I am really getting tired of this.......

LuxuryWines

One of the worst things experiences I have encountered in the big catalog auctions is to be frank the 10 minute rule. I say this for several reasons:

I have no desire to stay up all night to win an item.

It places all East Coast buyers at a major disadvantage.

This is the only type of competive event I have ever seen where you have lost and the game is over you still get to play....

Now the auctions houses claim this makes it so you can not get sniped at the last second...

Fine then here is the solution:

Instead of doing a max bid you would enter a snipe bid . You could enter or change your snipe bid until 10 minutes before auction close after that all bids would be manual. All snipes would be activated when the auctions closes at Midnight EST. The Snipe bid could for any amount as long as it is higher than any other bid.(you would still pay 10% more than the next lowest bidder or the full amount of your snipe whichever is lower. If there is a tie with the exact same bid. The person who entered their final snipe first would win.


Thoughts and discussions????

sagard

I can understand your frustration, but in my opinion it does maximize the sale and I wish Ebay would implement it. Basically, it gives someone the chance to reconsider one last time and make a higher bid.

1420sports

in my opinion it does maximize the sale and I wish Ebay would implement it

You must be an eBay seller only. That would never fly by the way.

Griffins

It does get frustrating, but even here on the West Coast the auctions end too late- I think the last Mastro was about 5am our time. Most or all of them will do call backs though. I just end up placing the highest bid I"m willing to pay and then go to bed. If it was meant to be I'll win it- if not the lot will probably show up again soon.

Mantlefan

The 10 minute rule is bad for us buyers, but the auction houses love it. Your idea makes a lot of sense, but they'll never use it since it would reduce their profits. I agree with Griffins: place your bid and hit the sack.

bocaratondefense

I am here on the West Coast and it is still a burden to stay up to 3 or 4 AM for the bigger auctions.

When I place a high proxy bid in an auction (and let the chips fall) however, I always wonder whether the I have paid more than I would have if I simply stayed up to bid in incremental bids. (I am hoping most of the bigger auctioneers are honest and will not run the price up unilaterally.)

Last night, I made an exception in the Leland auction as I was too tired to stay up. I placed a high proxy bid in the auction and I was pleasantly surprised this morning to see the winning bid was several increments below what my high proxy bid was.

thegemmintman

Luxury - I hate it too, but they want to yank every last dollar out of us. That's all there is to it .

aro13

I agree with Griffens. Place your top bid and get a good night's sleep. Sometimes the biggest problem I have is when I want to win one lot but I have a few lots that are under my max bid - and I go to bed with the possibility of winning more lots than I have budgeted.

interchanges

I also do what Anthony does.

I remember placing a stupid call back bid. You get woke up when you're in dreamland by some frantic sounding person asking if you want to top a bid.

What a great idea, ask people to use sound judgement at 4:30 in the morning.

If this were going to work, the auction should end at noon, then continue with their rules.
Luxurywines is right, this system is in need of a fix, I may not have the answer, but it aint right.

(is Boones Farm a Luxury wine? I want to see one of those trendy commercials with a bottle of Strawberry Hill)

sagard

<< <i>in my opinion it does maximize the sale and I wish Ebay would implement it

You must be an eBay seller only. That would never fly by the way. >>




I sell mostly junk and do try to purchase some items. I hate getting sniped, but now it is all I use to bid, because it is the best tool. A five minute auction extension was implemented by Yahoo and ebay could easily do it if they wanted to.

It is a judgement call by ebay pure and simple. They believe auctions close higher with a fixed end time. That way people are basically bidding blind at the last moment, if two people go big, the price soars.

It is hard to say what gets the highest prices, ebays way or the auction houses way.

Virtualizard

Sagard-

Agreed.

If every bidder knows the terms of the auction up front, they will place bids accordingly. I use snipes almost 100% of the time on ebay. There have been many times that I placed a snipe with several days left in an auction and never looked at the auction again, but still ended up winning the auction at a fraction of my snipe. IMO, the final take wouldn't be much different for auction houses. I have won many Superior Sports auctions in this manner as well. It's just not that important to me that I'm willing to waste that much time losing sleep (literally and figuratively ).

JEB.

SUPERPUNK813

I was up till 2am one time and ill never do it again......now i just put in a max bid and go to bed.


Paul.

GoSoxBoSox

Jeff-

I've used this technique with many of the commodities I've auctioned off in global auctions. This is known as the "Overtime Rule". Because this seemed to frustrate potential bidders in that world, what we did was institute a maximum amount of overtimes allowable.

In other words, we changed our rules when educating the potential bidders to state there is this 10 minute overtime rule, but there is alos a maximum of two overtimes allowable. The reason we stated this up front was to explain to the bidders that they needed to establish their "Maximum Acceptable Bid" limit before the auction started because we simply aren't going to hold OT's all night.

As you can image with global auctions people are in coming in from ALL time zones. It worked pretty well and helped bring more bidders to the table.

Tom


edited to say: My personal view on overtimes is that anyone who needs them was obviously unprepared and doesn't deserve to win the auction.