LOTG Auctions closing rules

[Topnotchsy]

Originally Posted by ooo-ribay

I think the argument for “all at once” was to get the best possible price for the consigner.

I can see perezfan’s point if you are bidding on a bunch of items.

As someone bidding only on one item, I’m with Jeff in that if my item is subject to an individual 15 minute rule, I can be there T 9:00 EST and do what I need to do.

I've heard the argument, but I don't see how this get the best price for a consigner. In theory, you could expand that argument to never end the auction at all, as more time could always lead to more bids.

In my mind, what drives the final price the highest is the fear of losing the item. And if a person is unsure when the auction will end, their fear of losing the item is countered by a desire to not bid too early. And if the auction ends at a time when many people are no longer awake, it means no opportunity for the excitement of the competition to drive more bids.