Me thinks alot of people had that one entered into their sniping software/service.. and because he wasn't getting alot of bids early on it made him decide to take that firm offer.
Either write something worth reading or do something worth writing about. -Benjamin Franklin-
I don't see that he had any "Reserve Not Met" condition on that listing. All someone had to do was bid 38¢ on it before he pulled it, and eBay rules say he would have had to let the auction continue to the closing date, right?
I never thought that growing old would happen so fast. - Jim
If you 'yank' a legitimate auction (one that has bids on it) because you are afraid of the closing price, it could be considered reserve fee avoidance, because that's what the seller should have done if he hasn't the guts for a true auction (used a reserve).
I bet my max bid ($325.) would have been greater than whatever off-site offer he accepted.
The sneaky buyer knows that also and you will probably see it again in a few weeks or months and will buy it for that then.My guess is that the seller got scared and sold it to someone for a much higher offer (but not nearly $325) than the bid was. He also saved the sellers fee. While this is unethical and frowned upon practice-it happens all the time on Ebay--That is one of the drawbacks of Sniping-That is the seller may cancel the auction early because he gets scared that he may not get what he wants for the coin. Sniping works great but only when the auctions run their course and do not get cancelled early for whatever reason. Bob
In all auctions, lots can be withdrawn for any or no reason, even during bidding and in some cases after the hammer falls. If you have a reputaion of doing this often, you will not have many bidders.
Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
<< <i>In all auctions, lots can be withdrawn for any or no reason, even during bidding and in some cases after the hammer falls. If you have a reputaion of doing this often, you will not have many bidders. >>
Not completely correct, as follows (from Ebay):
#1 "Note: Sellers are not permitted to cancel bids and end listings early in order to avoid selling an item that did not meet the desired sale price. This is considered to be reserve fee circumvention. Although there are legitimate reasons for ending a listing early, abuse of this option will be investigated."
#2 "When there are 12 hours or less remaining and the item has a winning bid, including a reserve met bid, sellers cannot make any changes to the listing, including:
-Ending the item early. Sellers may cancel bids, but not end the item unless the item is being sold to the high bidder. -Adding to or changing the item description. -Converting the item to pre-approved bidders.
Note: Canceling bids or making changes to a listing with bids when there are 12 hours or less remaining, can damage the buyer experience and can undermine trust in the marketplace."
In the old days people had bidding wars. Nowadays everyone uses snipers which definitely is NOT for faint hearted sellers.
I've seen coins go up literally hundreds of dollars within the last 3 seconds. This seller obviously got scared and pulled it, which sellers are allowed to do except once within the 12 hour mark.
Once you get to that point (to the best of my knowledge) there is no pulling of an item. Could be wrong but I believe that's how it is.
You never know the whole story. He may have lost that coin in another auction and was hoping to flip it to an ebay buyer and cancelled the ebay auction when he was outbid on it elsewhere. A lot stranger things happen on ebay. I know I have seen identical images posted on ebay that were currently in other auctions. Some are outright rips but some are trying to sell something thet are so sure they'll win for less.
<< <i>In the old days people had bidding wars. Nowadays everyone uses snipers which definitely is NOT for faint hearted sellers.
I've seen coins go up literally hundreds of dollars within the last 3 seconds. This seller obviously got scared and pulled it, which sellers are allowed to do except once within the 12 hour mark.
Once you get to that point (to the best of my knowledge) there is no pulling of an item. Could be wrong but I believe that's how it is. >>
Unfortunately, sniping is pretty much the rule of law on eBay anymore, that is, if it's a choice item, and you want it badly! I'd say at least 60-70% of the nicer items I've sold there have been sniped during the last 10-20 seconds! I always know that snipers are hiding in the bidding trees when I see several watchers on a desirable item all week long and yet I only have a couple (or no) bids on it!
Last second bidding isn't foolproof though. A few times I've deliberately matched my watch's second hand to when the minute changed on my computer's clock, and bid with only 10-15 seconds left, only to have the auction screen then say there was still "47 secs. left", and I got outbid in those remaining seconds! Either eBay's or my computer's clocks can be off!
