Is snipe bidding killing the hobby?

[cfhofer]

Aren't their some items you need for your collections that the amount you would be willing to pay is $10-20 more than anyone else? Not to sound arrogant but there are just certain pieces we need that are worth overpaying for.

I know a few collectors who snipe $2000-4000 on every item, even ones which are worth only a few hundred dollars. Why? Because they are playing a game of Russian roulette that you won't be as crazy as them. This ensures they get that piece by paying $10-20 more than you. They can get away with that only because of the hard-ending.

Some of the reasons given above for snipe bidding should apply to auctions with a soft-ending too. Yet action on auctions with a soft-ending is much better throughout the listing period. Take a look at the current Leland’s auction. Why the difference? As a seller, which style would you have more confidence in?

[vintagesportscollector]

Originally Posted by cfhofer

I know a few collectors who snipe $2000-4000 on every item, even ones which are worth only a few hundred dollars. Why? Because they are playing a game of Russian roulette that you won't be as crazy as them. This ensures they get that piece by paying $10-20 more than you. They can get away with that only because of the hard-ending...

...action on auctions with a soft-ending is much better throughout the listing period. Take a look at the current Leland’s auction. Why the difference?

1) ...and, they can get away with that too because of very deep pockets and can afford to exceed the market and not worry if they overpay or if auction gets out of control and starts to approach their max. I would only do that if my "Holy Grail" popped up, otherwise my pockets 'aint that deep and my "stones" 'aint that big.

2) ...many people place bids on soft-ending auctions at AHs to get in on the extended bidding. They are still usually not showing their true hand but placing a minimal increment bid that they would happily win the lot at if it were to hold up. It's a minimal place holder bid.

[Lordstan]

What Joe just said above is very true in both cases.

1) Those people who bid $2000-$4000 even on a few hundred dollar item are playing, what could be, a very expensive game of Russian Roulette. What happens if 5 items, ending around the same time, all valued at $400 wind up close to their max for one reason or another? Are they going to be happy shelling out $10K min for items worth $2K? I doubt it, but if they have the money to waste, good for them.
Here is a personal story regarding this situation. I was bidding on a 1934 Signed Goudey of KiKi Cuyler, a few years ago, I figured it was going to take around $1200-1400 to win it. I bid a little early and was winning at $1200 with 2min to go. All of a sudden I am second. I was the only person who bid again up until the end and I bid 4 more times to take the price up to $1960. I just couldn't let myself go higher and lost it. The person who won it, must've been like your friends, set a really high bid to make sure he won. Do you really think he thought it was going to go for $1960? I doubt it, but he took a chance. The best part for me is that I won a better quality Cuyler signed card about 6months later for $400 less.

2) You must bid early in soft ending AHs so that you can bid in the extended bidding time period. I find it's better to bid early on those, so you don't accidentally miss the time