally Posted by benjulmag

Kudos to REA for being receptive to its customers concerns and tweaking the closing method to try to arrive at the best of imperfect options. I have never liked the hard close, nor the lot by lot close. But I also did not like having to stay up to dawn to know I won an item.

Going forward I think starting the lot by lot closing a bit earlier -- say 11 PM eastern time -- and lengthening the closing time per lot to 10 minutes might address some of the expressed concerns. And, after seeing how that works, there is the additional option to further reduce after a certain point -- say midnight -- the individual lot closing time to 5 minutes.

+1 to all of this!

[ZiggerZagger]

Took a good amount of organization on the front end, but I absolutely loved this format. Ended up with many more Lots than expected.

Only one Lot of mine ping-ponged back and forth for a few rounds before closing prior to 12:30. I can see how 5 mins can feel short, but I liked it.
Would be fine with 10 minutes, but would not want to see 15-minute intervals personally.
Agree with need for a real-time countdown clock on the Bids page, if the platform supports it.

Overall, a step in the right direction. There is no virtue in staying up til 4:00 am. Generally, the Auction itself should be a marathon, but the close should be a sprint, IMHO.
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