Sunday Morning Shenanigans?

[Runscott]

I'm probably through bidding in auctions that allow extended bidding to continue for ALL lots, when ANY lot has gotten a bid.

It just doesn't sit right with me when a stray bid gets placed at 2:00AM Eastern, 3-4 hours after the last bid on that item, especially when it pushes my winning bid up to my max bid.

Probably nothing funny going on, but it looks real bad.

[HRBAKER]

Scott,
In this hobby I think you have to assume the worst.
I bid in very few auctions anymore.
They are too good a playground for the ill-intentioned IMO.

Jeff

[Runscott]

Jeff, you are right, and I've known that since I began participating in auctions.

(not sure how to fix the above sentence, but it sure illustrates a problem with the English language ).

I have no complaints about the final price - I put in a max bid that, in my opinion, was still lower than the item's value. Normally, to avoid angst, I put in final bids and then don't look until the next day - that way, if more bids are placed, I can assume they were done so in a 'non-fishy' manner (the ignorance is bliss auction-watching technique).

I don't think the auction house did anything fishy - more likely that a consignor wasn't happy with what the item should have sold at, so threw in (or had a friend do so) a final bid to at least get a few hundred bucks back. Or, less likely, someone who had bid on this item prior to 10:00PM pacific, decided four hours later that it really was worth just one more bid.

[Leon]

Originally Posted by Runscott

Jeff, you are right, and I've known that since I began participating in auctions.

(not sure how to fix the above sentence, but it sure illustrates a problem with the English language ).

I have no complaints about the final price - I put in a max bid that, in my opinion, was still lower than the item's value. Normally, to avoid angst, I put in final bids and then don't look until the next day - that way, if more bids are placed, I can assume they were done so in a 'non-fishy' manner (the ignorance is bliss auction-watching technique).

I don't think the auction house did anything fishy - more likely that a consignor wasn't happy with what the item should have sold at, so threw in (or had a friend do so) a final bid to at least get a few hundred bucks back. Or, less likely, someone who had bid on this item prior to 10:00PM pacific, decided four hours later that it really was worth just one more bid.

I too doubt the auction did anything nefarious. And, even though many auction houses watch for shill type activity, it is absolutely impossible to know when a consignors friend is bidding for them. Then comes the debate, if they do win the item, and pay all of the fees, is it really a bad thing? I think so but it is certainly a debate. IN my little auctions we start items out with the consignor weighing in on those amounts. We hope that alleviates these kind of issues but if I don't know something is going on I can't stop it. As is always said, bid what you are comfortable with and leave it at that.

[markf31]

With most AH auctions, I know my own strategy morphs as the evening goes on if I'm watching and have qualifying bids on multiple items. If I get an email notification at 1 am that I've been outbid on a particular item that pushes me over my price limit on that item, It's not uncommon for me to try to jump back in an another item that I am eligible to bid on in the extended session.

[HRBAKER]

Leon,
Your point is spot on and one of the reasons auctions provide good cover for those who would engage in bidding on their own consignments. Whether it is an issue or not, ask most legitimate bidders, I think their assumption is that they are participating in an arms-length transactions.

[Runscott]

Originally Posted by Leon

I too doubt the auction did anything nefarious.
...
As is always said, bid what you are comfortable with and leave it at that.

I agree particularly with these two statements (as well as everything in-between).

Coffee and a good run solves this sort of angst.