 | | Re: Proxy ratcheting: How do auction systems work?
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(...) Steve, The Serious Collector allows the selling Member to pick the indrement: 5% 10% or 15% - it is not fixed at X%. The selling Member thus controls the speed of the auction, or rather s/he manages how quickly a lot reaches its "ideal" price. (...) (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) It also helps to be able to send messages to other bidders. A polite "there is no way o God's green Earth you are getting XXXXXX away from me" goes a long way. I've heard of less-polite messages, but I really wouldn't know about those. (...) (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) But live auctions don't end after the first 5 minutes (or however long) of bidding. They run until the bids stop coming in. That's what the typical online G1/G2/Sold auction does, just at a slower pace. You'd have better luck comparing eBay to (...) (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Ouch! 15% is extreme for a bid increment. So much for me doing much bidding on that site. (...) I would say that overly-large bid increments is a separate problem, but it does help illustrate that no-minimum-increment...-proxy-bid is a Bad (...) (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Point well taken, Larry. What about the seller though? It's the *seller* that pays the bills... If A's proxy bid is $1000, and the increment is 10%, and B submits a bid of $1075, then under the proposed method, A wins, get ratcheted up to (...) (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Someone bids $100 with a proxy max of $500. Now it's climbed to $150 and the bidding is still hot, and the high bidder realizes he doesn't have $500 after all (maybe it was a typo, or maybe he was counting on some money to come in which didn't (...) (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Update 4/21/99 pm: Pirate Auction
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Hello all, Current bids: 725 Osvaldo Fernandez $40 Going once 6289 Alex Eulen $100 Sold 6289 Otis Anderson $100 Sold 6289 Frank Filz $110 Sold 6263 Frank Filz $22 Sold 6263 Pat Shepard $22 Sold 6263 Mark Parker 2 @ $22 Sold Addendum: Just wanted to (...) (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) Reserve-price auctions are the most nefarious thing ever invented. --Todd (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) WHOA. Darn Good Point. --Todd (26 years ago, 22-Apr-99, to lugnet.market.auction)
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| | Re: Proxy ratcheting: How do auction systems work?
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(...) That makes perfect sense, yes! And you can always scrounge together another $.50 or $1.00 if you really need to at the last moment. This is why it's so important to have a re-review period. There are two things that hurt the most in auctions: (...) (26 years ago, 21-Apr-99, to lugnet.market.auction)
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