T206 Johnson psa/dna ended early????

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Posted By: Paul Moss

Snipes the source of the problem? Let's get a grip on reality here.

"Last month a nice lot came up, and I again asked the seller not to close it early. He asked what I thought it was worth ($50 was my answer). He said that he was getting a lot of interest and would let it run. Great, I replied. About 12 hours before the close, I placed a bid ($52 or similar). The lot was at like $10. The seller offered to close it for my original offer of $50. I said to just let it ride and figured it would go for $30-40. I ended up being the underbidder to a snipe."

Someone thought that the lot was worth more than you and was willing to pay accordingly. You had a shot at a price level you thought was a market valuation off ebay, yet you passed thinking that you would get it for substantially less, rolled the dice, and lost. Now snipes are the problem? Sorry, I must be missing something here.

With my personal auctions, I state that I do not end auctions early and stick to this policy. I have developed a loyal buyer following over the years who know that there will be no games played and have a chance of winning the item. All they have to do is bid, and bid high enough to beat the competition. God, I do so love the free market system. A seller will never really profit in the long run by accepting these behind the scenes offers. Bidders remember sellers who have pulled the rug from under them which could affect future business dealings, and if the truth be known, 99.9% of the time, these offers are under market. These games might work with sellers who just rode into town on the haywagon, but any true professional will take a pass knowing that this buyer's offer is nowhere near the true value which in all probability and barring a catastrophe of biblical proportions, will be reached in the auction format.