If I'm reading this correctly, this means it is *impossible to win a lot with a bid placed in "Initial Overtime."RMann wrote: ↑March 8th, 2021, 4:35 pm ...
As now announced: only items that receive a bid in the final 3 minutes (6:57pm-7pm PST) will go into Overtime Bidding. All other items will retire at 7pm. (So instead of T-10, it’s only T-3).
New info for everyone:
* There are two phases of Overtime Bidding, Initial and Extended Overtime.
* Initial Overtime begins at 7:00pm PT -- a 3-minute bidding window for only overtime lots. If there are no new bids after three minutes of Initial Overtime, bidding closes at 7:03pm PT. Only people who have already bid on or are tracking a lot will be able to see or participate on that lot Overtime.
* For any lots that receive additional bids in “Initial Overtime,” there will be Extended Overtime. Extended Overtime begins at 7:03pm PT -- which consists of 30-second increments that restart every time a new bid is placed. This period ends when no new bid is received after 30 seconds or at 7:10pm PT, whichever is sooner....
*except if that bid placed in "Initial Overtime" is the **only** bid placed in Initial Overtime *and* nobody places another (losing or winning?) bid in the first 30 seconds of "Extended Overtime" (and if a losing bid is placed in the first 30 seconds of "Extended Overtime" bidders, for the next 5:00, every 0:30, can continue placing losing bids that will extend the auction another 30 seconds, until 10:00 of "Overtime" has elapsed, at which time the lot has a hard close). Therefore, it is entirely possible that a Day 1 Max Bid wins the auction, but only after enduring 10:00 of arguably inappropriate losing sniping attempts. Seems to me this is potentially an argument *against* placing that Max Bid early.
I can't say I've ever heard of an auction where only the top bid wins but losing bids are allowed to extend the bidding, but that's exactly what can happen here with this new format.
Apparently it's not a "winning" bid in "Initial Overtime" that triggers "Extended Overtime," but rather just *any* additional bid. So, per Jayson's point, above, someone could submit a Max Bid on Day 1 that is still the winning bid at 2:59 prior to close, someone could place a losing bid in that last three minutes, triggering "Initial Overtime," someone could then place another losing bid in "Initial Overtime" (still losing to that Day 1 Max Bidder), thereby guaranteeing the auction is going to go at least 3:30 past the originally-scheduled close time. Viewed from this perspective, it could be argued this format actually *caters* to snipers. LOL! This is so damn weird and complicated ... I just can't.
That strikes me as weird, and feels like somebody got so deep in the weeds conceiving this format they got lost and couldn't find their way out. The more I look at this the more convoluted it gets. Can't decide if its crazy-genius, or just plain ol' crazy.