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FGNWhile both systems clearly have their shortfalls, in my opinion, the REA system is the lesser of two evils (three if you want to include a live auction format). In a large auction most collectors have an interest in multiple lots and need to prioritize based on want and on cost. I personally would rather sacrafice some sleep and have my options open on all of my lots until the auction closes.
I do however think that what Rob did last night by closing the auction at 3:00am was an improvement over the general 15 min rule. He warned that this might happen but no one knew for sure. An absolute closing time would encourage sniping but the fear of the unknown can only encourage earlier competitive bidding.