Canceled my winning bid…

Then you should be buying retail, not auctions. This is the reason @delila1 said:

 

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A few things I would never do.
Bid in an auction without reading and understanding the terms.
Agree to buy anything without understanding the terms.
Walk out in front of a bus.

 

If it was confusing to everyone I would not expect anyone to participate yet here we have many to choose from. If your confused then stay out. You are disrupting someone’s business when you fail to pay for your bid. They have real expenses and need the commission to keep their doors open. They need to intake, protect, insure, verify bidders and ship. Marketing, admin overhead.

it sounds like you have never owned or run a business. Respect the auction or stay out. It’s not their job to adapt to you. You are not that important.

 

Of COURSE it is confusing to everyone. That is why they do it. As for your in depth study on human behavior, please explain the use of slot machines and participation in the state lottery.

 

Not a good mantra. It is true though that I don't run a business. I work in a world class museum and previously worked for auction houses.

 

I still don't understand what anyone finds confusing about bidding in an auction. One simply figures out what he is willing to pay subtracts any buyer fee + plus sales tax + shipping from it and bases his high bid on that amount.

In truth, there is no such thing as a "buyer's fee". Since it lowers the final hammer price it is much more an additional "consignor's fee."

 

If it did that to any substantial amount, no one would do it. The purpose of an auction is to get everyone worked up in a frenzie until they all wildly overbid.

 

No, the purpose of an auction is to sell an item for one bid increment over its value to the second highest bidder. If an auction lot with a 20% "buyer's" fee is valued by me at $1000.00 then I am not going to bid over 800.00. Anyone who does bid over 800.00 obviously valued the item at more than 1000.00.

 

Well that is the party line, but it is really about running up bids by creating hysteria. This is not a theory on cointalk. This is an established economic observation discussed as early as Adam Smith, and not unique to coins.

 

https://blogs.cornell.edu/info2040/2015/10/15/auction-psychology-emotions-behind-bidding/

 

https://mindhacks.com/2012/09/19/bbc-column-auction-psychology/

 

Like I figured you have never shouldered overhead and have no understanding of the ways poor behavior harms your business.

not impressed with “world class museum” I’m not going to get into a “I’m better then you”. My point was you don’t appreciate how these things work including costs of business and overhead, which is actually pretty ironic that you worked in an auction house and don’t understand or appreciate the costs and impact of poor behavior.

you just checked in and cashed your check every two weeks

 

https://www.sciencedirect.com/science/article/abs/pii/S0749597804000925

Let me know if you need more references...

 

Yeah - that is wrong and irrelevant and you are getting close becoming irrelevant to this entire discussion. Try to restrain from the personal attacks and remain on the topic.

 

No - but I can appreciate the story of the Emperors New Cloths. Instead of correcting behavior that would end the consumer fraud that auction houses routinely engage in and encourage, they double down to protect their profits. There is nothing new about this story.

 

I generally get paid monthly and I am underpaid for my value considering the monetary value of my responsibilities.

Here is more references for you
https://www.stimmel-law.com/en/articles/law-auctions

http://www.cis.umassd.edu/~hxu/Papers/UMD/CSR-2009.pdf

Try not to puff to much about being the last defender of western capitalism. It doesn't help your argument or enhance your image.

 

Once again, it is a logical impossibility to "overpay" for anything. Any price if you are willing to pay it is equal to or less than the value of the item to YOU at that particular point in time.

Is it possible to pay more than an is worth to any other bidder? Of course it is--otherwise the auction would continue. Is is possible to pay more than one would have been willing to pay at some other point in time? Yes, again, but that has nothing to do with what one was willing to pay at the time of the auction.

 

Not under the law, and not in capitalist theory and NOT in the Judaic Christian ethic. There is overpaying and price gauging and consumer fraud.

 

So how is a plainly stated auction requirement to pay the auction house X amount over ones winning bid "consumer fraud"? Should the auction house try to tack on a premium after the auction that could be considered as such, but that isn't the question here.