Ebay Reserve Auctions

[Archive]

Posted By: Steve M.

I suppose that sellers having a reserve on their listing do so for a legitimate purpose, i.e. to protect their investment. Some sellers will disclose the reserve in the item description, some will not. Some sellers will specifically state in the description that they will not disclose the reserve. Now here is the rub:

An item on which I am the high bidder has not met reserve. Let us say that my bid is in the low four (4) digits. Another bidder places a bid in the low five (5) digits that meets the reserve. The reserve is in the mid four (4) digits. The bidder then discovers that he bid the wrong amount and immediately retracts his bid. Now two things have happened. The second bidder knows the reserve and I get an email telling me that I have been outbid. The email naturally tells me the current bid which is the reserve.

Now my question is this...how does our seller feel about the fact that two people know his reserve?

Oh, and by the way, the second bidder then placed another bid over my high bid but still under the reserve. I thought that once you retracted a bid that you were not allowed to again bid on that item.

Comments?

[Archive]

Posted By: Jim Manos

Do you have a item number...

[Archive]

Posted By: Joe D.

I have mixed feelings about people knowing the reserve.
In the end though, all I am hoping as a seller is that the reserve gets hit -
so if it works toward that goal / I shouldn't care who knows what.

As a buyer... I like to know the reserve - and sometimes ask the seller.

My fear as a buyer (and I thought this is where you were going with your message when I first started reading)... would be if there was an item I wanted, and I was the high bidder... but the reserve never gets tripped. Imagine sitting at the top bid / and not getting the item you wanted because not enough people bid against you (even if you were willing to bid higher).

[Archive]

Posted By: Judge Dred (Fred)

First off, if the person retracted the bid (after revealing the reserve) and then made another bid higher than yours (but does not meet the reserve) then I would figure that person wants to be first in line to make an offer for the item if it doesn't meet the reserve. It's kind of a cheesey move on the part of the person that revealed the reserve and lowered their next bid.

In any case, the seller probably put a reserve up ensure that they get what they want for the item. You now know the reserve. If you want it then go for it. If it's too much then skip it. At the end of the auction (if the item doesn't meet the reserve)you can always contact the seller to let them know that you're interested in the item. Maybe you can make a deal on it but I'd have them sell it to you via ebay unless you know and trust the seller.

Just out of curiosity, how much did the person bid on it (to meet the reserve) and what was the bid on the item after they found out the reserve price.

[Archive]

Posted By: Griffin's

I had an item up once and the bidder put in a stupid bid just to find the reserve and then retracted it. I just dropped the reserve slightly so when he tried to snipe it under that amount (to be the high bidder but not the winner) he ended up winning it.
I rarely use a reserve (I think it drives off bidders) but when I do and am asked will give a general number, within 10% or so. Keeps the serious ones in.

[Archive]

Posted By: peter ullman

steve...i believe the auction you're referring to is mine. I received an email from ebay/buyer id saying he "accidentally" bid a 5 digit sum and therefore retracted his bid. as naieve as i was when reading that email...i thought nothing of it. now i realize the motive. i set a reserve on my card to protect my investment and have chosen to not reveal it. i suppose this is one of the pitfalls of ebay/the reserve amount.

this topic has been discussed in the past when referring to rookie joe jackson cards and others and i don't know the solution. it's unfortunate.

how do i feel about 2 people knowing my reserve? i don't know! i don't think my reserve is out of line with this card...so I guess I don't really care. if the demand dictates the reserve $ being met...the card will sell...which is the point of the exercise. Otherwise i'll be more than happy to keep this card for now.
And...yes...I did lower the reserve twice...after putting more thought into my initial reserve. I wonder what the 2007 scd has these cards at?

pete ullman

[Archive]

Posted By: Steve M.

Hard numbers:

As high bidder I was at $2,118.88 (though that is not my high bid).

Second bidder bid $21,388.88 then retracted it.

Second bidder then bid $2,138.88 that kicked me up to $2,163.88 where I now stand.

Reserve not met nor have I been outbid.

Since Peter let the cat out of the bag yes it is his listing.

Response to Peter's edit:

I haven't seen SGC 2007 but based on 2006 your reserve is very reasonable. This is especially true given what the card sold for in Novemeber, 2005.

[Archive]

Posted By: warshawlaw

I don't care if someone wants to know my reserve; they could just ask and I'll tell them. If the item makes its reserve I will sell it and be happy so what's the big state secret?

[Archive]

Posted By: barrysloate

I do the same as Adam when I sell something on ebay with a reserve, and that is just tell the bidder what it is if he asks. The great majority of the time however I don't use reserves. But this is yet another of the flaws in ebay's system that they should address: since anybody can place and then retract a bid, all reserves can be revealed at no risk to the bidder. It really doesn't matter whether or not a seller has a reserve, as he is ethically permitted to based on ebay's format. But the fact that he has no way to guarantee the secrecy of it is a problem.

[Archive]

Posted By: Dave

If i put a reserve on something, generally I dont even put as high as SMR list the stuff for (not that PSA is accurate anyway), so, if I'm selling a T206 Bender portrait in a PSA 5, and SMR list the card at $315+, I may put a reserve at like $275, just so something crazy doesn't happen like someone getting the card for $175.

[Archive]

Posted By: Cobby33

I generally don't have a problem with disclosing a reserve. One disadvantge in disclosing a reserve is that sellers may miss out on a bidding frenzy trying to hit the reserve.

[Archive]

Posted By: barrysloate

Pretty much every internet auction, ebay among them, allows you to place a bid, check it to make sure it is correct, and then click again to enter it as official. Once you are given the chance to check it for accuracy, what is the need to retract it? I don't think you should be allowed to take it back at that point. Bidders have to take responsibilty for their actions.

[Archive]

Posted By: joe

Yes, Barry that is what I did in an ebay auction. I entered my number and instead of a decimal point or period, I entered with a comma by mistake. When reviewing I saw a real high number and just went back.

Joe

Ty Cobb, Spikes flying!

[Archive]

Posted By: anthony

i had a reserve recently where a newbie asked me the reserve and i told him...he came back with "how do i buy it for the reserve price, there isnt a buy it now, he wanted to work something out if it didnt reach the reserve"....i told him that the buy it now was there for people who didnt mind paying a couple extra bucks to own it now and that i expected to reach the reserve...someone ended up paying more than the buy it now...so i guess i made out and he lost out...knuckle-head newbie!

[Archive]

Posted By: barrysloate

Is it possible that if bidders knew they couldn't retract bids they would be much more careful? My complaint isn't that ebay is too lenient in letting bidders retract errors, it's that it has become a loophole in the system that sabotages the auctions of those who want to keep their reserves confidential.

[Archive]

Posted By: Joann

Ebay specifically says that retracting a bid that was placed only to discover a reserve is a big no-no. I can see how someone can inadvertently enter something too high and retract. But when the auction has a reserve the practice gets fishy in a hurry.

Even blind ebay recognizes this, and in their Bid Retraction guidelines and rule they clearly say that retracting a ridiculously high bid after reaching a reserve will get all the wrong kind of attention. The policy is you can't make a bid that you have no real intent on paying. I'd turn him in - you might actually get somewhere with it.

J