Bidding Strategies

[Runscott]

Okay, as I sit here with a great bottle of red wine, keeping four auctions alive, and having just disappointedly NOT won a card with a couple of seconds to go, I finally understand why people don't just place a ceiling bid and go to bed.

This is much more fun. I'm going to win something, maybe something(s), but I'm not sure what.

[YankeeCollector]

I will NEVER place a ceiling bid. I just dont trust anyone and Legendary has had some problems in the past.

[Runscott]

Originally Posted by YankeeCollector

I will NEVER place a ceiling bid. I just dont trust anyone and Legendary has had some problems in the past.

Are you still in the game? I'm leading 3 and about to revive 2 more. All low-dollar stuff - can't wait to see what the big boys win.

[doug.goodman]

In an auction like ebay with a fixed end time, the logical way to spend the least money is to bid your maximum amount at the last possible second.

In an auction with a moving end time, the logical bid is the next increment at the next possible second. You have to outlast the competition.

Doug

[YankeeCollector]

Originally Posted by Runscott

Are you still in the game? I'm leading 3 and about to revive 2 more. All low-dollar stuff - can't wait to see what the big boys win.

im waiting on one. I won the Cobb Oxford and Cobb Maple Crispette and the 1961 Kahns Set with Clemente in a 9.

[Runscott]

Originally Posted by YankeeCollector

im waiting on one. I won the Cobb Oxford and Cobb Maple Crispette and the 1961 Kahns Set with Clemente in a 9.

Congrats. One more item and I get some sleep.

[zljones]

Originally Posted by doug.goodman

In an auction like ebay with a fixed end time, the logical way to spend the least money is to bid your maximum amount at the last possible second.

In an auction with a moving end time, the logical bid is the next increment at the next possible second. You have to outlast the competition.

Doug

I am one that is a sniper bidder. I bid at the last second for two reasons. One because when I drop that last second high bid the other bidder(s) often do not have enough time to think about how to outbid me since they have about 5 seconds or less to decide to ever try outbidding me. A last second bid puts other bidders in panic mode as they have to quickly decide what to do. and often bid too low. The second reason I do it at the last second is because I can not sleep if there is something going I really want, I sit there and I watch the seconds tick away.

Because of bidders that go to bed at decent times (unlike me) or are busy on Friday and Saturday nights (like I am), I always put up things I want to sell on Sunday nights at around 8pm central time. That is the most likley time everyone is relaxing and ready to bid before bed and they are done running around during the week or on the weekend.

[YankeeCollector]

Originally Posted by Runscott

Congrats. One more item and I get some sleep.

Lost the Honey Boy Near Set. Im done! Good Night

[Runscott]

Originally Posted by YankeeCollector

Lost the Honey Boy Near Set. Im done! Good Night

Sorry to hear that, but good pick up on the two Cobbs and the Clemente set.

[seablaster]

Originally Posted by doug.goodman

In an auction with a moving end time, the logical bid is the next increment at the next possible second. You have to outlast the competition.

Doug

What is your strategy for an auction that extends bidding on all lots until 15 minutes has passed without any bids?

In one auction, I acted as you described and somewhere past 3 AM before the 15 minutes was up, the auction ended abruptly. I was waiting until the last possible moment to up my bid. The auction house (rightfully so) stated they could end the auction at any time. I understand keeping all of the lots open into extended bidding produces the most revenue, but I'm definitely with the group of guys that thinks each lot should close individually.

[aquarius31]

For as much issues as eBay has it's still a very efficient and consistent source to get what you want. 99% of my cards and other memorabilia is through eBay and I don't have to worry about things such as extended bidding.

I typically snipe bid for many of the reasons previously noted. If there's under 1 minute before auction end and the price is too high I simply don't bid on it with only a very few exceptions. The majority of the time when I do win an auction with a snipe bid I'm pleased with how much I paid for it. The downfall is that other snipe bids can and do alter your max bid. Also, one of the worst feelings is when your Internet crashes or you have that 'random' distraction from your wife causing you to not bid at all.

[Jewish-collector]

A good bidding strategy that the big boys do (since many of them are all friends) is they work out agreements on WHICH lots they are going after. Bidder A says he will go after lot A in Legendary Auction so bidder B will not bid. The favor is returned with a different lot that bidder A passes on in the same auction, maybe the next night.

[bobbyw8469]

[QUOTEA good bidding strategy that the big boys do (since many of them are all friends) is they work out agreements on WHICH lots they are going after. Bidder A says he will go after lot A in Legendary Auction so bidder B will not bid. The favor is returned with a different lot that bidder A passes on in the same auction, maybe the next night.][/QUOTE]

The only bad thing about that strategy, is that if the item is TOO cheap, then a wildcard like me will bid it up!!!