This is a very good question.
Here is what I found from their website.
www.iconicauctions.com/rules.aspx
“OPEN ENDED” 30-MINUTE RULE
***PLEASE READ CAREFULLY***
This auction will be governed by an “open-ended” 30-minute rule. Like a standard 30-minute rule auction, the sale will go into 15-minute rule mode starting on closing day at 7 p.m. PST (10 p.m. EST). However, under the “open-ended” rules, ANY bidder can bid at ANY time on ANY lot in the auction, either before the start of the 30-minute rule or even after the 30-minute rule begins. Hence, even if a bidder has not bid on any particular lot in the sale, under the terms of the “open-ended” 30-minute rule they are able to bid on any lot in the sale even after that start of the 30-minute rule. The extended bidding period will continue indefinitely, with each lot receiving it’s own 30-minute countdown clock. A lot will close when the Auctioneer has not received any new bids on that lot–either by phone or via the internet–for a period of thirty (30) minutes. At that time, the auction will be deemed completed and winning bidders will be determined. This process may take several hours and the auction may go well into the evening. If you did not plan to stay up late, we strongly suggest you leave your highest “Top All” bid with us prior to the auction’s closing. Futhermore, Auctioneer will reserve the right to end the auction at any point after five (5) hours of extended bidding in the 30-Minute Rule period should it be deemed that the auction is being unnecessarily extended by trivial bidding.—
*2.) BIDDING: Bidding begins immediately upon the launch of the auction on our web site. Preliminary bidding will end at 5:00 PM, PST on the auction closing date. Bidding prior to 5:00 PM PST as well as after 5:00 PM PST (the latter regulated by the “Open Ended” 15-Minute Rule), may occur in any of the following ways:
a) Online Bidding: Online bidding for registered users who have obtained a User ID and Password is available 24 hours. Beginning at 5:00 PM, PST on the auction closing date, bidding will be extended in accordance with the terms of the “Open Ended 15-Minute Rule” (with all items ending at the same time). After 5:00 PM, PST “Time Left” in the user interface will count down in real time the amount of time remaining until such time as no lots receive even a single bid for a period of approximately 15 minutes at which time the auction will officially close and “Time Left” will read “Auction Has Ended.” b) Telephone Bidding - Telephone bids will be accepted between 9:00 a.m. and 4:00 p.m., PST, Monday through Friday, except for the auction closing date when bidding will continue until 5:00 PM, EST and then for an indeterminate period in accordance with the “15-Minute Rule.” The auction will close once no bids are received either online or by telephone for a period of approximately 15 minutes at which time we will stop answering the phone.*
So the true auction process might take place sometime after the 10:30 PM EST closing, it sounds like.
