My experiment on the BST

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Posted By: Joe D.

As many of you may know, I listed an item on the BST as a different type of listing.
As opposed to a posted price, or an auction to bid on.... it was a sealed-bid sale - best offer in by a certain time takes it.

I figured I would post my thoughts on the process here - so as to help others who may look to list an item in this way.

Through email correspondence with potential bidders and actual bidders... it became apparent to me that this is not a desired sales vehicle (from the purchasers point of view). I don't know the value of an item (as a seller), but that is a problem for the buyer as well. Some expressed interest in the item, but stated because they didn't know how much to offer - they basically did not submit one.

It would appear as buyers, we are more comfortable seeing a specific number (like an auction), and then deciding whether or not we are willing to pay more. The unknown in this type of sale sort of dooms it as a vehicle.


As far as statistics... I had a little over 5 people who intimated they would be submitting an offer... the way it turned out 2 people submitted an offer and one person submitted a 'feeler' (I wouldn't call it a true offer - but the person mentioned he might be willing to buy at the minimum).


To compound the issue of a bad sales vehicle... in going over the item with one of the bidders - I noticed a clear piece of tape on the back of the item (for the first time) and passed that information along to the two bidders. The high bidder passed on the item with the description change as did the low bidder.


My first bit of advice would be to do a more diligent job than I did in reviewing the product and giving a good description.

More importantly, I would suggest that you avoid a sealed-bid sale.
If you do not have a good handle on the value of an item, or want to allow multiple people a true opportunity to pick it up -
the best option is a traditional auction.


Hope this info helps someone thinking of doing a post similar to mine. (I have heard jabs about promoting an item on the main board and received a few myself... to head off that type of insinuation, I would like to point out that the item described above is no longer for sale).