OT (Sort of...) − Auction Formats: 'Buy It Now' vs. The Rest
I understand the motivation for open-bid auctions, and I've even competed in − but never 'won' − a few of them.
I much prefer the 'Buy It Now' kind and usually avoid all others.
I do not like the way they drive up prices. I understand the effect is quite real, but I nonetheless view its cause as irrational, and I choose not to take part in it.
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The intent of an auction is to get the most money
by Hobie 
, Shenandoah Valley of Virginia, Tuesday, March 19, 2013, 18:43 (4261 days ago) @ FOG
possible for the seller. It was true 2000 years ago and it is true today. BTW, you often, perhaps unwittingly, participate in auctions as when you "negotiate" in competition with others for something. Maybe it is your wife's time vs going to one of the kid's functions or going to one grandkid's activity rather than another.
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Sincerely,
Hobie
I get the basic idea alright
The good news is, I'm single, so that's all I need to know. 
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I get the basic idea alright
by Hobie , Shenandoah Valley of Virginia, Tuesday, March 19, 2013, 20:44 (4261 days ago) @ FOG
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Sincerely,
Hobie
I guess the other thing I was saying is
I won't bid items up.
I 'watch' them sometimes, but if someone else bids, I move on.
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I bid what I'll pay and no more. Do that at live auctions
by Hobie , Shenandoah Valley of Virginia, Tuesday, March 19, 2013, 21:53 (4261 days ago) @ FOG
as well, just bid up to my cut off and that's it.
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Sincerely,
Hobie
I bid my max, leave it in the Lord's hands...
...and forget about it until the auction is done. Sometimes you win, sometimes you're not supposed to. I do like "buy it now" sales, but you don't often get DEALS that way.
"I bid my max, leave it in the Lord's hands..." Yes, IF
by Hobie , Shenandoah Valley of Virginia, Wednesday, March 20, 2013, 18:09 (4260 days ago) @ Boge Quinn
we're to have it we will or we won't. Buy it now simply must be used now and then because the sellers sometimes don't understand it and it is really close to my max anyway and not far above the minimum bid.
Bidding is a bit of an art itself. Went to a "storage wars" auction (on storage units) on Tuesday and it was fun to watch. Lots of people showed up, only a couple bid and only one really wanted to "play".
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Sincerely,
Hobie
OT (Sort of...) − Auction Formats: 'Buy It Now' vs. The Rest
We have a carpenter doing a lot of odd jobs around the house lately. He asked that I find him a Rock Island 1911 .45 for a decent price.
On a whim I bid on one listed on Gunbroker a few days ago. Imagine my surprise when I won against 5 or 6 other bidders, and managed to pick it up NEW for significantly below wholesale. Oh, did I mention it has the XT22 top end as well? 
The seller was ok with the end price, not thrilled of course, but as he said, it more than evens out for him over time. So even in an open bid auction, the blind squirrel occasionally finds the acorn. It can happen. I simply bid the maximum I am willing to pay and just wait and see.
Last year I picked up a Ruger LCR for wholesale by simply biding my time, and that was when those were a hot item.
Patience grasshopper!
Otony
Patience is a virtue
Or so they tell me.
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Patience is a virtue
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Generally, I throw up what I am willing to pay and...
by Hoot , Diversityville, Liberal-sota, Wednesday, March 20, 2013, 13:24 (4260 days ago) @ FOG
never look back.
Twice now, I have had second thoughts and re-upped my bid. Once because "when was the last time you saw one o' dem" and the other was a bad case of the "gotta-haves".
B-I-N is usually more than I am willing to pay (I am a cheap so-and-so) but there are things I have bought straight up like that.
The ones that make me go "Huh?" are the high dollar items which carry a reserve and a starting bid of $0.01 and no B-I-N. You know danged well they think they are asking too much and don't want to admit it.....well, I suspect so anyway.
I suspect the penny auctions with a reserve are often
by Hobie , Shenandoah Valley of Virginia, Wednesday, March 20, 2013, 18:11 (4260 days ago) @ Hoot
asking too much. It is a tactic that often works for the sellers.
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Sincerely,
Hobie
I also avoid auctions with 'Reserve' prices
The concept of a Reserve makes sense to me until you get to the Starting Price.
If you're going to have both features available, then I think declaring one should set the other.
In a sense, I guess that's what a 0.01 Starting Price does, though: It frees the seller from having to disclose their actual minimum price.
Which is also fine, except for one thing: In my mind, it raises the question, 'Do you want to sell it or not?'
Like I said, I'm not very patient about these things.
With me, it's more like, 'Pee or get off the pot.'
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OT (Sort of...) − Auction Formats: 'Buy It Now' vs. The Rest
Online auctions are a very good place to buy stuff for a reasonable price and even cheap on occasion. There are a couple of tricks involved..
1. Don't get emotionally involved and start to compete with other bidders. Figure out what you want to pay and stop there. The value of objects go way above reasonable price when folks make it a competition thing. If you can't be cold about it, stay away from auctions of any kind.
2. Whatever you are looking at, there will be another coming along later for a better price. If you don't get it for what you want to pay, then just bide your time, it will come around again, again and again.
3. I never bid until the last minute so as not to run the bid up with folks doing to me what I won't do to them, i.e. compete.
RE: #3
That's exactly what I did when I found my Nastoff-built Combat Commander on GunBroker.
I looked up the seller's previous auctions, figured out what his probable Reserve Price was, then I waited until the 'last minute' to cast my bid.
The good news is, I 'won' it.
The bad news is, no one jumped in to 'save me'.
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