eBay and winner mentality?

I've been watching for patterns in bids on eBay and I'm perplexed. Maybe there's something that I've missed but to me it seams people are bidding to the moon just to win? I've seen it on more occasions than I can remember, people paying way more than retail prices and this is regarding PM in general but I guess it can be seen everywhere. Is this normal?

 

Log in or Sign up to hide this ad.

Yes, they're called bidiots. Most honest people tend to put in their max bid and walk away, if they win they win. They don't bid to win.

 

Perhaps you could use a couple of examples to see that you mean.

 

"Honest" people? How are bidiots, in overpaying, not also being honest?

 

LOL LMAO! The funny thing is that I had that exact thought as I was typing but went with the wording anyway lol. It's only 9:18 and you've made my day. I should have said something along the lines as "professional" or "experienced" collectors.

 

It would appear there are bidiots a plenty out there with a healthy supply of cash. I can get almost cranky sometimes seeing auction after auction just going for ridiculous overprices.
It drives up the expectations of sellers too...

 

Yep!

 

You can almost always get better deals using Buy it now than auction format. Make sure your F5 button works well

 

I wouldn't call everybody who's paying more than the book price a bidiot. Some people consider int'l shipping fees (which can range from 'for free' to about $50) the terms and conditions of a particular seller or other things as more important than the price. Maybe I pay more for a particular coin than any of you guys would just because I want to win no matter what.... but maybe other sellers do not ship abroad, do not offer free insurance or cash-back programs. Leave alone premiums for toning, special eye appeal, etc.

 

It's not just bidiots driving up prices, I will bet there are also shill bidders out there as well. I make plenty of solid bids each day on eBay and win very few items there now. TC

 

Sometimes depends on what it is you are looking for and I can see it from that angle, but not regularly. For the most part I agree, seems a lot of prices go up with no real rhyme or reason and just people getting into that "gotta have it" mentality, or shills. But, I've been known to nuke a bid here and there if it's a coin that I don't feel like passing up and I become "one of those people"...

Doesn't always work out tho. For example I did that with another member the other week for an Ike variety (not knowing it was him until after). I put a pretty high bid on it, over PCGS book simply because it was a registry coin I needed for the set, and it was the first time I had seen one come up. Won the coin, then the seller put another one up for sale right after. Apparently they had 2. Worked out well for the other member, as he got the second one for quite less. But, I have it now, and I haven't seen another one come up since, so in a way I'm happy even with overpaying since I did at least assure myself I got it.

 

Examples would work wonders for this thread. Oftentimes, if I bid on an ebay auction I will win it for significantly more than what many others would think it worth based upon published guides. Typically, what I have won is an unattributed variety or much better date coin that has fallen through the cracks and I can make significant money upon resale with a more accurate description.

Again, examples would be great.

 

Are the people bidding higher really the idiots, or are they the people who really think there is such a thing as a retail price for coins?

 

I still find some decent deals on raw coins and don't get burnt and have to return the coin as often as you may think. But slabbed coins, even basement slabs, go well beyond what they should go for. I guess it all comes from the notion that any coin worth grading has been graded by a reputable service. This couldn't be further from the truth, there are plenty of raw high end coins that are out there and as long as you take your time and educate yourself on grading and are familiar enough with the series to spot a fake, a bargain can still be found, even on eBay.

 

I agree with you completely, which is why I wrote twice that examples would work very well for the thread. There are many coins purchased from Heritage and then turned right around and listed on ebay with a 20%, 50% or more premium attached to them. Alternatively, there are some coins with poor images, incomplete descriptions or odd ending times that sell for quite a bit less than they might have if they had only been prepared well for the format.

 

Which answers your own question and proves my point...there is no such thing as a retail price for a coin, in so far as saying this is the price across the board. It doesn't exist. There are asking prices which vary from place to place, as you demonstrated, and as a search on any auction site or dealers inventory will show. But to assume there is a universal retail price that should set the bar is absurd.