REA Clock?

[Archive]

Posted By: Joann

Mark,

That's a really good point that I had forgotten about - that Rob frequently says that the Honest AutoBid can be used so you don't have to stay up.

But to respond to Rob on that point, people can't really do that. If you have $50K to spend and are interested in 5 items, you can't leave a $50K max on each item because you might win in a combination that exceeds your $50K budget. If you leave a $10K max on each then you'll probably lose all 5 lots.

A bidder wants to be able to take his $50K and jump from lot to lot, changing the mix among the 5 as some move higher. Using Honest AutoBid doesn't really allow people to not stay up late.

I still think the close-at-once is the most fair to bidders and sellers, and to be honest I like the fact that Rob has reserved the right to close even if there have been one or two minor bids in a 15-minute period (to stop the practice he described via email of a bidder bidding on a minor lot to keep the auction open and try to outlast everyone else on a major lot).

J