Let's talk about auctions

[Oscar_Stanage]

Originally Posted by Casey2296

An auction can end on a per lot basis where once the auction ends everybody who has bid on the item can bid again until there is no more bidding for a period of 10 or 15 minutes I which case the lot ends and you're the winner of the lot. Birmingham closed this way.

As opposed to the same 10-15 minute format but every lot is open to bid to previous bidders until every lot in the auction no longer has any bidding action.

For example: you and I are bidding on lot one after bidding ends, you have the high bid on that lot for 10 minutes without me raising the bid, you win that specific lot. With the every lot format you have to wait until two other guys bidding on lot 15 also stop bidding.

which one are you advocating for?
the one drawback i see to 'lot-by'lot' is that if I do not win Card A, I want to be able to shift my focus on another card. I might have 3 live bids, where I definitely want to win at least 1, but have lost on all 3 options I bid to the wire on Card A.

[Snapolit1]

Years ago I would set my alarm at 4 or 5 est and get up and check my bids, making additional bids as needed. Recall once stealing a nice photo out from another bidder like 5 min before the aiction closed. Those days are over. Getting a good night sleep is too important. Same stuff is sold over
And over again. I have exactly two one of a kind items. Rest of it is churned over and over again. Have seen the same photos sold 20 times. Not losing sleep over any of it. Figuratively or literally.

[Casey2296]

I'm advocating for lot by lot like the recent Birmingham. I might have 6-7 lots I'm bidding on and prefer concentrating on the dynamics of just those lots. It doesn't help if the clock on my lot(s) is affected by the action on a lot that I have no interest in.

[Oscar_Stanage]

Originally Posted by Casey2296

I'm advocating for lot by lot like the recent Birmingham. I might have 6-7 lots I'm bidding on and prefer concentrating on the dynamics of just those lots. It doesn't help if the clock on my lot(s) is affected by the action on a lot that I have no interest in.

Is the REA format different?

[Casey2296]

Originally Posted by Wid_Conroy

Is the REA format different?

From 6pm EST until midnight extended bidding remains open on all lots as long as there is action on any lot, only after midnight does it switch to lot by lot with a 10 minute timer.

Other auction formats move to extended bidding with a timer on a lot by lot closing immediately at the close of auction.