Online auctions with a 15 min. rule?

The other interesting aspect of the 15 minute rule is that it would actually encourage all buyers paying attention to try to get their high bid in immediately before the 15 minute mark hits. Now it becomes the opposite of sniping because every time the clock re-sets, it's giving opposing bidders more time to consider the auction and bid you higher. Waiting to put your high bid in at the last second in this format actually hurts you, because you reset the clock to a new 15 min. for everyone else.

 

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Oh, sniping is very exciting. It adds to the drama of the entire auction. I love the last few minutes of an E-bay auction, as it becomes a war to see who wins the prize. Sniping software is readily available to everybody, so why not make it a "sniper's battle?" This is the modern technological version of the "auction floor bidding war," taking place at the last few seconds. Moreover, snipers can still lose at the last second, if the highest bid has been made via proxy bid earlier. So, what exactly is the problem with the process? For the folks that don't want this electronic drama, there are fixed priced auctions with best offer provisions--I have gotten some of my best finds over the years via this route.

 

Ebay should ban sniping, imho. Or at least software-assisted sniping.

 

If I really want a coin bad enough I wait until 2 seconds left before submitting.

Ya win some, ya lose some.

I just hate having to wait though....

 

Sniping is a childish action I think. I have fun ruining their play sometimes if theres something I really want. If something is worth $100, instead of messing around I'll just throw a bid for $1000 in. Nearly every time I get the item for under value and even when I don't it never goes much over. I just dont have time or the patience to play games.
Guy

 

The point is, if people want to bid on an auction, they shouldn't have to be forced to buy additional software to be able to compete. Many people don't even know it exists. But those same people might be willing to pay more than the guy who has the software if they have a chance to respond at the end.

It's easy to forget that there's two people involved in a transaction. We tend to only look at it from the buyer's perspective. The guy on the other end is trying to get the most for his item. Ebay sellers have to put up with a lot and take on a lot of risk these days. On top of losing 12% of every sale to ebay. It takes a 12% profit just to break even using ebay. They could throw sellers a bone and increase their own profit by implementing a time reset policy. Even a 1 minute recurring reset would change everything.

There's times when I would like it and times where people are going to overpay more and you'd lose stuff that you would win right now.

 

You don't need to "buy additional software". eBay provides a countdown timer right there on the bid-confirmation dialog box. Just wait to hit the button until there are a few seconds left.

If you really do want a software-based solution, there are numerous free facilities. I use them occasionally, either to reduce stress on myself (I don't really enjoy the "excitement" of watching an auction's final few seconds tick by), or to snipe something that's ending in the middle of the night (a good time to find bargains) or the middle of the work-day.

 

Well, for one Heritage has some wicked buyer's fees staring you in the face. Whether it makes a difference or not, I believe it has a psychological impact on people. They are not as well known and not as easy to use. Some people have said they don't like the delays. So while you might have less competition there, you may have a bigger hassle.
Live auction prices are typically not less than ebay. I've seen it myself and there's a post here about every other week from somebody complaining about people over-paying for coins at live auctions.

I'm not sure how this applies to the discussion at hand concerning auction timers affecting final bid prices?

 

So says you. NO difference between sniping and bidding your best bid at the very end of an auction before the gavel falls. You are personalizing it, and that isn't what it is all about. If you don't have the patience, deal with fixed price shows or minimal bargaining situations. There are always people who like to pay retail.

No different from any other purchase. Prices are always at what the free market sets--what the seller wishes to sell for, and what the buyer wishes to pay. It is the same as buying a car, except that there are more than two parties in this sale situation. However, I see it as the free market at work, and totally acceptable. No need to change what works. If you don't like the auction process, there are many more venues in which to shop for coins. In any auction, the choice is YOURS--you don't have to bid, nor buy. You can pass, and look elsewhere.

 

I find HA and other auction sites realized prices way higher than ebay and that is even taking into account BP & shipping. More often than not Ebay prices seem to be dictated by 4 things: timing, sellers' reputation, description of the listing and bidding activity (lets say an item has MV of $400 and bidding hits $350 days before auction closes, snipers seem to shy away from it leading to the item going for less than MV). It is often easy to take advantage of those 4 things and get bargains.

 

Then the stock market should ban last minute trades. Same exact thing--supply and demand.

