What is the point of this?

Discussion in 'Guitars in General' started by mulvavroop, Mar 2, 2015.

  1. mulvavroop

    mulvavroop Member

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  2. GCDEF

    GCDEF Supporting Member

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    Some people think it attracts more bidders. They may be right, but it's a risk I wouldn't want to take.
     
  3. jonahboo

    jonahboo Supporting Member

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    hope we get a power outage foe next 5 days - that fiddle will be mine for peanuts
     
  4. TattooedCarrot

    TattooedCarrot Supporting Member

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    Most the time, popular items will bid up to a fair value. It does attract more attention because there's always the chance it will end up selling less than market value and people are hopeful. Also, people often get caught up in impulsive bidding wars and I've seen them drive the price up above market value. Personally, I just sell at a fixed price because it is a gamble, but sometimes gambles pay off. I've seen items unsold at a fixed price only to be relisted low and get bid up over that price anyway. I think there's something to say about the human psyche and impulse control, LOL.
     
  5. Crowder

    Crowder Dang Twangler Silver Supporting Member

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    Pretty simple really:

    1. It's an efficient market, so chances are the item will sell at/near market value. The only limiting factor is the length of the auction. So...
    2. Setting a low opening bid influences people to actually bid on the item rather than just add it to their watch list. Bidding is a much bigger emotional commitment, and bidders will get far more reminders from ebay during the course of the auction.

    The biggest mistake I see people make on higher-value items is letting their auctions end at bad times. You might list an item at 9AM Eastern time, which means it will end at 9AM Eastern, but that's 6AM on the West Coast.
     
  6. mulvavroop

    mulvavroop Member

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    Hmmmm. Yeah, I reckon Crowder's point #2 holds strongest in terms of psychology. I supposed the payoff for the seller is an overbid by an emotionally committed bidder. Seems though that overbid would be trivial, unless the bidder has a twinge of "I need it!" psychosis. Just to see "$0.99" looks absurd though, still. Best of all, I love my $400 used Korean Epi Casino haha!
     
  7. mughead

    mughead Member

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    But he has a reserve no?
     
  8. mulvavroop

    mulvavroop Member

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    He must. Which is another wrinkle in the weird game that is ebay. If no one meets it he's got to relist, well he's sold a lot so I guess whatever works.
     
  9. GCDEF

    GCDEF Supporting Member

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    No. That would have been easy enough to check.
     
  10. bigtone23

    bigtone23 Member

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    Starting at .99 works on higher profile items that are desired. I have done it dozens of times and never had it backfire. In the end, the item will sell for it's current street value.
     
  11. bonchie123

    bonchie123 Supporting Member

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    With a market as big as ebay, it's going to sell for what it's actually worth. There are enough customers out there.

    Often, what people think are steals on ebay are actually just products going for what they are truly worth vs. sitting on reverb.com for 5 months.
     
  12. ModdersAnon

    ModdersAnon Member

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  13. TattooedCarrot

    TattooedCarrot Supporting Member

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    And you can't really gage what the price will end at. It can sit low through the whole auction because the serious bidders don't hit until there's only minutes, if not seconds left. Especially those who use sniping programs.
     
  14. derekd

    derekd Supporting Member

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    This.
     
  15. Mike9

    Mike9 Supporting Member

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    Added it to my watch list - that's sweet.
     
  16. bgmacaw

    bgmacaw Member

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    I have seen it backfire a few times, but not on guitars. It seems like they're usually bid up more on 99 cent auctions, often to beyond reasonable street value.
     
  17. daa2202

    daa2202 Silver Supporting Member

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    I've done it a few times with fairly expensive items (start at $0.99, no reserve) - most recently with an Eventide H9 Harmonizer - and I'm convinced it's the way to attract the highest amount of interest and highest possible sales price. Yeah, it takes some stones to use this strategy, but the difference in number of watchers and bidders is noticeable. As others have said, it's an efficient market and items will sell for market price - or above, if auction psychology takes over.
     
  18. mulvavroop

    mulvavroop Member

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    Auction psychology! It must work or no one would do it, right? I can just picture people glued to their screens watching the seconds tick down ... "ALRIGHT! I ... oops, lost."
     
  19. DrumBob

    DrumBob Gold Supporting Member

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    I have a really nice DeArmond M-75 up on Fleabay right now for a BIN with free shipping and not one bite. If it doesn't go this time, I'm going to list it at a ninety nine cent opening bid with a reserve plus shipping and see what happens.

    BTW, it's on the Emporium here if anyone is interested, and I'll cut a deal.
     
  20. CobaltBlue

    CobaltBlue Member

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    I have always suspected that, sometimes, it's that they have a friend who can put in a single bid that would work in the same way as does a reserve.
     

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