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Posted By: Corey R. Shanus

Two points:

First, under a 10-minute (or variation thereof) rule, each bidder has control over whether to find out he is topped before it is too late to put in another bid. The fact that you choose to go to sleep before the auction ends is a choice you make. I think it's fairer to ask you to take a nap than it is to ask me to lose out on the chance to shift my focus to other lots as could be the case under Mastro's system.

Second, while admitedly any system is not close to perfect, the more I reflect on it, the more I feel that a system that gradually reduces the ten-minute rule to something less and less, while perhaps starting the countdown at a more reasonable hour (e.g., afternoon/early evening) is the best of both worlds, sort of like letting bidders have their cake and eat it too. The auction will undoubtedly end at a much more reasonable hour and all bidders will have the satisfaction of not only being able to know their max will not be good enough, but also be able to shift focus to another lot at their option. While I think Steve Verkman makes some fair points that matters such as bathroom breaks, callbacks and technical glitches can cause injustices in that system, I do think that on balance it is the best idea I've heard and I look forward to it being tested by an auction house.