 

I agree. I've done it both ways. I've used the software before. It worked great, but I'm not buying stuff often enough to make it worth paying for. I usually tend to make one larger purchase every month or two as opposed to 50 purchases a month. So the software isn't worth it to me.

I don't enjoy the excitement either. When it comes down to something I really want, the losses hurt worse than the wins feel good to me. But it's all in how the game plays out. Most people fool around only trying to outbid the last person by a buck or two. I usually let them fool around and then enter in a very high price at the end to clear it all out. If somebody else is employing my tactics, then the price skyrockets. lol But usually it just clears out everybody and you win. If you have to have something.

Back when I briefly got back into baseball cards years ago, there was a rare, 1/? Nolan Ryan patch card that had a really cool piece of jersey patch on it. I wanted it pretty bad. I let my emotions take over and threw in a high bid with 1 second remaining. The other guy must have wanted it worse. The same high bidder won, but I made him pay $150 more for the card. lol I was the only one trying to outbid him. I'm sure the seller was happy. The buyer probably thought it was a shill. I've only had this happen a couple times. Sometimes it's go big or go home.

 

No way it's the same thing... stocks are common and there are millions of each stock available. Many of the items on ebay are unique, in one way or another.

There was a set of War Nickels available on ebay about two weeks ago that I really wanted, but didn't really have a clue as to their market value. I threw in a bid of $78 and was outbid with a minute to go... upped my bid, was the high bidder, and was sniped with 3 seconds left... didn't have time to throw in another bid, and guess who lost money? The seller and ebay.

 

Of course it is the same thing. It is supply and demand. I hear a lot of whining on this thread--probably from people who have lost auctions to better snipers than themselves. The analogy of the stock market is the same, however. Unless you are bidding on an 1856 Flying Eagle cent, there are usually MANY coins of the type that you'd like. There is no compulsion to win a particular auction, or never get that coin, unless it is a one-of-a-kind, and those are quite rare on E bay. So, basically, like the stock market or your local car dealer, it is buyer's choice--don't like the price, don't buy. Also, if someone is willing to pay MORE for the item than you were, is that really bad? it is a fact of life--only in supermarkets or restaurants does one have a "totally fixed price" situation. I have always said "don't like the price, don't buy the item." If someone else beats you to it on an auction, it just means that he/she was willing to pay more, or that you didn't want it badly enough to pay more. Same as any other purchasing situation. I once lost a purchase of a house over $500--the other buyer bid that much more than I did. Was it pleasant to lose? No, of course not--I was in the process of trying to finalize a deal, and the person beat me out at the last minute. It is the way a free market goes.

 

Every coin i had bidded on in the HA CICF signature Chicago auction went for more than any similar coin listing in ebay and in some case far less in ebay due to seller not listing them properly.

 

The problem I have with most coin auctions is that a lot of people consider the bidding process a "game".

They outbid you...to give themselves a feeling of accomplishment. These people don't care if they overpaid a few bucks, they have the coin, and you don't.

Lately I have been having better luck at BIN's. I buy the coin, done. No "bid wars"...no waiting hours upon hours for the auction to end, no chance of getting snipped, etc.

The past 3 coins I purchased, were bought cheaper than the coin with exact same grade, mintmark, year, toning, etc sold for in auction.

I think people get too tied up in auctions, and make impulse bids. Thus the coin has realized more than you could of bought it for.

 

Why didn't you throw in a higher bid to start with. Your max bid is not shown as current until you exceed it? I am a 3 second bidder, but I have carefully calculated what my max will be. By waiting until the last 3 seconds, I can't 2nd guess my self and make a stupid overbid. If a person can't calculate the value, they are bidding emotionally and would possibly lose even more money if the auction was extended.

I often lose out even at the last second as someone thought it was more valuable to them, but I can't whimper about it as I made my highest offer, and if that bidder wanted to offer it to me for what they paid for it, I could easily say no. Bid what you mean and stick with it. True with coins, gems, art, etc. and at Ebay, HA, Stacks, Coin Show auctions, etc.

Jim

 

I also find myself using the BIN on ebay more than bidding. There is less hassle and what if you're not home? I know most people have mobile internet access but I bet you won't be checking out ebay at your job.

But when I bid I usually wait until the last second. I don't increase my bid by a few bucks. I put in the highest amount I'm willing to pay, if I'm going to get outbid the other bidder must really want the item a lot more than I.