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Overstock auctions sniping policy

I have never purchased on Overstock but I signed up just to check it out for a while. Today I read this about their "anti-sniping" policy. It seemed interesting enough to share:

"If an auction receives a bid within 10 minutes of the auction closing time, the auction will be extended for an additional 10 minutes. All bidders will receive an auction extension notice via e-mail."

Kind of takes some the fun out of it. Doesn't it?

They may as well just do blind auctions.
-Bob
collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
The Low Budget Y2K Registry Set

Comments

  • TUMUSSTUMUSS Posts: 2,207


    << <i>Kind of takes some the fun out of it. Doesn't it? >>



    Depends on your point of view....Being a seller on Ebay - this "policy" would certainly sweeten the pot for me.
  • RussRuss Posts: 48,515 ✭✭✭
    It's a stupid policy.

    Russ, NCNE
  • dthigpendthigpen Posts: 3,932 ✭✭


    << <i>It's a stupid policy.

    Russ, NCNE >>



    I like it because Russ hates it.
  • LALASD4LALASD4 Posts: 3,602 ✭✭✭
    Doesn't Yahoo have the same policy?
    Coin Collector, Chicken Owner, Licensed Tax Preparer & Insurance Broker/Agent.
    San Diego, CA


    image
  • It makes it more like a Live Auction. If you're at a live auction, the auction goes until no one else will bid higher than the current bid...
    -George
    42/92
  • TUMUSSTUMUSS Posts: 2,207


    << <i>It's a stupid policy.

    Russ, NCNE >>



    Why say you Russ? Would you not like everyone to bid up your Kennedy's until they are "done". Of course I realize you are a fan of both sides of the game.
  • ScarsdaleCoinScarsdaleCoin Posts: 5,178 ✭✭✭✭✭
    there are several auctions that use that format....I dont think it is bad for the seller....what it does is give sniped buyers a chance to rebid....what it does is force higher selling prices....good for the seller, good for the auction house (they make % on sale) bad for buyer sniper....
    Jon Lerner - Scarsdale Coin - www.CoinHelp.com
  • I like that policy when I am selliing and will hate it when I am buying!
  • RussRuss Posts: 48,515 ✭✭✭


    << <i>Why say you Russ? Would you not like everyone to bid up your Kennedy's until they are "done". >>



    The policy will drive away snipers. Snipers are frequently responsible for enormous bid increases in the waning moments.

    Russ, NCNE
  • I agree with Russ. It would drive away snipers and hurt sellers in the process. Sniping is the reality of internet bidding.
  • It sounds to me there is only one 10 min. extension per auction. Not a required 10 min. of no bidding at the end of the extension. Won't that just push back the time of the snipe ? If I misunderstood please explain.
  • I agree with Russ...
  • RussRuss Posts: 48,515 ✭✭✭


    << <i>Won't that just push back the time of the snipe ? If I misunderstood please explain. >>



    A snipe is placed at the last moment, the auction gets extended 10 minutes. The sniper has to twiddle their thumbs and wait to try again. Many will just say screw it. In addition, if it were eBay policy it would negate those snipes done by bidders who've programmed it in to a service. Besides, does anyone really think 10 minutes is enough for the underbidder to react? Many people only check eMail once a day, if that.

    The auction extension creates too much uncertainty.

    Russ, NCNE
  • Sniping does make it more exciting. I also agree the seller benefits.
  • airplanenutairplanenut Posts: 21,881 ✭✭✭✭✭
    Sniping also lets people be stupid. 10 minutes can be enough time to rethink not bidding anymore... 10 seconds usually isn't image
    JK Coin Photography - eBay Consignments | High Quality Photos | LOW Prices | 20% of Consignment Proceeds Go to Pancreatic Cancer Research
  • xbobxbob Posts: 1,979
    The overstock policy doesn't mention if it gets extended by 10 minutes just once or multiple times.

    Either way, as a buyer and occasional seller, I do like the thrill of the final seconds boost. When you loose a bid, while sniping, you can't help but laugh (while cringing) that you're not the only one "playing the game". If you REALLY had to have the item, you can only kick yourself for not bidding higher.

