Quote:
Originally Posted by Wayward99
Thanks so mush Leon!! LOL - that's awesome!
I have no horses in this race (REA), but I've been following it as I'm starting to register with some of the auction houses. Out of curiosity, how long has the auction gone for past the 4pm initial bid time in prior years?
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I should add to the previous comment that the broken English wasn't a big deal. I am sure they communicate better than I do in their language, but when combined with the "more questions than answers" attitude we got from them it made it all the worse.
Pertaining to the REA closing...
Here is what the REA last email said...
Bidding will continue on all lots after 4:00 PM EDT, but only for those bidders who have previously bid on that very lot. The auction will remain open for bids until approximately fifteen minutes pass without a bid, but as a practical matter, the auction will almost certainly continue for many hours after 4:00 PM EDT. If the auction continues to as late as 11:00 P.M. EDT (which has always been the case in the past), Robert Edward Auctions reserves the right to close the auction, at its sole discretion, at any time. After 11:00 PM EDT, we may close the auction without reference to the fifteen minute rule. We recommend bidders leave maximum left bids utilizing Robert Edward Auctions' "Honest Auto-Bid" system to avoid disappointment.
There will be no warning to exactly when we will close the auction should bidding continue past 11:00 P.M. While in past years the auction has always remained open past 2:00 A.M. EDT (technically the morning of May 13, 2012), we cannot make any guarantees. The auction could close earlier or later. Last year the auction closed a little after 3:30 A.M. After 11:00 PM there is an uncertainty. If you choose to not place a bid after 11:00 PM, you are incurring a risk. This closing system is designed to eliminate strategies which intentionally encourage the auction to remain open endlessly for the express purpose of giving an advantage to bidders who have the ability to literally stay up all night. (Some bidders, if given the opportunity, would repeatedly bid on the smallest value items just to extend the auction, in the hopes that competitors on very significant lots will fall asleep. This closing system takes the power away from bidders who use this strategy.) The auction goes late enough as is.
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