I'm getting some extra rest for REA Saturday

[glchen]

The 30min rule / extended session is supposed to prevent the sniping you see on eBay and get the maximum bid for an item. However, I don't know if this necessarily gets the maximum money for consignors. I think it's more of an advantage (probably) for bidders on the West Coast who can stay up later (4am EST is *only* 1am PST). You have the max bid on your item, and there is no bidding on it for hours, and you go to bed thinking that you have won the auction. Then you wake up, and somebody puts in a bid at 3am EST because that bidder is aware of the typically end times for these auctions. I know that you are supposed to put in your max autobid, but I would think that pretty much everyone would re-think that max bid in extended session. This is just IMHO.

Originally Posted by T206Collector

While I can certainly see this point from a bidder's perspective, consignors would much rather have the money that doesn't win cards late in the night available for allocation to their auctions. At least if you didn't bid in the item before 4:00PM on Saturday, you are closed out of entering the bidding on a new item late.

[barrysloate]

We've had this discussion before, but there is a flaw in a system that has an extended bidding period that lasts nearly twelve hours. Almost all of the serious bidding is past midnight, making the 4:00 PM -12:00 AM period somewhat superfluous. There is nothing that compels people to bid during this eight hour period, and there is in fact great incentive for them to wait.

[calvindog]

Barry's right; I don't even look at the REA bidding until 1 am. That being said, Rob is just trying to wring every last nickel out of the bidders that he can and no one can blame him for that.

[Bicem]

I don't think it's truly when zero bids are coming in, at some point Rob has to just say enough is enough and just end the thing. That's how it was last year, so also be careful about waiting too long.

[perezfan]

That's exactly right... there was still sporadic bidding taking place when he cut it off.

[wolterse]

Didn't Rob choose to end initial bidding earlier this year to avoid bidding going on until 4AM (like it did last year)?

If so, what time did the initial bidding end last year? Don't remember.

[oldjudge]

Eric--I'll bet the auction goes past 3:00 AM EDT. Anyone want the other side?