Auction Closing Formats

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Posted By: Rob Dewolf

I look at it like this: If I'm at a live auction and stop bidding on Lot No. 1 because I want to save my money for Lot No. 10, and then Lot No. 10 goes for way more than I figured, I can't go back and bid on Lot No. 1. So why should bidders in an online auction have that option?

Like Leon said, too often online auctions become competitions of who can outlast one another rather than who's willing to spend the most on an item.

Of course, I'm speaking as a bidder. Were I a consignor, I'd want bidding on my items to stay open as long as possible. But again, a consignor wouldn't be afforded that luxury in a live auction ...