Important Updates From REA Including a Modern Take on the Auction Closing Method

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#19

09-28-2016, 06:55 PM

Exhibitman Exhibitman is offline

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I appreciate a hard end to OT as a bidder. Not so much as a consignor who could theoretically benefit from a late bid.

It is really a misnomer to say that the whole auction remains open until the earlier of no activity or midnight EST. In reality, any lots with 0 or 1 bid effectively close at the end of the regular session because no one else can bid on them. And all other lots are open in OT only to people who've bid on those specific items in regular time. Personally, I don't see that as a benefit to consignors or bidders: the consignors are shut out of potential bids from people who are outbid on other items and the bidders are precluded from going after items with lower priority if they haven't bid on them before OT. The trade-off for that is a perception of 'activity' early as people lodge placeholder bids. Whatever. We can beat that horse again but I don't see it moving...

I will just throw in lots of placeholder bids on the first day and then ignore the auction until the last day, as usual.

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Last edited by Exhibitman; 09-28-2016 at 06:56 PM.

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