Quote:
Originally Posted by perezfan
It's weird, and occurs way more than any statistical analysis could support. An auction can be open for 2 weeks. A given item has no bids. I place an opening bid, and less than two minutes later, I am magically outbid. Happens repeatedly all the time...
I've always chalked it up to a hidden reserve, as any other explanation seems too far-fetched to hold water. Maybe someone here has a better explanation?
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Actually I think Steve nailed it. With Chad's thoughts also being a possibility. I know as a buyer I search by recent bids, and it definitely brings things to my attention. Then, in our auctions if you are the only bidder on an item before extended bidding you automatically win it at 10pm on closing day, so that can disincentivize bidding on it early and hoping it slips through the cracks. However once someone else has bid on it, you have to get your bid in to be eligible for extended bidding on that lot, so there's no reason to wait anymore. If it happens in our auctions I can assure you it's not "funny business" on our end, and it's not the consignor directly (though it is hard to catch someone if they are determined to have a buddy bid on their items)