just another auction (verkman)

[thecatspajamas]

Originally Posted by whiteymet

Lance:

The 5% bump was NOT a bid increment, the bidder had to pay an EXTRA 5% bidder premium to bid on the lot AFTER 1:30 AM.

You're misunderstanding me. My point is that any time you raise the bid, the price is bumped typically by 10% increments. So if I'm watching an item someone else has bid on, I can either duke it out with them earlier in the evening when each punch costs an additional 10% and the chances of having to make multiple bids are higher, or I can wait until late at night when I'm pretty sure the other guy has gone to sleep (since EVERYONE assumes nobody in their right mind would pay the extra 5% juice to bid after 1:30), and throw a single punch for a 15% bump (10% bid increment plus 5% extra juice).

Personally, I've not bid in any of their auctions, so this is all theoretical. But my point is that you can't jump to the conclusion that the auction house is crooked just because a scenario that doesn't fit YOUR bidding strategy played out. Believe me, whatever system of rules are in place, there will be bidders looking to work that system to their advantage any way they can.

Lance

[glchen]

I think the point Larry is trying to make is that the new bid was at 1:40am and not 1:29am. That is TOO close to 1:29am. If you were going to do the strategy that Lance is suggesting, you would put your bid at 2:25am (just before the 10% extra bidder premium takes effect), and not 1:40am, which is only 10 minutes after the first bump. There's a too good chance bidders might still be around and check another 10 minutes after the bump, which is why this looks suspicious. Of course, Lance could be suggesting that some bidders could prefer 15% bid increments to 10%, which I guess is possible.

BTW, I have won from Clean Sweep before, and I am not making any judgment here on whether they shill or not. I have no idea, and they had a couple of lots last night that I was very interested in bidding on if only I had the funds.

[gnaz01]

I placed a bid at around 5PM and was surprised I won my lot when I woke up this morning. I even placed a 2 bid higher MAX, but I got it for what I put my initial bid in and no one bid it up

Very pleased!!

[thecatspajamas]

All I'm really suggesting is that for every way that an auction house chooses to end an auction, there are 100 different strategies bidders may employ to win the items of their choice at the best possible price. I'm NOT suggesting that they all make sense.

Heck, for all I know the winning bidder works second shift, got home at 1:35, logged on and was surprised to see the auction still going and threw down a couple of late night bids. It happens (been there myself, just not with Clean Sweep).

My bigger point though is that, if you're going to call an individual and his auction house crooked and a liar and accuse him of shilling and rigging his auctions (all in the initial post), you need to have something better to back up your accusations than "somehow i was outbid when i awoke this morning." Complaining about losing out on an auction item is one thing. Making libelous statements about the auctioneer and his company is another.

[Runscott]

Originally Posted by glchen

I think the point Larry is trying to make is that the new bid was at 1:40am and not 1:29am. That is TOO close to 1:29am. If you were going to do the strategy that Lance is suggesting, you would put your bid at 2:25am (just before the 10% extra bidder premium takes effect), and not 1:40am, which is only 10 minutes after the first bump.

I used to do my bidding while drinking a bottle of wine. By the time 1:30 rolled around, I couldn't think straight - no telling what I would do. One night late in a Lipset auction I realized that every auction I wanted was too high. I had $3,000 and insisted on spending it - ended up buying a bunch of stuff I didn't need, and didn't even start bidding until the deadline.

[sycks22]

I won some items last night and the only minor beef is instead of the 2 weeks until payoff they need it in 7 and they will hold a check for a full 2 weeks before sending the items. Goodwin / legendary shipped my items the same day the check was received. There were some deals to be had.

[HexsHeroes]

.


. . . I, too, would like to see the rule universally applied that a bidder has to have placed an initial bid before a set time, inorder to have the right to bid thereafter.

Also universally applied, if only one bid has been placed on a lot by the set time, that lot is now closed. Period.

Regarding Clean Sweep auctions, I enjoy bidding in them. But I have noticed a item or two keep reappearring. Perhaps the successful bidder reneged. Perhaps the consignor was the highest bidder. Which brings me to my next point. Is it possible that the additional bid after you signed out was due to a seller's reserve price? I don't think I've seen it mentioned in lot descriptions for Clean Sweep that a reserve is in play. I may be wrong, but I don't recall seeing mention of a reserve on the lots I considered bidding upon over the past few year. Based on this thought, my guess is the late activity might be an unknown reserve in play.

[perezfan]

Agree with everything Vincent stated above.... great post!

[sox1903wschamp]

Originally Posted by HexsHeroes

Which brings me to my next point. Is it possible that the additional bid after you signed out was due to a seller's reserve price? I don't think I've seen it mentioned in lot descriptions for Clean Sweep that a reserve is in play. I may be wrong, but I don't recall seeing mention of a reserve on the lots I considered bidding upon over the past few year. Based on this thought, my guess is the late activity might be an unknown reserve in play.

He has pretty high starting bids (more then the industry standard) which I think are the reserves. I do not believe he has "hidden" reserves based on bidding with them for 20 years. That has been my experience.

[thecatspajamas]

redundant deleted