Quote:
Originally Posted by bn2cardz
The idea of "you should put in a max bid and leave" only works if you are only going after 1 item or have unlimited resources.
When I am bidding in auctions I typically find I am interested in more than one item and I do have limited resources so I have to make sure all my current max bids don't exceed my budget. When I get out bid on one lot I can maximize a bid on another lot, but if I don't get outbid til I am in bed than I can not move my bids around.
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True enough, but also under the system you prefer you're still going to have to make allocation choices to get initial bids in, and you will be limited to those items to which to move your money when you start getting outbid on others. You might wish you had more choices when the outbidding starts. Clearly, the AH that decides to keep everything open to all bidders thinks that there's more money in that, and the AH that doesn't feels that their system is the most profitable. No matter what the system, there is always another auction just down the road. And there doesn't exist the item for which you are willing to pay anything to get it, so take your losses with your wins, and move on.