Hybrid auction ending for the masses
Let me know if this hybrid ending option has been mentioned before or is in practice already...I'm not afraid to be knocked down from my creative lofty perch.
I like the overall concept of the REA auction setup, with initial bids needing to be in by noon EST (although I think this could be pushed back later to 2pm or 3pm, as folks in the PST zone need to be up and perkily bidding before 9am). The 15 (or 30 for smaller auctions) minutes rule for bids on any item in the auction following the initial bid period is also a good rule for those bidders who allocate funds. My main departure would be that at midnight all lots that haven't received a bid in the last 15 minutes would close (let's call it a semi-hard close), leaving behind only the lots that have high bidding interest, and these lots would INDIVIDUALLY close after no bids have been received in the past 15 minutes (starting with a fresh clock at midnight).
Seems like you could satisfy both camps (consignors and bidders) with this type of hybrid setup.
Feel free to poke holes into my idea...remember, I am a collector that tolerates pinholes, punch holes, and shotgun blast holes in my cards.
Brian
Last edited by brianp-beme; 08-14-2017 at 06:01 PM.
Reason: Changed a few things to ease reading digestion
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