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 Replies: 8 / Views: 1,475 |
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Pillar of the Community
United States
500 Posts |
I'm not sure what all dynamics are at play but I've noticed some of this phenomena playing out on ebay. Another place I notice it a lot is in casinos. People do not want to sit down at an empty table and "be the first". I sometimes prefer to play alone but the second I sit down at a table that's been abandoned for HOURS, then someone else sits and very shortly it is full. Just a "taste preference" but sometimes I like to play ultra fast and reach my loss-limit or win-goal fast and move on. But others sit and slow down the game to a crawl. I end up moving to another empty table only to have it get crowded in seconds as well. In ebay auctions I see it most with the min bid/BIN combo. Someone will offer a coin at say $30 opening bid or $45 BIN. If I like the coin at $30, I don't dare bid on it before 5 seconds until it ends. Because if I bid the $30 before that sure enough someone else will outbid me. They won't want the coin themselves at $30, but the second someone else wants it they start bidding! It's some weird pack mentality thing as if the coin gains in value by someone else wanting it. Either that or there are a lot of shills being employed! LOL Speaking of shills. I don't remember who, but some poster here was lamenting being booted from ebay for some period. They CLAIMED their mother just happened to want to buy a few coins they had in auction and just happened to be at their house/computer bidding on them coincidentally. WOW, talk about trying to sell a fantasy-land story.  I'd like to see ebay actually root out shills more. If the same couple buyers bid on the same seller's items - exclusively - it shouldn't be at all hard to spot that and investigate. But I guess there is little incentive for them to stop it really. It only makes them more $!  |
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Valued Member
United States
124 Posts |
I see this at live auctions all the time... Noone will be interested in anything till they see someone else bid, then everyone wants in. I think this is due to the idea that if person A wants an item then person B concludes that the item must be worth having if someone else wants it...
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Pillar of the Community
United States
716 Posts |
I agree. I think if a coin has been up for auction for quite a while and no one has bid it, people think 'there must be something wrong with this coin that I don't see'. But as soon as someone else bids on it, it dispels their initial fear and they start bidding on it. So you are probably right in waiting to the last minute to bid.
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Pillar of the Community
United States
539 Posts |
that may be but I suspect it is more like folks don't bid right away because they have been or think they will be successful by sniping the auction. And I'm not here to state my opinion on sniping - just saying I think that is why folks wait. If someone else bids then you lose that first bid position meaning you are destined to have to bid more. I don't do it this way so I'm not really affected a whole lot. I lose a lot of auctions but I lose them because I have no desire to bid that high. I place my highest bid fairly early and then I'm done. If there are shills and I'm the highest bidder they are trying to get to bite, they end up winning their own auction. I don't bite.
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Pillar of the Community
 United States
500 Posts |
EXACTLY. It's like they "see something wrong" just because no one else wants it. But then overlook GLARING issues if others are willing to as well. I personally don't "get that", but it happens so often it is not a coincidence!
It still amazes me how many will bid on such obviously scrubbed/bleached/altered coins, and yet some real underrated gems go unbid on at all when the min bid is a reasonable price. It defies the "supply and demand" kind of argument.
JMHO
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Pillar of the Community
United States
500 Posts |
I hear you weavus, but in my limited experience no one else is waiting to bid at the end of the ones I have done this on. So mine is the 1 and only bid. But the few times I put in the minimum earlier, even 5 minutes before, I then get outbid by someone! Could be a shill, but then why didn't they OPEN UP bidding in that case. Why wait until the end to shill?
I think many do what you mention - bid the max you're willing to pay and then let it "sit" and so-be-it. But my point is that you'd likely WIN a lot more auctions if you wait until the last second to put in that max bid instead of doing it earlier, because so many folks seem to "follow the pack" early or late.
I think I've only won one auction where I put in a "true max" more than 3 seconds before closing. Yet I've been the sole bidder on 20+. If a lot of folks were sniping then I'd have competition at the last second.
I admittedly have not been doing this long/much tho! I'm also surprised how many folks get in a bidding war and push the bids up to well past "retail list prices" hours or even days before the close. Lots of folks go crazy with the "win-it fever" IMO. LOL
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Valued Member
United States
294 Posts |
Quote:
I don't dare bid on it before 5 seconds until it ends. Because if I bid the $30 before that sure enough someone else will outbid me. I'm sure you're not the only one waiting till the last minute to bid. Sniping seems to be a way of life on ebay. Quote:
It's some weird pack mentality thing as if the coin gains in value by someone else wanting it. No, it's more likely supply and demand. And sniping. Not saying it's not shill bidding, but here are some other possibilities. Quote:
I see this at live auctions all the time... Noone will be interested in anything till they see someone else bid, then everyone wants in. I think this is due to the idea that if person A wants an item then person B concludes that the item must be worth having if someone else wants it... I also see this (and do this) at live auctions all the time. The auctioneer will start the bidding high, then gradually lower the amount until someone opens the bidding. Then everybidy wants a piece of the action. It's looking for the bargain. I have seen items start at $50, go to $5 until someone opens, then have a hammer price of $75. It's part of the game at live auctions. |
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Pillar of the Community
United States
500 Posts |
I've got zero experience at live auctions so I don't understand the games and stuff. I have seen parts of a couple episodes of that one show where they auction off abandoned storage units. The headgames they play are just stupid. Like bidding on lots they don't want just to get their competition to waste more money on them - hoping that it will mean they'll be less able to then bid hi on lots they really want instead. What a bunch of garbage! Suckering and cheating others is a sickness, IMO. I detest the "used car salesman" mentality so many take in so many endeavors these days. Some angles and ploys are stand-up, but many are just plain sleazy rip-offs. RANT OFF
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Valued Member
United States
294 Posts |
Quote:
I've got zero experience at live auctions so I don't understand the games and stuff. I have seen parts of a couple episodes of that one show where they auction off abandoned storage units. The headgames they play are just stupid. Like bidding on lots they don't want just to get their competition to waste more money on them - hoping that it will mean they'll be less able to then bid hi on lots they really want instead. What a bunch of garbage! Suckering and cheating others is a sickness, IMO. I detest the "used car salesman" mentality so many take in so many endeavors these days. Some angles and ploys are stand-up, but many are just plain sleazy rip-offs. RANT OFF Keep in mind what you're seeing when you watch those shows is very similar to watching the WWE (or, as we called it as a kid, "Studio Wrestling"). Live auctions (not staged) are a little different. Sure, you got a couple now who watch too much TV, and the silver market has made some people insane, which is why I avoid silver coins at auctions. What you have now are the people who come with a Red Book, or Coin World, or some other type of price guide. Very seldom do you somebody with a Grey Sheet. This is a direct result of the information age. |
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Replies: 8 / Views: 1,475 |
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Posted 07/22/2011 1:19 pm
