Reserve prices and sales strategies

I was bidding on a pretty rare gold coin tonight... 10% off center strike. It had a reserve, and I got tired of creeping the bid up and up, so emailed the seller asking what the reserve was. Basically, he refused to tell me. Does this make sense at all? He told me to do some research and see what it is worth. Told me I would find out the reserve if it was met. I told him I might be willing to pay the price if I would know what it was, but he refused. Odd.

 

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Of course he/she refused.

The idea is to get you to keep bidding up.. up... up until the reserve (a price that you probably wouldn't be comfortable paying!) is met.

Good thing you got tired of creeping the bid up. He'd have been more than happy to see you head straight off the cliff... as he laughed all the way to the bank.

 

But now I just am put off with even dealing with him. He is a pawn store too. I asked him if he puts prices on items in the store, or just has the customers keep guessing the price. Lol

 

That's why, when I make a rare Ebay purchase, I just purchase "Buy It Now"s, and avoid all the freakin' games.

 

Reserves are generally considered dumb on eBay.
There is a fee for using a reserve.
Sellers would do better to start their auctions at the minimum they would accept OR use a BIN.
Also people generally believe that IF a seller has a reserve there is nothing wrong with disclosing it.

If I encounter a reserve I just bid the max I'd be willing to pay.
If my bid doesn't reach the reserve then IMO the item is overpriced.

OP's main problem now is the seller may have put him on his Blocked Bidder List.

 

Not that it is ethical but I have buyers do this on my listings every once in a while. They will put in a fat finger bid & bid jump the price to get over the reserve ( I actually don't do reserves but on a rare occasion) or the high bidders number & then cancel the bid right away because they entered the wrong amount.

 

Whenever I open up an auction listing and see "reserve not met" I move on to the next one. Either start the auction at the minimum price you are willing to accept or take the risk with a true no reserve auction. You can't have your cake and eat it too.

 

I don't understand the point of the reserve. I've never bid on a coin with a reserve that actually sold. It seems like a waste of time.

 

Somehow, I don't think that will be a problem.

I've used a reserve before, but that was before the days of BIN. I would have gladly disclosed the reserve to anyone who asked. (I don't recall if anyone ever did). In fact, it might have been posted in the listing description. The seller in this case is being ridiculous.

 

The only point of having a reserve is so you get more people interested and looking at the coin if you start it at a lower price. I don't know if it usually makes a difference, but I have seen some crazy bidding wars on Ebay.

But then you also lose some bidders who don't like to bid on items with a reserve.

 

I ended up re-bidding once more, and was not blocked. I got tired of playing the game though, so did not bid again.

 

I've placed a reserve price before, but not on coins. Usually on an art piece that has sentimental value or on a museum quality item. Every time I listed a reserve price I was glad I did. Well, I was glad I did, if the item sold of course. I've also had bidders ask me my reserve price. At least once I gave it out but not every time. I told the bidder who asked me that if I told them my reserve price, it wouldn't be fair to the other bidders. I figure if I set a reserve price then it's my right to keep it secret. You gotta realize some people who ask what the reserve price is, are simply "looky loos", and nothing more. In that case, how is the seller supposed to know you're for real?.

 

Who cares if they are for real? How is not fair to others? Bidders just want to know if they are close enough to keep bidding or not.

 

Here's my deal with reserves. I have a budget I stick to when buying coins. If I bid on something substantial then I won't bid on something else at the same time. I have bid on a couple of auctions online where my bid met reserve but no one bid against me so the coin didn't sell. It ties my budget up on a coin that can't win to where I can't bid on something else, not to mention wasting my time. I don't do reserve auctions.

 

You obviously wanted to know how close you were so you could keep bidding. Not everyone asks for that same reason. The bottom line is the same, the person who places the reserve has the right not to tell anyone.

"The reserve price is hidden from buyers, but some sellers include it in the item description or tell buyers who contact them and ask what the reserve price is. However, you aren't obligated to reveal the reserve price."

 

Just put in your highest price and be done with it. You win it or you lose it.

Why all the drama?

 

Knowledgeable sellers know what price they want for an item. Wasting your time incremental bidding shows you are looking to get a piece on the cheap. I never use reserves on ebay. It is stupid. Set a "Buy It Now" price with the option of "Make an Offer." I always consider offers, but a real low ball, unrealistic offer will get you blocked from my listings.

 

Buyer's will always put a high reserve on their items so if it is met and your the buyer, you're locked in on the purchase if no-one bids higher than you. Stinks but they want to get their money on what they pay for putting the reserve price on it. If you contact the seller and ask what the reserve is on the piece, they should tell you, those who don't are jerks to me.

 

I will never - ever understand the logic behind a hidden reserve.... I view a hidden reserve as a complete waste of my time, as a bidder.

That's why as a seller, I start everything at 99 cents and let it fly !!!

 

How is that a problem? I don't do business with people who play games. I wouldn't be surprised if some unscrupulous sellers intentionally set an astronomical reserve, just so they can see how high someone will go so that they can bait the person later with a high open bid auction or BIN.