posted on January 17, 2001 11:05:28 AM
I have had some high end auctions (at least for me they were $250 to $350) with a reserve, due to the fact that these items were in excellent working order and had recently been serviced. In all instances my reserve was lower by far than the value of the item. Four out of 5 did not reach reserve. After the auctions I have had offers ie: I'll give you $240. for xxx or I was late and missed the end of your auction what do you want for xxxx? In the past I have said I would relist if they were truly interested and once since it was so new offered to put a BIN with a heads up to the buyer ( I told them what the reserve had been). NO RESPONSE. Now I just say, sorry, we run 7 day auctions which should offer ample time to review and bid. Better luck next time.
This really drives me crazy, these are auctions...I really want to sell these items... where were these dudes for 7 days, which always includes a week end??
Any suggestions, by the way I also offered Billpoint and instant purchase.
Zilvy....."I started out with nothing and still have most of it left."
[ edited by Zilvy on Jan 17, 2001 11:09 AM ]
posted on January 17, 2001 11:12:46 AM
Hard to say without actually seeing your auctions, but although you may think that your "reserve was lower by far than the value of the items," since "four out of 5 did not reach reserve," I'd reassess my valuation system if I were you. "Value" is assessed quite differently by a buyer than by a seller. I saw a vintage widget - pretty grubby, quite common - STARTING at $1K. Seller says "may be worth some money". "Some," as defined by the past year's sales on this sort of widget, is about $50 in good condition...
Have you searched completed auctions of these items to see how others fared?
posted on January 17, 2001 11:26:09 AM
Everything (or almost everything) on eBay seems to sell with a bargain basement mentality. My rule of thumb is that getting more than about half of something's value is pure gravy, unless it really is hard to come by or the market is tilted in its favor.
Maybe a buy it now with a reserve back up might work better. A lot of people watch till the end and then try and bottom feed.
posted on January 17, 2001 11:35:12 AM
You may want to rethink your starting bid (you didn't mention what it was). I have found that if it is too low, the incremental bids will not bring it high enough unles LOTS of people are interested in your widget. A higher started bid will increase faster with the same number of active bidders ~ just IMHO
posted on January 17, 2001 01:36:45 PM
The same thing happened to me a while back and I started a thread about it. My conclusion was what happened to you is standard practice with reserve auctions. Buyers wait until AFTER the auction ends, then immediately email the seller with low-ball offers, in order to get a better price. Don't blame the buyers, though, because sellers usually place a very high reserve with no intention of selling the item through auction at all.
You may think this sounds paranoid, but from the way eBay keeps raising fees for reserve auctions, adding new rules and complaining about abuse of reserve auctions, obviously eBay recognizes this problem too.
posted on January 17, 2001 03:28:42 PM
Hello Twinsoft:
Thank you for that insight. I only use a reserve when I have to protect my investment....I figure somewhere between 65-80% of retail and am pleasantly surprised if I get more.
I don't want to sell after the auction but neither can I afford to take something that I have sold for $450. and let it go for $50.
unfortunately I am not able to buy these high end wonderful items for so little.
Just recently I had a truly RARE item, in its
field. I had to run 3 auctions to make a sale. The collectors of this item know its value and I understand the desire for a bargain, however if the going price is $80 (and by the way 6 months ago one sold for that) and NOT ONE person bid on an opening of
$34.95 with a reserve of only $60. and NOT ONE person bid when I started it at $55 with NO RESERVE...I finally ran it at $9.95 with no reserve and it sold for $68. A month later I run another auction stating that this is the second one of this item that I have to offer start it a $9.95 and guess what it sells for $19.00 WHERE WAS EVERYBODY!!
They were waiting to "SNIPE" and ebay had a glitch....then you read the boards and the snipers are all upset that their programs didn't work....well, I was the only one in that scenario that LOST $$. Because the item is rare it won't easily be found in the near future sooo I guess there is no telling what the market really wants!!
I can tell you this the last two that I have will be sold through an ad placed in GLASS DAZE....with a set price. The rare items are too hard to come by to sacrifice to the fickle whims of the bargain hunters.
Color me discontented.
Zilvy...."I started with nothing and I have most of it left."
[ edited by Zilvy on Jan 17, 2001 03:33 PM ]
posted on January 17, 2001 04:34:44 PMZilvy...So Sorry ....Indeed, there is a prevalent "flea-market" aura floating over Ebay like a dark cloud. It is NOT you... Don't ever question your judgment.
since "four out of 5 did not reach reserve," I'd reassess my valuation system if I were you.
Don't! That would only make you feel worse. I do not need to see your auctions to know you are a knowledgeable seller and a person of integrity.
Selling your high-end merchandise at a rock-bottom price does not mean the "value" has changed. It just mean bidders have little respect.
In any case, according to the new eB-aY rules, one can no longer sell outside of auction anyway So, your integrity AND your Valuation system remain untouched...Things will change again, and again...Many time I have re-listed 3 to 4 weeks later, and what had NO bids suddenly sells for more than anticipated. Tey are out there..just try to wait it out
********
Gosh Shosh!
posted on January 17, 2001 05:56:34 PM
I forget the actual statistics, but a few months ago I read that over half of reserve price auctions end without having reached the reserve.
I never have a reserve auction. I price items low enough to get people excited (but high enough that I'd be happy if I only received one bid and had to sell it for that).
I've never been brave enough to try an opening bid of $1 with no reserve, quite often those do even better, but sometimes they don't!
posted on January 17, 2001 09:58:00 PM
Zilvy, I've been one of the folks contacting a seller after an item fails to meet reserve. Although 7-10 days seems like a long time, real life often intrudes and on at least one item, I missed the boat.
I would do a search of like items though before revising prices. I've one item that I tried to unload twice at dirt cheap prices with no success. Last week, two months after the initial offerings, I listed it again, at 4 times the cost. I did it thinking that the higher price might draw an audience. It did, and I got a bid within hours of posting it! Sometimes the market is there, sometimes not. But don't lower prices before comparing like auctions over the past 30 days.
posted on January 17, 2001 10:16:15 PM
Human nature to want things for as cheap as possible.Unless of course you have money to burn.I just think auctions are to up and down to really know an exact reserve price.Everyone knows the same item can go for 5 times what it did the week prior or visa versa.If it is a good high end in demand item it "should" bring a good price.The reserve I would think would be to protect what you have invested in it.
--------------------------------- If I had money I'd be rich!
--------------------------------- My Bit
So, your integrity AND your Valuation system remain untouched...Things will change again, and again...Many time I have re-listed 3 to 4 weeks later, and what had NO bids suddenly sells for more than anticipated. Tey are out there..just try to wait it out