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 Replies: 10 / Views: 238 |
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Valued Member
Australia
101 Posts |
*** Moved by Staff to a more appropriate forum.  ***Ok so I been on ebay as a buyer of coins since 2012. It started off with ancient coins, I was getting good value from a wholesaler in the UK. I accumulated a large collection. Then in 2018 the Australian government introduced 10% GST sales tax on purchases under $1000Aud. These coins I purchased were on auction. I would wake up at odd hours to bid. After the government introduced the 10% GST I stopped buying from overseas. I started coin roll hunting from banks. I would bid on coin lots in Australia past few years as there is no 10% GST on purchases within Australia. Now ebay have introduced an "extension of time" of 60sec to stop bidders "sniping" at the last few seconds of auction. I admit that I won my auctions by sniping, now I cant see the point in bidding as the new system encourages bidding wars and ebay enabling higher bids after close of auction. Therefore buyers getting less value and paying more. Sure some auction houses use extension of time at close of auction. Has it changed you're buying/ bidding behaviour? 
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Bedrock of the Community
 United States
27178 Posts |
As a seller, I love it.
As a buyer, I hate it.
Inordinately fascinated by bits of metal with strange markings and figures
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Moderator
United States
54295 Posts |
60 seconds isn't much of an extension, and anyone trying to beat a "snipe" bid will have to be at their computer at the exact time the listing was supposed to close. We will have to see, but I don't think it is going to result in significantly higher ending amounts.
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
 United States
6863 Posts |
I think the current system is almost like a sealed bid system. If a coin is contested, everyone waits until the last few seconds and then submits their max bids. Then the system sorts out who won. That isn't really like an auction. In fact, it encourages people to do nothing for the first 6d 23h 59m 50s of an auction.
This change will force a more auction-like activity into the end of an auction, so that buyers can compete with each other. For desired coins, it will probably result in higher prices. That will help the seller to get the highest possible price for a coin.
As a Cherrypicker, this change will make my task harder. It probably doesn't change situations where I am the only bidder, because 60 seconds would require competitors to be online and looking at that exact moment.
I do think there is a hazard of sellers using strawman bidding accounts via automated software to try to pump bidders for more money.
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Forum Dad
United States
24220 Posts |
Remember Yahoo Auctions? They tried auction extensions. People hated it so badly and left that Yahoo Auctions shut down a little over a year later.
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Pillar of the Community
United States
7719 Posts |
ebay is not trying to stop snipers; ebay's ultimate goal is to drive up prices to increase their 'rake' on final value fees. Kicking up the final value fees with the usual "dear John Q Seller letter" wouldn't be too popular right now. Eventually, ebay will get that 13% FVF to 25%. That day is coming!
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Pillar of the Community
United States
937 Posts |
I overheard conversations at work years ago between some people who were listing things to sell. One asked the other to bid on an item because the price was going too low, and the auction was ending. Implementing this policy will just encourage more of that behavior and will degrade trust in the system, in my opinion. It sort of reminds me of beezid bidding.
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Pillar of the Community
United States
1580 Posts |
Bobby, I hadn't even thought of Yahoo's platform in years! I do wonder what it would take to dethrone ebay as the major selling platform at this point, if it's even possible... |
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Pillar of the Community
United States
6863 Posts |
I think as a general online auction venue, ebay is a quasi-monopoly. |
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Pillar of the Community
United States
943 Posts |
I didn't even know this changed.
I assume that's why I get an email telling me I'm winning before I actually get an email telling me I won.
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Pillar of the Community
United States
5880 Posts |
I usually do buy it now or make offers, or just put in my highest bid and wait and see.
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Replies: 10 / Views: 238 |
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Posted Today 8H 53M ago
