Important Updates From REA Including a Modern Take on the Auction Closing Method

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No one format is going to make all bidders and consignors happy but I prefer the auctions which end on a per lot basis with a 15 min clock. Those who use this method, like Huggins and Scott, Heritage and Hunt Internet are ones that come to mind, are over very early. Lot goes beyond where you are comfortable, no problem, move on to the next one.

With the whole auction remaining open and an uncertainty as to when bids can no longer be made means having to place top alls and possibly over committing resources. This will have an impact on what I will place bids on and in all likelihood will result in my bidding on fewer lots and spending less. I am all in favor of an early ending because I rarely stay up past 1 AM PST.