Vintage Asylum

Low openning bids attract bidders

216.129.31.125

In Reply to: RE: Why? posted by Phil D on March 31, 2008 at 21:40:53

Looks like you've discovered the disadvantage if eBay is now cancelling BIN when the first bid happens -- thanks for that: I wasn't aware they were doing that.

If you're a high-volume commercial seller, you might find that low opening bid and no reserve yields the highest prices on average over time. Maybe so, but I'm not in the category of commercial seller. I can't afford to take the risk that my item will sell well below the minimum I need to get for it.

In the end it's not the number of bids, but the final bid that counts. I don't think bidder competion is such a bigger factor anymore. For 85% of what I buy or sell the winning bid happens in the last few minutes or seconds -- I suspect a high proportion of serious bidders use a bid sniping service -- I do.

As a seller, I set my opening bid at the minimum that I need for the item. Often bids are slow coming but in the end I doubt that I've gotten less on account bypassing the low-ballers. As a buyer I bid the maximum I'm willing to pay using a bid sniping service. I don't usually up my bid during the auction, and never do so on account of what other bidders are doing.
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