Frank:
Looks like a nice one. You do know when putting in auction bids, if you'd
just put in a high bid like $100. or so, it will only go up to what the other
bidder goes to.
Now, I suppose you already know that, but you would surely get many on
your wanted list. o
Jerry
Jerry,
Yes, I am aware of it. What I have come to learn is that there are quite a few "strategies" when it comes to bidding on the bay. Some folks will do as you advised and place their maximum bid in immediately. The problem with that strategy is that somebody else may want the bins as well. Here is a scenario:
Minimum sale price: $9.99
Bidder one: Puts in his max bid of $100
Bidder two: Sees the opening bid for $9.99 and bids $20 first but is immediately outbid by the original bidder. He then bids again at $30 and is immediately outbid. He then continues to bid in $10 increments until he realizes that the bins aren't that great of a value anymore.
Current auction value is now $51.
Bidder three: Sees the $51 and decides to bid $61 (since most bidders just bid in $5 and $10 increments). He is immediately outbid and now the bins are up to $62. He may get a little gutsy and then bid again at $71 and is immediately outbid.
Current auction value is now $72.
Bidder two: Comes back a few days later and decides to give it one final shot in the hopes that Bidder One's highest bid is $80 so he bids $85 and is immediately outbid.
Current auction value is now $86.
It sits that way for several hours or days and nobody else bids.
Now here is where it gets interesting. We came down to the last few hours of the auction. Either the second bidder or third bidder may make another offer but most likely not.
Now we are down to the last few minutes or few seconds of the auction. If either of the second two bidders really wants the bin then they will throw their last ditch effort into it at this point and make a max bid. By now they have figured out that the original bidder either bid some excessive amount or bid right at $100 so expect a bid or two to be thrown in within that last minute, or few seconds, of $101 or $102.50 or something similar.
So, Bidder 1 may or may not get the bins. It all comes down to that last few seconds of the auction. There may even be someone who has not even bid yet but who has watch-listed the bins and uses either a Sniping program or plans on being online to place a bid at the last possible moment.
My strategy is a bit simpler as I fall into the class of what I just mentioned....assuming I really want the bins. I simply watch-list them and then make sure I am available to bid at the exact moment that I want to. If I am not able to be online when the auction ends then I really didn't want the bins in the first place. So, either I get the bins or the winning bidder has to pay close to the full amount of their high bid.
Yes, I do bid on items right from the get go but then I am typically not overly interested in them or am only interested in them if they sell low. I will put a maximum bid in at that point but it is often not that much more than the seller's minimum price. By ignoring the auction I don't inflate the price and then can check back later to see if anyone else has inflated the price. More often than not that gives me the opportunity to come in and pay less than that $100 maximum bid.
Truth be told it is actually fun to bid on there and can be quite addicting in its own right. For now most of my Vintage porro purchases are done unless I find something really intriguing. For now I am just selling.