Bruce is exactly correct
At 03:59 PM 9/28/2009, Bruce Hershenson wrote:
The below is remarkably uninformed. The vast majority of bidders who
bid in the closing five minutes (thus extending the auction) bid
EXACTLY one increment over the existing high bid. because they know
to a certainty that if they ARE outbid, they now have another five
minutes to re-bid.
Say the bid is currently $310. At this level the bid increment is
$10, so the person enters $320. If he/she is now the high bidder,
then they have to make it through the next five minutes, and the
item is theirs, and if someone else outbids their $320 bid, they
have five minutes to notice that and bid again, only this time $330.
What if the $320 bid were outbid, because the $310 proxy bidder had
a "left bid" of over $320? If the left bid was say, $400, then when
the bidder bid $320, he would immediately be told he was outbid and
that the bid was now $330. He could then either give up, or
immediately re-bid, only this time $340, and each time he would have
the opportunity to bid again, for a full five minutes.
A person bidding this way (which as I say, is the way the vast
majority of bidders who bid in the closing five minutes bid) can
never be "run up", because their high bid is always the current bid.
Contrast this to the auctions with no time extension. THERE, when
you are watching the item with five minutes to go, and the bid is
currently $310, you have to enter a much higher bid to have even a
reasonable chance of getting that item, BECAUSE YOU WILL NEVER GET
ANOTHER CHANCE TO BID WHEN THE CLOCK RUNS OUT.
Now of course, if the auction does not have sniping, then you must
enter that bid with the auction itself, and they now CAN "run you
up". So actually the auction that has time extensions actually has
far greater protection against the bidder being "run up".
You ask, what about the auctions with fixed time ends that DO have
sniping? Yes, in that case a sniper has equal protection against
being "run up" as in a time extended auction. But that is only true
if the auction that has sniping lets its bidders know of it! I would
bet anything that most of the members here had NO CLUE this auction
had sniping. A cynic might say that they don't want their bidders to
know they can snipe THROUGH A THIRD PARTY, because then their snipe
bids are hidden from the auction house.
But the real test of whether auctions "run bidders up" is NOT
whether or not the auction has time-extended auctions, but how often
bidders who give high "left" bids get items for FAR under their
maximum, and how often bidders who give high "left" bids get items
for EXACTLY their maximum, or just slightly below.
I KNOW from my bidders that they OFTEN get items for FAR under their
maximum, and I have heard far too often of bidders at certain other
auctions who give high "left" bids and who get those items for
EXACTLY their maximum, or just slightly below.
Bruce
On Mon, Sep 28, 2009 at 4:38 PM, Sean Linkenback
<<mailto:[email protected]>[email protected]> wrote:
Extended bidding (especially with an auctioneer that hosts their own
auctions) merely allows the auctioneer to see what items are being
extended, check the high bids and then run them up if they wish.
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