REA is open

[benjulmag]

Originally Posted by CuriousGeorge

But Corey, you could have just as easily gotten outbid with 15 seconds to go before all of the lots ended and you would have gotten nothing. It just happened to be in your case that you were outbid with plenty of time to place other bids.

Steve, I got outbid at 3:45 in the morning. For all I know the other six lots I had qualifying bids in on had been inactive since 10 PM (and if so would have closed). When I got outbid that last time, by the method I described (the ENTIRE auction remains open until NO lot has received a bid for 60 seconds), I would have had 60 seconds to regroup and place bids on these other six lots. With the bidding interval remaining at 60 seconds, I would always have that time to decide what to do. If all this starts playing out at, say, 11 pm (when the interval reduces to 60 seconds), all bidders will be at their computers/devices and constantly monitoring what is happening. I suspect 95% of the lots by that 11 pm hour will have reached their limit, so for the 5% left and the interval only 60 seconds, I bet the remaining active lots are all over within minutes.

[CuriousGeorge]

Corey, I thought that even the auctions that remain open well into the morning have a hard close time that is not dependent on the amount of time a last bid was placed on an item in the auction. But it’s an arbitrary time determined by the auction house themselves. Perhaps what I’m saying is incorrect and they do just continue until there is no bid for a certain amount of time. If that’s the case then you will always have time to bid on something else but perhaps someone else can chime in whether even in that circumstance does the auction continue for as long as there is a bid being placed on any item?

[benjulmag]

Originally Posted by CuriousGeorge

Corey, I thought that even the auctions that remain open well into the morning have a hard close time that is not dependent on the amount of time a last bid was placed on an item in the auction. But it’s an arbitrary time determined by the auction house themselves. Perhaps what I’m saying is incorrect and they do just continue until there is no bid for a certain amount of time. If that’s the case then you will always have time to bid on something else but perhaps someone else can chime in whether even in that circumstance does the auction continue for as long as there is a bid being placed on any item?

In the auction this happened to me at, the AH basically said that at 4 AM the auction would close without notice. At that hour very few lots were still active, and for those (high ticket) ones that were, the AH would upon request email/call you that they were about to close and to immediately make any final bids. So that is how that AH handled it. By the time it ended, I at least knew that I had my full shot on everything I had an interest in, and that I had full control over everything that happened. The flip side is I got to bed shortly before dawn and was not particularly productive that day. I would have very much preferred all this to have played out hours earlier, which I believe is what would have happened with steadily reduced bidding intervals (coupled with an earlier start time for extended bidding).