Mastro/Legendary's Current Auction

[Shoeless Moe]

I've noticed whenever I put a bid in, in the enter straight bid field, after I hit submit that that is the new current bid price.

So say the current bid on an item is 300, I enter say 700, the current bid jumps to 700, rather then 350, the next increment.

Now I can understand if that previous bidder had a max bix of say 650, then I understand the jump. But I bid on 10 items, they all couldn't have had the current bid right at my max bid.

I even took the led on one item at 800, then for kicks upped my bid to 900 to see if it would remain at 800, but it doesn't it then jumps the current bid to 900.

So is this right? What the point of putting any secret bid in it jumps the current bid to your max?

[T206Collector]

Unless it's a software glitch, sounds like you're choosing "straight bid" instead of "ceiling bid".....

[Shoeless Moe]

Originally Posted by T206Collector

Unless it's a software glitch, sounds like you're choosing "straight bid" instead of "ceiling bid".....

Yep, I think it is my error, I am choosing the Straight Bid and should be choosing the Max bid. I'll do that going forward. Should I really trust there Max bid? With all the past shilling etc, makes me nervous.

Do most people use Max bid or just the next increment for straight bid and do 1 at a time?

[T206Collector]

I did an online survey a few months ago and the strategies were all across the board. But if you have the time, there really is only 1 downside to putting in an early placeholder and then bidding aggressively in extended bidding -- which is that there may be a certain bid that is your absolute ceiling and you want to be the first bidder to that threshold. But I agree with those who have said that if you put in an early max bid, all you are doing is inviting people to bid into your ceiling....

[calvindog]

Originally Posted by Shoeless Moe

Should I really trust there Max bid? With all the past shilling etc, makes me nervous.

LOL, unless you're the type that runs with scissors or goes swimming immediately after eating, I'd advise against leaving Legendary any ceiling bids. That would be akin to walking through Times Square with a roll of hundreds hanging out your back pocket. If Doug Allen doesn't grab your money the gypsies will.

[Mikehealer]

Originally Posted by calvindog

LOL, unless you're the type that runs with scissors or goes swimming immediately after eating, I'd advise against leaving Legendary any ceiling bids. That would be akin to walking through Times Square with a roll of hundreds hanging out your back pocket. If Doug Allen doesn't grab your money the gypsies will.

Now that's funny.

[glchen]

I've done a jump for bidding before where I use a straight bid very early in the auction that is considerably higher than then next incremental bid. The strategy here is to drive out early bidders who are only somewhat interested in the item and are only looking to put in a placeholder bid. This straight bid is not my max, and I think this only works for items that are a bit obscure. If the item is very popular, you'll get blown away, but if there would only be mild interest in the lot, you can reduce your competition for it.

[bobfreedman]

As the software provider for Legendary, I can tell you that they have absolutely no view of any of the ceiling bids nor anyones passwords. When it was brought to our attention on this board that there was a way to log in as the user and view the ceiling bids, we were asked to close that ability by our customers, which we did so immediately. There will always be people who will believe what they want to believe regardless of all the measurements we have taken to prevent anyone to view Max Bids but, I can say with 100% certainty that legendary cannot see ANY Max Bids whatsoever and they have been very proactive in asking my company to help them in this regard.

[calvindog]

Originally Posted by bobfreedman

As the software provider for Legendary, I can tell you that they have absolutely no view of any of the ceiling bids nor anyones passwords. When it was brought to our attention on this board that there was a way to log in as the user and view the ceiling bids, we were asked to close that ability by our customers, which we did so immediately. There will always be people who will believe what they want to believe regardless of all the measurements we have taken to prevent anyone to view Max Bids but, I can say with 100% certainty that legendary cannot see ANY Max Bids whatsoever and they have been very proactive in asking my company to help them in this regard.

Bob, I'll bet $1 million of my money that Doug and/or Bill Mastro have looked at ceiling bids over the years and acted improperly with that information. Let me know if you want to take me up on this offer.

[Boomer]

Now that is funny

[barrysloate]

Don't you have to click a button before you set a ceiling bid? It then gives you a link with the various available increments.

[Shoeless Moe]

is that what the Max field is for? My mistake then.

I still find it odd current bid jumps it up like that.

[T206Collector]

Yup - that's what Max bid is. Click on the word/link for MAX and it explains:

*"Absentee, Ceiling, Limit, Max or Up To" Bids: *Different terms, same meaning. When placing such a bid, you are instructing the auction house to competitively bid on your behalf up to (but no over) a given limit. These bids are kept in strict confidence. This type of bid is for your convenience and can be done online or by calling.