Lot by Lot auctions closings-I leave $ on table

[BeanTown]

Originally Posted by bobfreedman

JC, if you do not mind me asking, if you were consigning, how would you want the auction to end?

Without a doubt the way I mentioned above. Each lot closes when no bids come in on "that" lot for 15,20, or 30 minutes.

I think Dave did an excellent job explaining the drawback too for auctions ending on a per lot basis. However, I think Leon benefited from it overall as it allowed bidding wars on 100s of lots as it forced people to bid or lose out. I will also add that I lost out on the Pinkerton Cobb cabinet as I thought it would be bid upon at least once in the extra time which it was not. I didnt want to commit to 20k that early. However, by that format I was able to win more lots I believe and place more bids. Fell a little short as the under bidder on the Shapiro Cobb, but had fun bidding on it and then it turned my interest to a couple other lots.

Ebay used to be popular for auctions and the main reason was it had a firm end time and bidders knew when to come in and bid (mainly snipers). Id rather have three interested bidders fighting for a lot than one bidder who stayed up till 4am to be. Rewarded with his choice of the auction.