Strange auction rules / closing time

[wrapperguy]

I have bid and won several auction lots from Collectible Classics auctions over the years without incident. But there is something that happened with their CCA Net 14 auction on which I would like your comments.
There was a lot that had a 1931-32 Exhibit of Roettger, et al that fit my and my 91 year old father's set. To make it better, Wally Roettger was my father's baseball coach at the University of Illinois back in 1940. This card would have been very special to him/us and money was not an option. Seeing that it had a pinhole, I believe, I was still willing to bid up to $500 for the card.
My initial bid was placed on time and there were a couple others who had bid prior to the "extended bidding" time. Taken directly from their "Terms of Use", the rules read "After 12 a.m., we may close the auction at any time."
Now we have all been in auctions that last long into the night. Having bid with Collectible Classics before, they have not gone into the wee hours, but I have stayed up until at least 1 am on an occasion or two.
Around 11:59, a bidder outbids me (as told to me by an email) and I bid again to become the highest bidder. As I find out later from Judy Burk, one of the owners of CC, the other bidder bids again at 11:59.50 to become the high bidder. That "outbid" email for some reason went into my spam folder (damn AOL!). The previous outbid emails had not. I do not realize I have been outbid until 12:06 and immediately place another bid only to find out the auction has closed. The cards (the lot was a two card lot, but I only really wanted the Roettger) went for $112 or so. I was unhappy and upset that the auction could have ended that early despite the "after midnight" rule.
Upon talking with Judy the next day, she readily admitted that there were a number of bidders still bidding on items at midnight, and I was certainly not the only bidder at midnight. She explained that "it was a long day and I was tired, so I stopped the auction."
This was amazing to me. How could an auction company stop an auction when numerous bidders were still interested in bidding? How is this fair to the consignors? Wouldn't CC and the consignors make more money if the bidding were allowed to continue despite it being a "long day"?
Prior to this incomprehensible policy decision, I was seriously considering consigning some items to them but not now. I realize the policy read they could stop the auction anytime after midnight, but IMO this is not fair to the bidders or consignors.
If they were going to stop the auction with a midnight drop dead time, I would have bid accordingly. Yes, a maximum bid was a possibility, but after reading about all the problems associated with max bids, I was hesitant to do so. Not saying I have heard or suspected CC to have shill bid or bid the lot up to the max, because I believe them to be honest people, but I was still hesitant because I was successfully bidding online or on the phone, as in the past.
While this was not the last 31-32 Exhibit of Roettger on the planet, and I hope to get one someday soon, it would have been a special card for Dad. Judy said she would call the winning bidder to see if s/he would part with the card, but they said no, or so she claimed.
Just wondering if this seems unusual or unjust to you. Thanks for the opinions.

[joeadcock]

Agreed sounds strange. Not seen that before

[asphaltman]

Has to be the weirdest thing I've heard. And I'd be quite upset having consigned something just to hear they closed the auction because she was tired?