putting aside the question of fairness, i wonder who would be dumb enough to bid in the auction that ends first. in effect, the high bid in the auction ending first is merely the "stalking horse" bid for the auction ending second -- i.e., it merely serves to start the bidding for the "real" auction that ends later. from a buyer's standpoint, you wouldnt want to bid up the price in the non-binding first auction as it would create upward momentum in the bidding with no benefit to the high bidder.
