Won an item from AH that I was the only bidder, am I overpaid?

chriskim · #1 01-09-2022, 06:04 AM

Team,

What are your thought if you placed a bid on a lot on the first day of auction opening day then after 14 days you ended up winning the lot that you were the only bidder, do you think you overpaid? or you got a steal?

mrreality68 · #2 01-09-2022, 06:08 AM

Could be either.
Depends what it is and how it compares to other sales and other factors
Are you able to share what it is? Pictures? Little more detail?

egri · #3 01-09-2022, 06:30 AM

With the way prices have been skyrocketing, I’m going to steal Darren’s signature line and remark that overpaying today is underpaying tomorrow.

chriskim · #4 01-09-2022, 07:06 AM

Quote:

Originally Posted by mrreality68

Could be either.
Depends what it is and how it compares to other sales and other factors
Are you able to share what it is? Pictures? Little more detail?

I don't feel comfortable sharing what that was since it was an one of one "unique" memorabilia that I thought "hmmm... it is cool to have but I don't really need it, let's put in an initial bid and most likely someone would outbid me anyways..."

I would still pay for what I won but just thinking whether I am holding "bag" on an item no one wants but only I care type of thing.

Seven · #5 01-09-2022, 07:22 AM

Quote:

Originally Posted by chriskim

I don't feel comfortable sharing what that was since it was an one of one "unique" memorabilia that I thought "hmmm... it is cool to have but I don't really need it, let's put in an initial bid and most likely someone would outbid me anyways..."

I would still pay for what I won but just thinking whether I am holding "bag" on an item no one wants but only I care type of thing.

I think if it's something you truly enjoy and wanted, that even if it was a slight overpay, than it's okay. It's difficult to quantify a purchase like that. If you feel good about it, you were comfortable bidding on it within the first place, and it was something you really wanted, then it sounds like a steal to me.

Mark17 · #6 01-09-2022, 07:31 AM

Quote:

Originally Posted by chriskim

I don't feel comfortable sharing what that was since it was an one of one "unique" memorabilia that I thought "hmmm... it is cool to have but I don't really need it, let's put in an initial bid and most likely someone would outbid me anyways..."

I would still pay for what I won but just thinking whether I am holding "bag" on an item no one wants but only I care type of thing.

Would you feel better if your opening bid had been run up?

If you were hoping to be outbid, you shouldn't have bid at all. If you were hoping to win it, you got it for the lowest possible price. Personally, I only bid on things I want to win, and I'd rather pay the least amount possible to win them, so if I was in your situation I would be quite pleased.

Snapolit1 · #7 01-09-2022, 07:52 AM

Less a factor of overpaying than you just wanted a unique item that had little appeal to other people. Nothing wrong with that. I was the only bidder on an item at Golden two auctions ago. More than happy to get it for my entry level bid.

If you are the only bidder I'd say enjoy the hell out if and don't consider flipping it anytime soon. The only person who wants it at the price you paid likely now has it.

hcv123 · #8 01-09-2022, 08:08 AM

Quote:

Originally Posted by Mark17

Would you feel better if your opening bid had been run up?

If you were hoping to be outbid, you shouldn't have bid at all. If you were hoping to win it, you got it for the lowest possible price. Personally, I only bid on things I want to win, and I'd rather pay the least amount possible to win them, so if I was in your situation I would be quite pleased.

nuff said.

Snapolit1 · #9 01-09-2022, 08:20 AM

Quote:

Originally Posted by hcv123

nuff said.

A large part of the psychology of auctions is the idea that you "won" something. Beat others out for something desirable. I know the feeling of winning something at a much lower price than what I expected it would go for and feeling some mixed emotions. Yeah, I know that sounds ridiculous. But at some point thoughts can creep in like "did I miss something" or "did I really over value the uniqueness of this." If no one else in the collecting community wanted that at that price point, was I an idiot?

Why houses that sit on the market too long are hard to sell. When someone finds out that the house has been sitting for 300 days all of a sudden it doesn't look quite so desirable. Ditto last years cars sitting on the new car lot. Is there a problem here I didn't pick up on?

jingram058 · #10 01-09-2022, 09:37 AM

Quote:

Originally Posted by hcv123

nuff said.

Quite right. And, OT...not intending in any way to hijack this thread, here is the very interesting origin of that "nuff said" or "nuf-ced" comment:

https://sabr.org/bioproj/person/nuf-ced-mcgreevy/

mrreality68 · #11 01-09-2022, 08:41 AM

Quote:

Originally Posted by chriskim

I don't feel comfortable sharing what that was since it was an one of one "unique" memorabilia that I thought "hmmm... it is cool to have but I don't really need it, let's put in an initial bid and most likely someone would outbid me anyways..."

I would still pay for what I won but just thinking whether I am holding "bag" on an item no one wants but only I care type of thing.

I respect that

It sounds like you did good and potentially got a real good value.

Regardless since it is something that you wanted

Congrats

chriskim · #12 01-09-2022, 08:46 AM

Thank you everyone... I think i will need to do some "Psychology of Bidding at Auction" classes. LOL

BabyRuth · #13 01-09-2022, 08:53 AM

Someone once told me - Winning an auction means one thing, you were willing to pay more than anyone else.

frankbmd · #14 01-09-2022, 09:47 AM

Quote:

Originally Posted by chriskim

Thank you everyone... I think i will need to do some "Psychology of Bidding at Auction" classes. LOL

My oldest son earned a Phd in Economics.

His thesis “Auction Theory”

Not the exact title, but close enough.

He does not allow LOL during his lectures.

T205 GB · #15 01-12-2022, 07:13 AM

Quote:

Originally Posted by chriskim

I don't feel comfortable sharing what that was since it was an one of one "unique" memorabilia

Made a post asking a question and now your so rich and secretive that you can't share this item. You are not the richest guy here nor do you have a collection remotely as eclectic or rare as multiple guys/gals here. Waste of a thread on a guessing game for an item that is probably not what you make it out to be. Congrats on your steal of the century

bnorth · #16 01-09-2022, 06:34 AM

Quote:

Originally Posted by chriskim

Team,

What are your thought if you placed a bid on a lot on the first day of auction opening day then after 14 days you ended up winning the lot that you were the only bidder, do you think you overpaid? or you got a steal?

I would consider myself damn lucky nobody else wanted it at the price I was willing to bid.

I had the exact same thing happen a couple months ago and I was ready to bid way more during the extended bidding period.