For you folks that think all on-line auctions should have the “15-minute-rule” so they would be more like “real” auctions, take these thoughts into consideration.
1. In a “real” auction, there is a much smaller audience to compete with therefore prices tend to be lower. (Also, any auctioneer that waited 15 minutes to gavel an auction closed wouldn’t hold his job very long.)
2. In a “real” auction the bidder actually has a chance to see, handle and evaluate what he is bidding on, not just some fuzzy pictures and vague descriptions.
3. In a “real” auction the winning bidder gets to take immediate possession of what he has won, not sending his money off into the ether and wondering if he will actually get what he thought he bid on. (Or get anything at all.)
4. In a “real” auction the seller gets to pay a 15% premium (at least), plus picture, promotion and other fees.