Hi all:
With our Fall auction just around the corner, I thought I'd take a sec just to draw your attention to the fact that LOTG will be adopting a new auction closing method beginning with this auction. We're calling it the "Double Overtime" closing method.
You can read the long version here:
https://lotgauctions.wordpress.com/2...losing-update/
The short version:
After about two years of analysis, we are making some changes to our closing method that we hope will permit the overwhelming majority of our bidders to go to sleep, while permitting active bidders to continue bidding on active lots. It works like this:
1) The auction goes into Extended Bidding ("Overtime") at 9PM eastern, same as always, with the 15-minute rule for the entire auction. If, by some crazy fluke, the auction closes on its own before 2AM, then the auction is over.
2) At 2:00 AM Eastern, any lot that has not received a bid since 1:00 AM or earlier will close. Bidding on those lots will be over, the high bidders will be declared the winners, and that's that.
3) All the remaining lots will go into "Double Overtime," meaning the 15-minute rule applies to the entire auction (or what's left of it). To give you an idea what this means, in our last auction, there were 34 lots that received bids after 2AM. Those 34 would remain open until the 15 minute rule shut them down.
4) In the event that I send out a Fair Warning email during Double Overtime, the auction will close in the next 15 minutes, no exceptions.
I think this method accomplishes a few things:
First, it ends the bidding on the items where bidding is, for all practical purposes, over. I fully expect that more than 80% of the auction will be closed by 2, and those people can go to sleep.
Second, it allows people who legitimately bid late at night to continue to do so, without infuriating the 2500 other bidders who are finished bidding and want to go to sleep.
Third, it dramatically reduces the number of lots that will be open past 2AM, which increases the likelihood that the rest of the auction won't remain open much later, since there will be far fewer items for people to bid on and keep the auction open.
That's that.
I'm committed to this method for my next auction, but reserve the right to continue to tweak it as I see how - or if - it impacts bidding patterns.
I'm posting it here, because the next auction goes live in just a couple of weeks, and it's a brand new method of closing auctions, so I want to communicate it as many places as possible.
Thanks to everyone who's been so loyal and understanding, and thanks to the many people who gave us feedback and opinions as we developed this new method.
-Al