    Even as a seller, to refresh your auction at the last second and see a significant jump in selling price is pretty sweet.

    -XBOB

    BTW, I am glad this topic was considered interesting. I read the post about newbies and was hoping that I wasn't considered in that message. I don't have many posts (yet) but I am thoroughly hooked on this hobby. The nice people I have met, both at coin shows, most shops, and online have been part of the reason it's so enjoyable.

    -Bob
    collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
    The Low Budget Y2K Registry Set
  • I used to get caught up in bidding frenzies--but no more. I generally just place a max proxie and if it goes over that--well, there's always tomorrow. I always check several times a minute on coins I want--but extensions won't influence my bidding--unless I'm in love and have reservations about my max bid. I generally research price, etc., before placing my max. Not a bad policy for sellers however, as it can boost their final price. As a practice I think it's fine--especially for the seller.
    Curmudgeon in waiting!
  • flaminioflaminio Posts: 5,664 ✭✭✭
    The 10-minute extension would be pretty much useless if it were implemented on a well-traveled auction site like eBay. The robo-snipers would just modify their code to take advantage of it, which would have the effect of peeving off non-sniping bidders even more, causing more bidders to give it up, and ultimately lower final values.

    It's an anti-solution to a non-existent problem.
  • Just experienced this last night. I never bought from Overstock and was not aware of the policy.

    Saw what looked like a nice unattributed Morgan VAM on their site. Made a bid. Got outbid. Waited until a few seconds were left in the auction and made a manual snipe. Hey... I'm the high bidder!! ... and the auction has been extended 10 minutes? What the %^*#? Checked my email and saw the ~last minute bidding auction extension policy~. The previous high bidder started making more bids. My max was exceeded, and I was no longer the high bidder. New email. Hey, the auction has been extended another 10 minutes. I gave up. Which one of you got the nice looking 1879-S REV 78 Morgan?

    As a seller, I could see some positives in this policy. Unfortunately I sell about 0.0001% of the time. The other 99.9999% of me does not like this at all.
  • LanLordLanLord Posts: 11,672 ✭✭✭✭✭
    Can you pick random auctions and keep increasing the bids by 1 cent in the last 10 minute, extending the auction forever just to pizz overstock.com off?

    Sounds like a way to screw with the system.
  • bonkroodbonkrood Posts: 796 ✭✭✭




    << <i>Either way, as a buyer and occasional seller, I do like the thrill of the final seconds boost. When you loose a bid, while sniping, you can't help but laugh (while cringing) that you're not the only one "playing the game". If you REALLY had to have the item, you can only kick yourself for not bidding higher. >>



    I agree.
    imageimageimageimageimageimageimageimageimage
    image Steam Power


  • << <i>Can you pick random auctions and keep increasing the bids by 1 cent in the last 10 minute, extending the auction forever just to pizz overstock.com off?

    Sounds like a way to screw with the system. >>



    I think they have a minimum increment amount for each bid. My automatic bids against the other bidders were jumping $1.00 each time. I went through two extensions (don't go there) and gave up. I'll still check them out every once in a while, but I'll stick with the MIM (make it mine)... their version of BIN.


  • << <i>As a seller, I could see some positives in this policy. Unfortunately I sell about 0.0001% of the time. The other 99.9999% of me does not like this at all. >>


    But now that you have experienced the frustration of the extentions you probably aren't going to snipe anymore. And since you don't want your proxie bid being shilled up you will probably bid lower amounts and if you can't be there at the end you may possibly pass altogether. (as you have said, you now just basicly check the buy it nows. This will mean lower interst in the auctions, less aggressive bidding, and ultimately lower prices for the sellers.

    I think the robo-snipe programs would change so that instead of placeing you max bid as a proxie a few seconds before the end of the auction they will now lok at the high bid just place a one increment bid a few seconds before the end, wait 9 minutes and 55 seconds and repeat until it passes you max. Two robo-snipes (or a robo vs a max proxie) could compete against each other and extend the auction ending for hours and hours yet the seller will get the same final price as he would if they just sniped at the last minute with no extensions.

