Since we're talkin about eBay, a sellers observation to consider
piecesofme
Posts: 6,669 ✭✭✭
I recently attempted to sell a very collectible and sought after 1 oz old pour JMC silver bar...3 day auction with a starting bid of $145 and a BIN for $199. I based my starting price and BIN from another bar, exactly the same, that recently went for $207. Since it had 96 watchers near the end of the auction, I thought for sure someone would pick it off at the starting bid since there were no bids...96 watchers mind you. Not a single bid at a 30+% discount from what the exact bar had recently sold for. I have 100% positive fb with alot of recent transactions, so it's not like I was the problem.
Literally 2 minutes after it ended without selling, I had a person contact me offering to buy it for $150 if I relisted it and he said he would pay instantly...which I did and he did. I didn't ask why he just didn't bid on the live auction since he was obviously sitting, waiting and "watching" it end.
My question is, why does this happen? Is it the old auction thing that no one wants to be the first bidder, even for a 30% discount, but as soon as someone does bid, then they suddenly will get involved? I have seen this happen many times and I am perplexed as to why it happens.
I know the solution to this would be to just start it at .99 and let it go, but in this case, my starting bid was set to where there was no way I would lose money even after fees, and was still 30% LOWER than a recent sale. I even stated the item number of the one that sold for $207 recently so people could go right to it and see for themselves.
Anyone have any input on this as to why they think this happens because it just boggles my mind.
Literally 2 minutes after it ended without selling, I had a person contact me offering to buy it for $150 if I relisted it and he said he would pay instantly...which I did and he did. I didn't ask why he just didn't bid on the live auction since he was obviously sitting, waiting and "watching" it end.
My question is, why does this happen? Is it the old auction thing that no one wants to be the first bidder, even for a 30% discount, but as soon as someone does bid, then they suddenly will get involved? I have seen this happen many times and I am perplexed as to why it happens.
I know the solution to this would be to just start it at .99 and let it go, but in this case, my starting bid was set to where there was no way I would lose money even after fees, and was still 30% LOWER than a recent sale. I even stated the item number of the one that sold for $207 recently so people could go right to it and see for themselves.
Anyone have any input on this as to why they think this happens because it just boggles my mind.
To forgive is to free a prisoner, and to discover that prisoner was you.
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Comments
I once won an auction and got a PM from a fellow board member within minutes asking me if I wanted to make a quick buck. He said he was racing home to get in a bid before it ended, but was too late.
All I know is he saved me a lot of money on that one.
<< <i>Perhaps he was waiting to put in a last second snipe, so his cost didn’t get run up too much, but got distracted and missed the end.
>>
I have missed an item because the timer on the ebay page was off: I clicked the final accept with 4 seconds to go and got back an immediate "the auction has ended". It's happened a few times