Could someone please explain 15 minute rule in Memory Lane..

I may be confused (not the first time) but if Memory Lane ended at 8:00 PM EST then it goes in to extended bidding, why did it take until 11:30 PM for me to be out bid.

If i read the terms correctly, even though i was the high bidder of the Square Frame Dineen, someone who previously bid on that card was able to come in anytime and overbid me. Then i had 15 minutes to place a bid.

I placed an auto bid in the morning, but it seems i would have been better off just bidding in exteded time and hoping the other bidder was not able to bid in the 15 minute time limit.

for example. 8:01---place a bid, wait 15 minutes to see if i am over bid, if not then i win?


thanks for any help.

Mark

mark,

it's just like most auctions...all lots will end once there is not a bid for 15 minutes. not sure what the optimal strategy is for actually winning lots although i don't like leaving high ceilings too early.

I have only been bidding in auctions a short time so there is much to learn. I never had the cash before to go after the big $ cards.

Thats ok, there will be more auctions.

Mark