When your remove "time is of the essence" there is no urge created to buy right now. GTC probably works really well on things we need or consumables, for me it would be mower blades, repair parts, specialized tools , band aids, etc., etc., GTC has those items there when I need them and is very convenient.
That said GTC isn't helpful at all on things we don't need but can procrastinate about. You list a collectible or antique and you best be sitting there ready to cancel or your're going to rack up a ton of expense with few sales. Auctions are still the best avenue if you're selling collectibles, antiques, or items that require a collector or whim buyer because it forces them to buy or pass. If the price is right you probably get a sale, but not always. I used to actually get multiple bids on some items... wow those days are gone.
