Posted By:
Bruce BabcockI agree with T206 Collector that there is no reason to bid before the last seconds of an ebay auction.
IF, however, if ebay used sensible posted auction increments like Mastro or any other legitimate auction house, then it wouldn't matter when you bid. For example, 10% increments, 5% over $10,000. Or, gradually decreasing increments such as 100,200,300,400,500,550,600,650,700,750,800,850,90 0,950,1000,1025,1050 etc.
If I bid $5000 for an item where the increment is 10%, another bidder would have to go $5500 to top me, and I would have to go to $6050 to top him. So if you figure out that you're willing to pay $5000 but not $6050, you place a ceiling bid weeks ahead of time for $5000 and forget about it, knowing that you can't lose a $5000 lot to some guy who bids $5050. If you suddenly come into money or otherwise change your mind, you can still go to $6050 if you are topped.
The same thing obviously applies to cheaper lots. If I bid $50 the next bidder should have to go to $55, leaving me the option of going to $60.50. I think most of us, if we are willing to go to $50 would be willing to pay $51, but if you set a ceiling of $51, some other guy bids $52. I've lost a zillion lots by $1. Once, by 1 cent, thanks to ebay's convoluted ways.
That is what happens when auction sites are designed by Pez dispenser collectors.
If you are bidding in an art auction and a lot is closing at $4 million, and the auctioneer says "The bid is $4 million, to the lady in the front row, do I hear $4.1 million? No? All done at $4 million? Going once, going twice . . . if you suddenly stand up and yell "$4 million and one dollars!" not only will you not win the lot, you will probably be thrown out of the building.
Just my opinion, but I feel better for having vented!