LOTG Auctions closing rules

[doug.goodman]

Originally Posted by Mark17

Right. Or, if the working theory is that the longer the auction stays open, the more bids, why not just close all the lots at a reasonable time but run the auction one day longer?

I disagree that running auctions into the wee hours maximizes bids. High hammer prices result from two or more bidders going toe-to-toe. That doesn't happen when some need to get sleep. With a 20- or 30-minute rule per lot, interested parties have plenty of time to slug it out (and maximize the hammer,) and then go to bed.

I also don't like going to bed uncertain if I've won or lost.

It's not specifically about the "wee hours", the wee hours are just a byproduct of the 9 pm (or any after dark) start of extended bidding.

My way to guarantee all possible bids (good for sellers), and a pre-wee hours end (good for buyers) is :

1 - Extended bidding starts at noon Eastern.

2 - Only previous bidders can bid on an item.
2a - items with only one bidder close at noon.

3 - Any lot that goes one hour without a bid closes.
3a - When the entire auction goes 10 minutes without a bid the entire auction closes.

4 - The auction will end before the sun goes down on the west coast.