Geesh, what the hell are you, people, thinking with. Keeping the looted stuff of an full-scale totally-epic combat event? And a promo item for participating...? Man, you get an epic event of epic proportions, and it still aint enough for you? Greedy bastards.
Thus, the timing is fine. I'd say 90% players are in timezones 0 to +3. If the event starts in 19:00 (+1), meaning the total majority of players get to play the event from 18:00 to 21:00. If it lasts for maximum 2 hours, then it ends on 20:00 to 23:00. Well, i guess average, normal people that aint 9 y/o kiddies are awake then.