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Sales, Swaps, Auction & Approvals/Auction Disc. : Auctions With Buy It Now

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cardstamp
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07 Feb 2016
11:36:53am

Approvals
I guess I made a bad assumption on how the auctions work here. I have only put up some stamps on auction occasionally since I focus on Approval Books. I put up several auctions yesterday and had a few bids on a few items. I also had the Buy It Now option with a higher price. This morning I see a couple of the auctions which had bids on them closed out because another member used the Buy It Now option and took the stamps immediately. On all of the other sites that I had done auctions on (such as Ebay) - once a bid was placed on an item - the buy it now option was no longer available. I guess here - that someone who puts a bid on a stamp can still loose it for someone who comes along and takes it for the buy it now price ? If that is the case - I will no longer include a buy it now price because that seems to defeat the case of starting a bidding war between two members who are interested in the same item.. Thanks, Steve
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youpiao
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07 Feb 2016
12:05:46pm
re: Auctions With Buy It Now

You are correct. The Buy It Now option remains available, even after a bid has been placed. When this was implemented, it was decided that this would be an interesting twist and potentially of more benefit to the seller.

You are not likely to see any bidding wars, here, that drive the price up far beyond what the seller expected to get. Having the Buy It Now option always available will encourage more buyers to use it, as most lots listed on these auctions are already priced significantly lower than on other sites. Having the Buy It Now option disappear after the first bid means the seller is far more likely to wind up selling at disappointingly low bids.

Ted

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Soundcrest
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07 Feb 2016
12:13:23pm

Auctions - Approvals
re: Auctions With Buy It Now

I don't agree about no bidding wars. It really depends on the bidders. I never use the Buy it now option due to that reason. Since my non penny auctions always start at 20%, and to me a fair buy it now would be double that, you are then eliminating the possibility of a stamp selling for more. There are plenty of stamps where even 40% is a low bid. Since I don't follow "trends" and "hot counties" there is no way I would know that.

Greg

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roy
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07 Feb 2016
12:21:32pm
re: Auctions With Buy It Now

These two opposing viewpoints are precisely why the use of the Buy it Now feature is optional.

Roy

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cardstamp
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07 Feb 2016
03:23:58pm

Approvals
re: Auctions With Buy It Now

Thanks for the quick responses. I guess I missed reading the rules on how that works and I just made the assumption that it worked like other auction sites. I am OK with the items selling with the higher buy it now price - it is the bidder who looses out but I am sure they knew how it worked - so they had their chance to use it as well. I need to re-think my pricing when I add any new auctions.

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michael78651
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SOR Auctioneer
07 Feb 2016
06:38:28pm
re: Auctions With Buy It Now

I have been in a few bidding wars, but most of the stamps that I buy here are through using the buy-it-now function. I hate waiting for end dates. I usually forget about those dates, and wind up losing the items.

But, as Roy says, it's up to the seller to decide whether to include it or not.

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smauggie
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08 Feb 2016
10:10:36am
re: Auctions With Buy It Now

I guess if there is a BIN option and you really want the stamp, you should Buy It Now. I have bought out stamps that had bids on them but I did outbid the current bidder for the stamp, so its not like I somehow cheated them. I like the option as a buyer, and I think I would use it as a seller too.

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amsd
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Editor, Seal News; contributor, JuicyHeads
08 Feb 2016
10:21:16am
re: Auctions With Buy It Now

just so all are aware, we have purposely avoided some eBay-like functions and put our own spin on them. some like them (hot) and some like them (not).

for BIN, it's ALWAYS available, if the seller includes it, not just prior to the first bid

for closing time, it automatically extends IF the leader changes in the last 10 hours of the auction, increasing by the amount of time necessary to have 10 hours in which to retake the lead

then there's that part where the auctioneer will help you if the buyer, or the seller, fell asleep or took his 4-month vacation concurrently with the close of your lot.

and where the auctioneer does care, and will intervene, if the lot is imporperly described

David, former auctioneer, who still cares, but lets Michael do the work


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fredcdobbs
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APS # 224327
08 Feb 2016
12:10:46pm
re: Auctions With Buy It Now

I am a fan of BIN always available if the seller offers,most of my purchases are BIN.

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cocollectibles
08 Feb 2016
12:34:48pm
re: Auctions With Buy It Now

I'm probably asking the obvious, and the highly unlikely, but what happens if the current bid exceeds the BIN price? Does BIN disappear?

I know, I know; why wouldn't the buyer just buy it without bidding over the BIN price, but I'm technically curious what would happen.

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roy
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08 Feb 2016
01:38:43pm
re: Auctions With Buy It Now

Quote:

"I'm probably asking the obvious, and the highly unlikely, but what happens if the current bid exceeds the BIN price? Does BIN disappear?"



If you bid equal to or over the BIN, the system Tim built is smart enough to award you the lot immediately at the BIN price.

Roy
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michael78651
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SOR Auctioneer
08 Feb 2016
02:27:23pm
re: Auctions With Buy It Now

Quote:

"If you bid equal to or over the BIN, the system Tim built is smart enough to award you the lot immediately at the BIN price."



I have always considered this to be the ultimate snipe! I love it!
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