REA fun!

[ZiggerZagger]

Originally Posted by OldOriole

I wish this was true. Lost $600 on a vulture trying to snipe well after midnight. I understand that this is frustrating for everyone involved, including REA to be sure but I concur that everyone has had an amble chance to bid. We had two weeks to set up bids, then postings saying 'don;t wait until the end', then 2+ overtimes. Apparently many people did wait until the end, and that created capacity issues. Have to get up in a few hours, not sure what else to say except it sure is disappointing.

I actually have a lot of sympathy for Brian and the folks at REA. This wasn't in the plans, and I'm sure they've struggled to come up with anything that seemed remotely fair on the fly.

Sadly, in trying to keep the Consignors happy, it's allowed the auction to take it to a whole new zone of increasing bids that would have never materialized otherwise. They've got a huge challenge in trying to make this right over the next week or so.

Cosigners are going to want full price. Buyers aren't going to want to pay extra money they unfairly accrued in overtime (It will not continue beyond Midnight EST under any circumstances...)
There's only one other pot of funds out there -- the Buyer's Premiums from the Auction House tasked to put on a functioning auction.

Someone is going to have to eat this, and it's very unfortunate.


_