Posted By:
Jay MillerI would have thought that the probability of a bidder or bidders topping you the exact number of times to reach your limit bid would be relatively low. I guess what I am hearing is that the probability is not as low as I thought.
No one has commented on the Slater auction format of having the auction close at midnight central time. Is it just me or do you folks think that is crazy late? Tough to get by without leaving an up to bid, especially for us old timers who fall asleep in their oatmeal pretty early. Also, in this auction even if you do not bid before the auction close you can still bid in the extension period. The only disincentive is that you have to increase the high bid by 20% instead of the normal 10%.
Despite the aforementioned problems which are certainly correctible I like the auction and the variety of "lower" price material that it offers. As an aside did you all notice that Rob Lifson is back soliciting material for an early 2004 auction. Competition in the auction business, especially with a quality big auction guy like Rob, can only make things better for buyers and sellers alike.