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#17
10-19-2007, 10:26 AM
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Better Bidding Practice on Huggins & Scott Auction
Posted By: Matt
I think our discussion is misguided - what's the downside in allowing 5% or 3% bid increments from the get go? The only issue voiced is that at the end of the auction, with the 15 or 30 minute extension, the auctions will go on longer. That, seems like an issue with that extension period being too long as opposed to the bid increment being too small. Making the extension period 5 or 10 minutes seems to be the appropriate solution. Using larger bid increments to keep people from bidding at the end of the auction doesn't seem to be in anyone's best interests. 
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