I could even make a case that keeping the auction going until 4:00 AM could hurt consignors. A bidder might place his bid early and be high until the wee hours of the morning. He finally decides he can't stay up any longer and goes to bed, only to discover in the morning he's been topped. He then complains that had he been awake, he would have gladly placed another bid. So in this example the lot went for less, not more.
And of course the ceiling bid is the antidote to this but many bidders refuse to place one.
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