posted on August 4, 2002 05:35:34 PM new
I've been curiously watching an auction off and on all week to see its end result. I have an item like it and wondered what the auction value might be. With 6 minutes to go it was ended with 16 bids on it. Item no longer for sale was the explanation. I had no idea a seller could cut it that close in ending. Isn't there a "within so many hours" rule somewhere?
posted on August 4, 2002 05:43:09 PM new
Nope, the seller can end an auction at any time. Bidders cannot retract in the last 12 hours (unless the bid was placed in the last 12 hours, and then it is within 1 hour of placing the bid)
For example, what if a seller had a glass item up, and 5 minutes before it ended, he checked the auction, saw it was up to $500.00, couldn't believe it, and in his shock, dropped the item and shattered it?
He can't very well sell it, so he has to end it, and cancel out the bids.
Chances are, the seller was trying to get an idea of its value. Some do this by putting a ridiculous reserve on it, others end it right before the end.
Neither way is foolproof.
[ edited by revvassago on Aug 4, 2002 05:45 PM ]
posted on August 4, 2002 08:16:43 PM new
i bid on an auction and with 5 minutes to go i was the winning bidder and at the price it was a steal. the seller cancels it and even emails me telling me they didnt want to sell it that low. i will not deny the fact that i was highly annoyed.
