Subject:
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Re: Proxy ratcheting: How do auction systems work?
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Newsgroups:
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lugnet.market.auction
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Date:
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Fri, 23 Apr 1999 14:39:19 GMT
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Viewed:
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849 times
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Todd Lehman wrote in message ...
> I once held an auction in 1994 where I sold a copy of 6012 Siege Cart.
> Opening bid was something like $6. It quickly went to $8, then to $10, • then
> $12, $15, $20, $25, $30, $35, $40, $45, $50, then $55, and then in one • final
> brilliant moment one of the final two bidders bid $101. This completely
> scared away the other bidder, who later admitted that he was just about to
> call it quits at $60. So here's a case (albeit extreme) where the final
> price was roughly 40% higher than it would allegedly have climbed had there
> been a cap on the maximum increment.
>
> Put that in your pipe and smoke it. :-)
For a Siege Cart?? Wow! Actually thats roughly 66% more, but who's
counting. :-)
OTOH, if he had bid $50 or $60 from the get go, when the minimum was only
$6, its highly likely the auction would have ended uncontested. Thats the
kind of bidding tactic I dislike, as a buyer somewhat, and more so as a
seller. Anyway, I am not THAT strongly against it, although I may have
appeared to be. I just wanted an explanation of why it was important, and I
got several. Thanks.
--
Have fun!
John ( jdiri14897@email.msn.com ) remove NOSPAM:
John's Lego Web Trade Page:
http://www114.pair.com/ig88/lego/index.htm
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