meowmix71
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posted on August 12, 2005 12:35:14 PM
I think I made myself pay about $10.00 more than I should of in a Dutch auction.
I bought 2 large lots of items and the starting bid was $89.99 each. The auction ended this morning while I was at work so I wanted to make sure that I put a large enough bid so I would win them. I ended up placing a bid of $95.00 for each one. I did win the auction and was the only bidder. So why did I get charged $95 for each lot instead of the starting bid of $89.99. This is the first time I have bid on more than 1 item in a Dutch auction.
Has anyone ever done this? I guess I won't ever do a proxy on a dutch auction again. I'm glad I didn't put $100 down for each. Lessons learned the hard way!! Ugh!!!
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sthoemke
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posted on August 12, 2005 12:54:01 PM
If you bid on the entire quantity available in a dutch auction, the purchase price will increase to the amount that you placed. In a way, you are bidding against yourself.
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carolinetyler
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posted on August 12, 2005 12:54:56 PM
I think because it was a Dutch auction and not just an auction for multiple items that this happened. If it was for multiple items and not Dutch, you would have been the winner at the opening bid.
With Dutch auctions, the bid starts high, then goes down until someone bids.
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 Caroline
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meowmix71
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posted on August 12, 2005 12:58:09 PM
Now I understand (somewhat). I guess I am so used to ordinary auctions that I wanted to make sure I won them but made some extra money for the seller instead. I guess I will only place the current bid if I ever bid for Dutch auctions again.
These Dutch auctions are so confusing. I don't even list my items in a Dutch auction.
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estatesalestuff
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posted on August 12, 2005 01:02:34 PM
"These Dutch auctions are so confusing. I don't even list my items in a Dutch auction."
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I totally agree with you ... I don't list that way, and I don't buy that way (unless it's the minimum amount showing)
Marcia in Ohio
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Japerton
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posted on August 12, 2005 01:29:36 PM
I overbidded on some filter cases a few years ago.
The seller felt so guilty that he included many extras.
It wasn't a huge increase, but I realized that I bid on all of them, versus one of them.
I still don't like dutch auctions.
Sigh
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dadofstickboy
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posted on August 12, 2005 01:45:00 PM
I was amazed at this!
I once had a lot of 100 items up.
opening bid was 1.00
A bidder came along and bid 10.00 on all 100 items.
Turned out he was the only bidder and won them all.
At auction end I was going to send him an invoice for 100.00
Before I could Ebay sent him a WBN for 1,000.00
He payed it, never said a word about it.
I thought I understood Dutch Auctions, but I guess I didn't!
All I can say is if you want them all, maybe bid opening bid on a couple and a proxy bid on the rest.
This is something I'm not sure about but it just may work!
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carolinetyler
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posted on August 12, 2005 02:48:45 PM
I wish all bidders were like that! Wow - that's a great sale.
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Caroline
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dadofstickboy
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posted on August 12, 2005 03:23:59 PM
Yes It Was!
I felt like- guilty- But!
This is the way it works,I don't set the rules,so all I could do was be Happy!
After all, it is an auction, and the highest bidder gets the goods!
I was dumb to how it worked, but if I had done this I world have paid!
Just like: meowmix71
Now has to pay!
Live and Learn.
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estatesalestuff
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posted on August 12, 2005 03:28:21 PM
Doh!!!... ON SECOND THOUGHT, as a SELLER, maybe we SHOULD run Dutch Auctions LOL
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sthoemke
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posted on August 12, 2005 06:42:40 PM
"A bidder came along and bid 10.00 on all 100 items"
If he had bid $10 on only 99 of them, he would have had to pay only $1 each instead of $10 each.
For dutch auctions, I think it is better to list in quanities or 2 or 3, unless you just want to liquidate your inventory.
Sometime you get lucky with someone who wants all of the items.
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