Archived posting to the Leica Users Group, 1999/07/15

[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]

Subject: Re: [Leica] Prices on E-Bay
From: "Richard J. Wyble" <>
Date: Thu, 15 Jul 1999 08:07:17 -0400 (EDT)

Excerpts from leica: 15-Jul-99 [Leica] Prices on E-Bay "Doug
Richardson"@medito (1280*)

> Has anyone else had the same experience? I haven't used E-Bay yet, but
> it seems a bit weird - I can see items whose sale date is days away
> already gaining realistic bids, while other items a day from sale date
> are ridiculously low - less than $50 for something which even in poor
> condition would sell for $500.

> [ deletions ]

> Fifteen seconds later the price had reached 720!

eBay uses what they call a "proxy bidding" system wherein a buyer places
their maximum bid and the computer automatically increments their bid up
to the maximum. So it is that there might be a bid with a maximum of
$1,000 which has been incremented only to $200; and you can see only the
current bid, not the maximum.

There is also a lot of last-second bidding on items. Prices *do* jump
exactly as you described as having observed at a Christie's auction.

Long, long ago in middle-America as a young child I attended numerous
country estate auctions with my grandmother. At her side I learned to
never *ever* display public interest in any item until actually placing
a bid JUST before the final gavel. Why..? Because if TWO people are
interested in the same item it will likely drive the price higher than
you might otherwise buy a given item for. The *precise* same concept is
operative on eBay. Those auctions aren't over until they're over.
  Richard J. Wyble