    But a human bidding live against this robot would quickly get ticked off and quit bidding when every ten minutes it bid one increment higher and extended the auction again. So against a human sniper it could result in lower prices realized.

    So sellers will getthe same prices as they normally would, but now have no idea when their auctions will end, or they end around the expeted time but they may get lower results. Or peoplejust hit their bins an there is no chance for a run away price from bidding competition. I just really don't see much benefit for the sellers here.
  • BlindedByEgoBlindedByEgo Posts: 10,754 ✭✭✭✭✭


    << <i>I like that policy when I am selliing and will hate it when I am buying! >>



    My sentiments exactly. Sniping is great if you have multiple bidders, boring as snot without.

    As a seller I absolutely love it, but I'd hate to see Ebay change.

    Maybe I'll try Overstock. Someday.

  • mozinmozin Posts: 8,755 ✭✭✭
    It is a stupid policy, one that means I won't bother looking at Overstock auctions.image
    I collect Capped Bust series by variety in PCGS AU/MS grades.
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,793 ✭✭✭✭✭
    This little rule kind of reminds me of my ex- wife telling me in ten more minutes I could have sex. Fifteen years went by ...... that's why they call it OVERSTOCK, huh ? I can see why, now !
  • ms71ms71 Posts: 1,459 ✭✭✭✭✭
    I'm pretty active on the bay, but I won't touch overstock.
    Successful BST transactions: EagleEye, Christos, Proofmorgan,
    Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins

    Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.

    My mind reader refuses to charge me....
  • Overdstock is for girls.
  • robertprrobertpr Posts: 6,862 ✭✭✭
    I think the fact that eBay has not adopted such a policy speaks to the fact that the majority of peole do not want such a policy in place. If they did, eBay would be barraged by requests and would have by now implemented it. Yahoo has had such an extension policy for some time now, and even lower if nonexistant fees, and has failed to make a dent in eBay. Auctions on Yahoo typically end for lower amounts and the lack of fees has flooded their auction system with crap auctions. Overstock seems to be suffering from the same fate.

    I hope Google gets into auctions, that would make for some real competition.
  • TorinoCobra71TorinoCobra71 Posts: 8,020 ✭✭✭
    Yes it does take the fun out of it. As a sniper, I use a sniping service. As a seller I like that last few seconds of the auction to JUMP in price!!

    TorinoCobra71

    image
  • TorinoCobra71TorinoCobra71 Posts: 8,020 ✭✭✭


    << <i>Can you pick random auctions and keep increasing the bids by 1 cent in the last 10 minute, extending the auction forever just to pizz overstock.com off?

    Sounds like a way to screw with the system. >>



    Most auction sites have minimum bid increments that increase as the price goes up. This could get quite expensive!

    TorinoCobra71

    image
  • Who cares about Overstock.com???



    image
  • I don't like it because it forces you to be there at the end and everyone should realise that isn't possible all the time!
  • PerryHallPerryHall Posts: 45,296 ✭✭✭✭✭


    << <i>I don't like it because it forces you to be there at the end and everyone should realise that isn't possible all the time! >>



    Can't you put in a proxy bid and let it ride?

    Worry is the interest you pay on a debt you may not owe.



  • << <i>

    << <i>I don't like it because it forces you to be there at the end and everyone should realise that isn't possible all the time! >>



    Can't you put in a proxy bid and let it ride? >>




    I don't play that game. I make one bid with five seconds left. I'm not willing to play the bid and rebid game with people that are doing nothing more than shilling up their friends' auction!
  • I like to snipe with the highest bid I'm willing to go. After "winning" an Overstock coin auction this past summer I was shocked to find the auction was extended because of this policy. It might be great for sellers but I told their representative that was the first and last time I will look at their auction site. I sold some of their stock for a profit right afterwards to get a little more satisfaction. Long live Ebay !!!
  • Overstock seems to have a large number of those high quality SGS slabs!image
  • pocketpiececommemspocketpiececommems Posts: 5,723 ✭✭✭✭✭
    If you win with a snipe you ARE the HIGH bidder. You pay more than the bidder that came in second. Maybe they want less money. The next thing they will come up with is the coin will go to the "Number 2" bidder.

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