I never get the logical difference between leaving the bidding until the last minute or bidding early.
OK, we have three bidders. One is prepared to pay $1800, one $1750, and one $1650. If $1750 is bid early in the piece, the other guy can wait until the last minute to bid his $1800 or he can bid it straight after the $1750 bid. Either way, he is going to pay the same price of $1750 + one increment.
Now let's say they all try to bid in the last minute. The winning bidder will still pay $1750 + one increment as the guy who is prepared to pay $1750 bids it in the last minute.
Now let's say something goes wrong with the $1800 guy's internet connection in the last minute. $1750 guy wins the bidding for $1750, $1800 guy is spewing.
So the only benefit in getting everyone to bid in the last minute is that some might miss out on bidding, and hence it just might go cheaper.
Yeah but some people can't help themselves and get into a bidding war if they bid early. They say to themselves "I'll put another $100 on it" because they really want it. Before you know it the winner pays more than what he wanted to pay in the first place. I'm not saying everyone does this but some do. I sold an Addams Family once for $100 more than the BIN price.
