The science behind bidding

[mhortsch]

We have this auction here at work every now and them, items from our asset management team.

The one currently going is a 3 day auction. The thing that boggles my mind, is why in god's name would anyone with half a brain place a bid until the final seconds. Do they not realise that they are just raising the price that they will pay in the end.

If no one bid till the final seconds, everyone who won would pay a fraction of the retail price.

Rickdickulous

 

[Lumberg]

Because they don't necessarily want to have to be watching intently at the moment the auction ends and are willing to pay a premium for that luxury?

 

[mhortsch]

I guess that sort of makes sense. But why bid in the beginning hours of the auction?

 

[Lumberg]

I guess that sort of makes sense. But why bid in the beginning hours of the auction?

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Cos that's whan you first saw the auction, and as I said before you don't want to bother having to check back?

 

[mrjinglesusa]

With auctions, I always bid the MAX I am willing to pay, whether at the beginning or end. If someone bids hgher, they overpaid. lmao

 

[dav1041]

Exactly, the best way to get the best price on a site like ebay. Now, with cigarbid it doesn't always work that way, you can get a better price the earlier you bid. In the end it just depends on what someone is will to pay for the item, what may be cheap for you is overpriced for someone else!

 

[sack]

the pool of bidders is huge on cbid, as a result you have different strategies to deal with. as stated earlier, bid your max and hope for the best!

 

[mhortsch]

Ive always figured it's best to wait until the last seconds, and if the price suits you, take it.

Bidding the max you want to pay right up front means you don't have a chance at getting it below your max price.

But then again, I never bid on anything, so my strategy doesn't mean squat.

 

[PTownshend]

Bidding early also causes the price to become artificially high. I like to wait until just near the end and sniper my auctions, unless I know that the majority of those on the auction site aren't as eBay savvy

I often wonder something about CBid, however. When a lot comes up for auction and the opening price is something low like, say, $3.00 usually you see some knucklehead putting in a huge bid. The smarter way around it is to place your bid low (preferably at the starting bid cost) and then have your highest bid be what you are most comfortable paying.

I was scoping out the K Hansotia Brazilian Envoy box and notice that when the bid is opened, its at something like $3.00. Yet the very first bid is usually around $85-90 bucks. What the hell??? Something tells me that either there aren't many savvy bidders out their, or that there may be a "shill" who is starting the bid high enough to artificially inflate the final price.

Not sure about that as being fact, but it still makes me wonder. ???

Food for thought,
Darren