For Sale/Trade: Superman #76 for your GSX #16470

Originally Posted by DocBrown
Quote:

Originally Posted by shrewbeer
Seems like there are many “idiots” on ebay then .

Knd of goes to show how an auction with extended bid times would result in higher prices

No.

You're again falling back on the same flawed reasoning that "sounds" right, but isn't.

The reason those people won was because they bid THE MOST that they were willing to pay, knowing full well that they wouldn't get another opportunity to bid.

When people know that an auction can be extended indefinitely, they bid THE LEAST that it takes to simply become the high bidder, hoping no one else comes along and outbids them. Then, you get nickel and dime bidding, as people try to convince the other bidder(s) that they've bid "enough."

With sniping on proxy bidding, you MUST bid the most you're willing to pay in the last seconds, because you're not going to get another chance to bid again.

Here's a perfect example, if you can get to it:

https://www.ebay.com/itm/1958-DC-COMICS-LOIS-LANE-1-POOR-LOW-GRADE-COMPLETE-UNPRESSED-/173315605254?nordt=true&rt=nc&_trksid=p2047675.l2557&nma=true&si=h27Eu9oQBRIusaPpA0bWMZnhXas%253D&orig_cvip=true

(It's a beat up copy of Lois Lane #1.)

Look at the bidding history:

https://www.ebay.com/bfl/viewbids/173315605254?item=173315605254&rt=nc&_trksid=p2047675.l2565

With FIVE SECONDS TO GO, that listing sat at $78.

Then, in the last four seconds of the listing, FOUR snipes came in, including two of mine. Now, my second high bid, $156.65, was the most I was willing to pay.

Had that listing been an "auto-extend", it's quite possible that that listing would have ended at $100, $105, $110. Why? Because people's behavior changes when they aren't up against a no-going-back deadline.

But, because three different people sniped with SUBSTANTIALLY higher bids (double, actually) than the high bid with five seconds remaining, the book sold for quite a high price, perhaps just about GPA in that grade, with costs factored in.

Now...once I saw I wasn't the high bidder, I threw in a last second punishment bid. The winner had to REALLY want it (and it would be a mistake to get caught up in "well, DB, apparently $156 was NOT the most you were willing to pay after all, huh??" because $156 was the amount I decided I was WILLING to pay...if I had won at my punishment bid, I would have said "meh. More than I was willing to pay, but what the hey, that's the rules." )

In other words, the item sold for more than double the high bid it had with only five seconds remaining. And all because two or more people bid the most they were willing to pay, knowing they wouldn't get another chance to bid in just a few seconds.

Originally Posted by shrewbeer
I appreciate your opinion. There is logic to what you are saying, but it is flawed.

Again, without providing actual data more than a single example of your experience, what you are claiming to be true is just a theory.

And no, pointing to gpa and saying go find some data is juvenile. It’s not on me to prove or disprove your claim. Its on you.

Originally Posted by DocBrown
Quote:

Originally Posted by shrewbeer
I appreciate your opinion. There is logic to what you are saying, but it is flawed.

Again, without providing actual data more than a single example of your experience, what you are claiming to be true is just a theory.

And no, pointing to gpa and saying go find some data is juvenile. It’s not on me to prove or disprove your claim. Its on you.

You've not been willing to ever concede much of anything, so you'll have to forgive me if I don't wish to do the heavy lifting, only to have you dismiss it out of hand, as you have done so many times in the past. If I believed you were interested in genuine scholarship, and would accept conclusions that conflict with your own, then I'd do it, but past experience says it's not worth the time.

GPA is where you'll find mountains of information showing what I'm saying. You're not going to find books that sell for an average of $500 sell for $100 because there wasn't an "auto-extend" in place. And you're not going to find those $500 books selling for $1,000 on CC just because there IS an auto-extend, and two people just "had" to have it. You will find outliers, and outliers is all they will be.

The CLAIM...if you will recall...was made by CAK...not me.

I've explained how it works. If you reject that, that's your choice. I suspect others reading this will disagree with your conclusion, and that's their choice. It is for them that I post.

Originally Posted by shrewbeer
Ok so you havent researched the data, so its a theory, not any kind of science based fact, ie, an opinion. Thats all I was getting at.

Originally Posted by CAK
By anti-sniping software, I mean CC extends an auction by 3 minutes if a bid is placed in the last few minutes of an auction.

That is a definitive advantage for consignors.

Originally Posted by sb
It WOULD be interesting to see the actual data on it.

Originally Posted by DocBrown
Because no matter how solid a case someone presents, if it conflicts with your opinions, you say

Originally Posted by Darkga
Mods you can lock this thread at 7pm EST today 6/4, so everyone get your last digs in!

I will say though that there is no such thing as truly bidding your maximum. Say if your maximum is $100. Would you really not bid $100.01 if it would win you the auction?

Originally Posted by Darkga


Your max in this case is between $100 and $200, but even you will probably never know what your max truly is. You just know that it less than $200.

Originally Posted by Darkga


When people snipe they are just guessing a number they think will win (not bidding their max), which is different than slowly watching it increase in an extended time auction like Heritage. That's why they get more money out of you on Heritage because they are getting you closer to your maximum (but never actually there).