Way to go REA!!

[Rhotchkiss]

REA has announced a revision to how it ends its auction. Now, extended bidding will start in the day until midnight, after which each lot will stay open so long as it does not get a bid for 5 minutes. See a better description in link below. I guess we will have to see how this plays out in practice, but I think it is a great move. Thank you Brian and REA!

https://www.robertedwardauctions.com...r-february-20/

[Aquarian Sports Cards]

They stole my closing format!

Kidding, but we did lot by lot closing from day 1. I just think it makes the most sense for everyone. As a buyer, no waiting for your item that hasn't had a bid for 5 hours, but no consignor missing out on bids due to an "arbitrary" closing time. I think it's a great idea... obviously.

[Snapolit1]

It took years, but AH's are coming around to the startling realization than 50, 60, and 70 year old men don't stay up to 4 am in the morning to bid on auctions. Hard to believe but it's actually true.

Great move REA.

[oldjudge]

Does this change guarantee that the auction will extend until at least midnight, or might it close earlier?

[hcv123]

Originally Posted by oldjudge

Does this change guarantee that the auction will extend until at least midnight, or might it close earlier?

is the 5 minute clock STARTS at midnight! Trying to sell it as "their pioneered closing method", but some variation on this has been used before (see Scotts post above for 1 example). So in theory, certain lots could close at 5AM!

[oldjudge]

What is the incentive on the last day to bid before midnight if you already have a bid on the lot?

[Snapolit1]

Originally Posted by hcv123

is the 5 minute clock STARTS at midnight! Trying to sell it as "their pioneered closing method", but some variation on this has been used before (see Scotts post above for 1 example). So in theory, certain lots could close at 5AM!

I have no major beef with hotly contested lots staying open for hours. What's frustrating and infuriating is when there is no action and you are the winning bidder at midnight, one am, two am, three am, four am . . . and then a bid comes in at 5:15 am topping yours, and you have been winning the item for weeks.

(Whatever happened to the term beef being used to denote a complaint or problem. Haven't heard it in years.)

[GeoPoto]

Originally Posted by Snapolit1

It took years, but AH's are coming around to the startling realization than 50, 60, and 70 year old men don't stay up to 4 am in the morning to bid on auctions. Hard to believe but it's actually true.

Great move REA.

If they closed at 0600, I would be all over it.