Rea
Scott,
While I certainly respect your viewpoint, my experience has been somewhat different. I enjoy jumping to other lots when I’ve bern bested on others and the lot by lot closing basically eliminates a majority of that option. Also, if you closely watch REA’s recent bids option, you will certainly notice the flood of bids that pour in every minute the final 2/3 hours, that easily exceed “lot by lot” bidding in virtually any auction after the deadline for initial bids. For example, I bid on nearly 100 lots in Heritage’s last auction and 80%+ of those lots NEVER got another hit after the 11:00 30-minute countdown. Thus, I could not go back on any of them after losing out on several key lots by 11:45/12:00. Lots of potential bids Consignors never got to realize.
To each his own I guess...everyone will have their own perspective. As BIGFISH so eloquently stated, there is no perfect auction close formula to choose. Hope all is well my good friend, and I’ll see you in Cleveland!
Best Regards,
Joe T.
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