Code Cracked on Hidden Reserves- Iconic Auctions

[ajjohnsonsoxfan]

You would have to really "love" the stuff to bid with what seems like a super shady outfit.

[Sterling Sports Auctions]

Number of different bids on the lots with the same opening and current bid could be reflected by the max bid a bidder puts in.

Lee

[Rhotchkiss]

Originally Posted by Sterling Sports Auctions

Number of different bids on the lots with the same opening and current bid could be reflected by the max bid a bidder puts in.

Lee

Thanks Lee (who is an auction house owner). But how does a max bid impact the amount of bids? I understand it could impact the number of bidders, but when one puts in a max bid, isn’t their an actual bid placed at each increment up to the max bid?

For example, the opening bid is $100 and there are $20 increments (up to $200). I place the first bid and put in a max bid of $200. I take the high bid spot- first bid. Lee bids $120 and then is outbid by my max bid but only at the $140 increment - bids two and three. Lee bids $160 and is immediately outbid by my $200 max bid, which takes the $180 bid increment - bids four and five. Lee bids again and (I guess) is outbid by my $200 max bid- bid six.

So, two bidders but 6 bids have been placed notwithstanding my initial $200 max bid. No?

[Sterling Sports Auctions]

I don't know for sure but I think if the first bidder bids 200 and the next one bids 190 with a 20 start that it would only be two bids.

I have never really paid attention to be positive.

[parkplace33]

Thanks Ryan. This is a crazy way to run an auction. Has anyone actually one an item from iconic?

[Rhotchkiss]

Originally Posted by parkplace33

Thanks Ryan. This is a crazy way to run an auction. Has anyone actually one an item from iconic?

I have won things from them. Like I said in my first post, they ship quickly and safely after I pay. Never had issues in that regard. It’s more me being fed up bidding on the same items, auction after auction, because they never sold and my trying to figure out what the real high bid is/was and whether I chase things. As mentioned, I think I figured out how, at least, Iconic works so I know whether I am bidding against the AH or another bidder. I Suspect that knowledge will work in other auctions that use hidden reserves and can bid lots up if the opening bid, number of bidders, and bidding increments is disclosed.

As an aside, I am high bidder on one item that closes in their auction tonight, but the current bid accurately reflects the number of bidders x 10% increments, going back to the initial bid amount.

[bnorth]

Originally Posted by Rhotchkiss

Thanks Lee (who is an auction house owner). But how does a max bid impact the amount of bids? I understand it could impact the number of bidders, but when one puts in a max bid, isn’t their an actual bid placed at each increment up to the max bid?

For example, the opening bid is $100 and there are $20 increments (up to $200). I place the first bid and put in a max bid of $200. I take the high bid spot- first bid. Lee bids $120 and then is outbid by my max bid but only at the $140 increment - bids two and three. Lee bids $160 and is immediately outbid by my $200 max bid, which takes the $180 bid increment - bids four and five. Lee bids again and (I guess) is outbid by my $200 max bid- bid six.

So, two bidders but 6 bids have been placed notwithstanding my initial $200 max bid. No?

I have never bid with them. Do they also have a straight bid option? If so that changes the bidding pattern you describe. I know I have used a straight bid to change the bids so the increments went to a pattern I wanted for late bidding.

[swarmee]

Yeah, you're missing that most auction houses have three ways to make a bid:
1) Bid next increment
2) Bid an IMMMEDIATE Max Bid. So if the start bid is $50 and you want to bid $250, it goes immediately to $250.
3) Bid a capper Max Bid, which will increment and outbid bidders each increment until it's eclipsed.

You're not taking into account bid #2.

[Rhotchkiss]

Originally Posted by swarmee

Yeah, you're missing that most auction houses have three ways to make a bid:
1) Bid next increment
2) Bid an IMMMEDIATE Max Bid. So if the start bid is $50 and you want to bid $250, it goes immediately to $250.
3) Bid a capper Max Bid, which will increment and outbid bidders each increment until it's eclipsed.

You're not taking into account bid #2.

See below. You can submit a straight bid at a much higher amount, which would explain different bids but same current bid. That said, I am sure that is not happening here because the disparity is on a ton of lots, very few people would just go straight to a straight max bid and it would have to happen many times in Iconic auctions, the current bid does not reflect an exact increment and you must bid in increments, and I have seen at least a dozen items in past auctions.

To clarify, I understand how one can bid in auctions - I have been doing this a long time and bid in many auctions. There are at least a dozen lots where the numbers of bids x increments do not equal the current bid. There is no way a bunch of people are, auction after Iconic auction, putting in straight max bids. Plus in all those cases, the current bid does not equal the increment! They are close, but they are not exactly a product of the opening bid x10% x 10% x 10%, etc.

[Lorewalker]

Originally Posted by Rhotchkiss

See below. You can submit a straight bid at a much higher amount, which would explain different bids but same current bid. That said, I am sure that is not happening here because the disparity is on a ton of lots, very few people would just go straight to a straight max bid and it would have to happen many times in Iconic auctions, the current bid does not reflect an exact increment and you must bid in increments, and I have seen at least a dozen items in past auctions.

To clarify, I understand how one can bid in auctions - I have been doing this a long time and bid in many auctions. There are at least a dozen lots where the numbers of bids x increments do not equal the current bid. There is no way a bunch of people are, auction after Iconic auction, putting in straight max bids. Plus in all those cases, the current bid does not equal the increment! They are close, but they are not exactly a product of the opening bid x10% x 10% x 10%, etc.

I think you have answered your own question...assuming you even had a question. The house is clearly not the most ethical (validated by several others on this thread) so expect sneaky BS and manipulation. They must be using the straight high bid on certain lots (for whatever reason) as a hidden reserve to protect the lot.