Way to go REA!!

[insidethewrapper]

Looking for opinions, here's mine: Extending bidding starts at 11pm EST and 8pm on the West Coast. If you haven't placed a bid on an item before this time, you can't bid after this time. The remaining bidders can bid on items they previously bid on. All items closing individually if a bid is not received on that item for 5 mins. Some items would close at 11:05pm EST and others would last until a bid is not received for 5 minutes. Isn't this easy ?

[Rhotchkiss]

That’s basically what REA is doing except (1) it starts at midnight eastern (not 11pm), (2) you must place your bids by like 3pm the final day to be able to continue bidding later that day.

[robertsmithnocure]

Originally Posted by insidethewrapper

Looking for opinions, here's mine: Extending bidding starts at 11pm EST and 8pm on the West Coast. If you haven't placed a bid on an item before this time, you can't bid after this time. The remaining bidders can bid on items they previously bid on. All items closing individually if a bid is not received on that item for 5 mins. Some items would close at 11:05pm EST and others would last until a bid is not received for 5 minutes. Isn't this easy ?

This seems like a great way to do it.

What is the purpose of having g an extended bidding session between 6 PM and 12 AM? I must be overlooking something.

[Snapolit1]

It's the endless debate and will go and on and on. I think 90% of us agree that auctions closing at 4 or 5 am suck (at least for us east coasters). A number of auction houses have been fine tuning in recent years and trying different things and I commend them for it.

The live Hunts style auction to me is easily the best. I watched their last auction and it was a lot of fun and I jumped in and bought 3 lots I otherwise would have passed on simply because they were under priced. I couldn't do that at 4 am because I would be fast asleep. And the rare item that was must have material I snagged, and didn't lose out to snipers.

I've noticed in recent auctions a meaningful percentage of lots that never attract a single bid. Won't name any particular AH. I would suspect in a live auction format everyone of them or very close to it would sell.

Auctions that close in the middle of the night leave a lot of my and presumably others' money on the table. Can't imagine how their consignors are cool with that.