Quote:
Originally Posted by mechanicalman
This is well stated, and I would "+1" it, but the only difference is that I've made it a personal policy to not consign to AHs that use this asinine closing system. I understand that LOTG's reputation is second to none, but with so many options, I feel my business should go to AHs that are more "bidder-friendly." I realize I'm just one dude, so who really cares, though I can't be alone in the sentiment.
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The entire premise of this closing method, as far as I can discern, is just dumb. The idea is a bidder has a sum of money in play in the auction and, if he gets outbid at 4 am, will suddenly spring into action and deploy that money on other items he is qualified to bid on in the after hours session. Seems ludicrous for a number of reasons. First of all, many people like me go to bed and aren't paying attention to anything at 4 or 5 am other than badly needed sleep. Second, even though I bid early on items doesn't mean I still want them two weeks later. Third, closing eBay style on a sat night is a good way of having a frenzied close of bidding and catching people who will pay a premium to wrap it up and get certainty. Maybe people who just knocked off a few glasses of wine. It just makes so little sense. And if any sense. 15 minute rule per lot is simple enough.