I never thought that growing old would happen so fast. - Jim
<< <i>In all auctions, lots can be withdrawn for any or no reason, even during bidding and in some cases after the hammer falls. If you have a reputaion of doing this often, you will not have many bidders. >>
Not completely correct, as follows (from Ebay):
#1 "Note: Sellers are not permitted to cancel bids and end listings early in order to avoid selling an item that did not meet the desired sale price. This is considered to be reserve fee circumvention. Although there are legitimate reasons for ending a listing early, abuse of this option will be investigated." >>
When I said "all auctions," I meant sales from legitimate auction houses, Stacks, Heritage, Christies, etc which always have such provisions in their terms. Ebay, which claims NOT to be a legitimate auction house, but rather " just a VENUE."
Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
<< <i>I don't see that he had any "Reserve Not Met" condition on that listing. All someone had to do was bid 38¢ on it before he pulled it, and eBay rules say he would have had to let the auction continue to the closing date, right? >>
NO. A seller can cancel the bids and end an auction at his discretion. I did it yesterday on a camera lens. Two bidders had run up the bids on the lens over several days. Suddenly, not long before it would of closed (there was more than twelve hours left), one of the bidders withdrew his bid, sending the price back down to about $11.00. By the time this happened most of the watchers had probably lost interest and were no longer following the lot, assuming it would sell for a high price. I smelled a possible rat and canceled all the bids and the auction.
I considered cancelling another auction when a bidder went what I call "bid fishing." In this case the bidder submits a very high bid in order to see what the competing bidders high bid really is. He then quickly withdraws the high bid and submits another bid that is probably just above the other bidder.
Sellers need to protect themselves. The number of buyer scammers is rising fast. Also, if you start running auctions that will attract bidders from outside the US (which camera equipment auctions do) you need to be extra cautions.
<< <i>I bet my max bid ($325.) would have been greater than whatever off-site offer he accepted. >>
Probably, considering he first says this in the auction: "I already have a firm offer from a coin dealer for this coin of $150.00" and then says "I recommend that you bid early and often as I will be happy to pull this auction if bidding does not soon approach my firm offer."
Then when he is geting ready to end the auction he says: "I'll be pulling this auction in a little over an hour due to lack of participation. I think that I will go with my firm offer" A that time the high bid was around $88. So it sounds like he went with the $150 firm offer. (Of course if he hadn't and your snipe was the only other bid then it still would have only gone for $155. Probably though there would have been other last minute snipers. The seller lost his nerve and lost money by ending early.)
Comments
And look at the die rotation!
Great transactions with oih82w8, JasonGaming, Moose1913.
All I can say is that he practices reserve auction fee avoidance.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
- Jim
>>>My Collection
Sure looks like a pretty nickel too!
peacockcoins
<< <i>All I can say is that he practices reserve auction fee avoidance. >>
Whether he had a reserve or not, how is he avoiding the reserve fee? I ask because I just don't know everything about ebay fees.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
could be considered reserve fee avoidance, because that's what the seller should have done if he hasn't
the guts for a true auction (used a reserve).
The sneaky buyer knows that also and you will probably see it again in a few weeks or months and will buy it for that then.My guess is that the seller got scared and sold it to someone for a much higher offer (but not nearly $325) than the bid was. He also saved the sellers fee. While this is unethical and frowned upon practice-it happens all the time on Ebay--That is one of the drawbacks of Sniping-That is the seller may cancel the auction early because he gets scared that he may not get what he wants for the coin. Sniping works great but only when the auctions run their course and do not get cancelled early for whatever reason. Bob
falls. If you have a reputaion of doing this often, you will not have many bidders.
<< <i>In all auctions, lots can be withdrawn for any or no reason, even during bidding and in some cases after the hammer
falls. If you have a reputaion of doing this often, you will not have many bidders. >>
Not completely correct, as follows (from Ebay):
#1 "Note: Sellers are not permitted to cancel bids and end listings early in order to avoid selling an item that did not meet the desired sale price. This is considered to be reserve fee circumvention. Although there are legitimate reasons for ending a listing early, abuse of this option will be investigated."
#2 "When there are 12 hours or less remaining and the item has a winning bid, including a reserve met bid, sellers cannot make any changes to the listing, including:
-Ending the item early. Sellers may cancel bids, but not end the item unless the item is being sold to the high bidder.
