Posted By:
identify7Charlie: Apparently you have been fortunate in your bidding thus far. But not all of us have been so lucky. The following is an example of one of the pitfalls of bidding your max bid early, from my experience.
There was a card which I had to have, and I was willing to spend up to $750. for it, although I knew it should sell for about $500. I wasn't going to be around at the time of the bid close and I had no automatic sniper, so I bid $750 with two days left.
As the auction was drawing to a close a series of bidders kept pushing my envelope higher, eventually even over $500. With still several hours left one tenacious bidder kept bidding $10. increments to just above $650.
I guess that it was human nature to assume that my max bid was just over the horizon. But I had to have the card. And I won it at a little over $650. Of course, this was way less than my $750. max. But it was way more than if the "just over the horizon" wishful thinking of the alternate bidder did not come into play.
A last minute showdown of max bids eliminates this wishful thinking of "just a little more and its mine". And it prevents your bid from being needlessly raised.
It could be that the alternate bidder may have bid $650. no matter what - but I don't think so. I won the card and it is real and spectacular and I have no regrets. But I believe a showdown approach insures the lowest winning bid.
Maybe until you see it in "black and white" = green, you won't fully appreciate the logistics.