Posted By:
Jeff LichtmanJust a quick review on how the auction closes: Bidding will continue on all lots after 4:00 PM EDT, but only for those bidders who have previously bid on that very lot. The auction will remain open for bids until approximately fifteen minutes pass without a bid, but as a practical matter, the auction will almost certainly continue for many hours after 4:00 PM EDT. If the auction continues to as late as 11:00 P.M. EDT (which has always been the case in the past), Robert Edward Auctions reserves the right to close the auction, at its sole discretion, at any time. After 11:00 PM EDT, we may close the auction without reference to the fifteen minute rule. We recommend bidders leave maximum left bids utilizing Robert Edward Auctions' "Honest Auto-Bid" system to avoid disappointment. There will be no warning to exactly when we will close the auction should bidding continue past 11:00 P.M. While we do not anticipate the auction to remain open past 2:00 A.M. EDT (technically the morning of May 4, 2008), we cannot make any guarantees. The auction could close earlier or later. Last year the auction closed at 3:00 A.M. After 11:00 PM there is an uncertainty. If you choose to not place a bid after 11:00 PM, you are incurring a risk. This closing system is designed to reward bidders, and eliminate all strategies which needlessly encourage the auction to remain open many hours into the following day for the express purpose of giving an advantage to bidders who have the ability to stay up all night. (Some bidders, if given the opportunity, would repeatedly bid on the smallest value items just to extend the auction, in the hopes that competitors on very significant lots will fall asleep. This closing system takes the power away from bidders who use this strategy.) The auction goes late enough as is. Remember: we are closing 1673 lots in one night. This is far greater number of lots than other auctions utilizing different closing procedures. This system works. It is fair to bidders and fair to consignors. There are only two reasons acceptable to us for a bidder not to win any lot of interest in this auction: 1) You don't want it; or 2) It went too high. When the auction is over, callers will be greeted with a message informing them that the auction is over, and a message will also appear on our website stating that all bidding is closed. All lots remain open for bidding until the close of the entire auction. We won't close the auction until the bidding slows to a virtual halt and all callbacks have been made. All lots are closed simultaneously.
Thank you and Good Luck!
Sincerely,
Robert Edward Auctions, LLC
05-02-2008, 01:07 PM
Closing methods of Mastro Auctions etc......
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