-Adding to or changing the item description.
-Converting the item to pre-approved bidders.
Note: Canceling bids or making changes to a listing with bids when there are 12 hours or less remaining, can damage the buyer experience and can undermine trust in the marketplace."
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
I've seen coins go up literally hundreds of dollars within the last 3 seconds. This seller obviously got scared and pulled it, which sellers are allowed to do except once within the 12 hour mark.
Once you get to that point (to the best of my knowledge) there is no pulling of an item. Could be wrong but I believe that's how it is.
NSDR - Life Member
SSDC - Life Member
ANA - Pay As I Go Member
<< <i>In the old days people had bidding wars. Nowadays everyone uses snipers which definitely is NOT for faint hearted sellers.
I've seen coins go up literally hundreds of dollars within the last 3 seconds. This seller obviously got scared and pulled it, which sellers are allowed to do except once within the 12 hour mark.
Once you get to that point (to the best of my knowledge) there is no pulling of an item. Could be wrong but I believe that's how it is.
Unfortunately, sniping is pretty much the rule of law on eBay anymore, that is, if it's a choice item, and you want it badly! I'd say at least 60-70% of the nicer items I've sold there have been sniped during the last 10-20 seconds! I always know that snipers are hiding in the bidding trees when I see several watchers on a desirable item all week long and yet I only have a couple (or no) bids on it!
Last second bidding isn't foolproof though. A few times I've deliberately matched my watch's second hand to when the minute changed on my computer's clock, and bid with only 10-15 seconds left, only to have the auction screen then say there was still "47 secs. left", and I got outbid in those remaining seconds!
- Jim
<< <i>
<< <i>In all auctions, lots can be withdrawn for any or no reason, even during bidding and in some cases after the hammer
falls. If you have a reputaion of doing this often, you will not have many bidders. >>
Not completely correct, as follows (from Ebay):
#1 "Note: Sellers are not permitted to cancel bids and end listings early in order to avoid selling an item that did not meet the desired sale price. This is considered to be reserve fee circumvention. Although there are legitimate reasons for ending a listing early, abuse of this option will be investigated." >>
When I said "all auctions," I meant sales from legitimate auction houses, Stacks, Heritage, Christies, etc which always
have such provisions in their terms. Ebay, which claims NOT to be a legitimate auction house, but rather " just a VENUE."
<< <i>I bet my max bid ($325.) would have been greater than whatever off-site offer he accepted. >>
And I would bet you'd be wrong.
<< <i>I don't see that he had any "Reserve Not Met" condition on that listing. All someone had to do was bid 38¢ on it before he pulled it, and eBay rules say he would have had to let the auction continue to the closing date, right?
NO. A seller can cancel the bids and end an auction at his discretion. I did it yesterday on a camera lens. Two bidders had run up the bids on the lens over several days. Suddenly, not long before it would of closed (there was more than twelve hours left), one of the bidders withdrew his bid, sending the price back down to about $11.00. By the time this happened most of the watchers had probably lost interest and were no longer following the lot, assuming it would sell for a high price. I smelled a possible rat and canceled all the bids and the auction.
I considered cancelling another auction when a bidder went what I call "bid fishing." In this case the bidder submits a very high bid in order to see what the competing bidders high bid really is. He then quickly withdraws the high bid and submits another bid that is probably just above the other bidder.
Sellers need to protect themselves. The number of buyer scammers is rising fast. Also, if you start running auctions that will attract bidders from outside the US (which camera equipment auctions do) you need to be extra cautions.
<< <i>I bet my max bid ($325.) would have been greater than whatever off-site offer he accepted. >>
Probably, considering he first says this in the auction: "I already have a firm offer from a coin dealer for this coin of $150.00" and then says "I recommend that you bid early and often as I will be happy to pull this auction if bidding does not soon approach my firm offer."
Then when he is geting ready to end the auction he says: "I'll be pulling this auction in a little over an hour due to lack of participation. I think that I will go with my firm offer" A that time the high bid was around $88. So it sounds like he went with the $150 firm offer. (Of course if he hadn't and your snipe was the only other bid then it still would have only gone for $155. Probably though there would have been other last minute snipers. The seller lost his nerve and lost money by ending early.)