Posted by dhermesc on March 30, 2023 at 07:14:50 from (12.149.56.202):
In Reply to: Re: AUCTION QUESTION posted by Charlie M on March 29, 2023 at 15:58:08:
Or they know the seller and they know something is going way to cheap and they bid. I do that some - if something that I had no intention of buying is going so cheap that flipping it means easy money - I'll start bidding. I won't go to high because once the easy money is gone I have no interest.
A while back I was at an auction and a car trailer was going so cheap I couldn't believe it. Bidding backed up to $100 and struggled to make headway, I bid once and owned it - $200. After the auction moved on I started to hook up to it and a guy asked what it went for and said It was a bargain at a $1000 I said - $600 and its yours. He paid me in cash and I paid for the trailer and pocketed the $400 without even hooking up to it.
The bigger the auction the less likely there is some fraud going on. I used to question Purple Wave - but they have waaay to much stuff selling to mess with running up bids and ending up with unsold items. Especially if a seller thinks they just sold a high dollar item and the auction house has to go tell them the seller backed out (or never existed) and it will have to sell again at the next sale. Sellers are prevented from bidding on their items but that has its own perils. If I tried to use my personal bid number to run up some items my company is selling and pushed to hard - I'll own them - and I'll have to pay commission on them too. The seller doesn't see the max bids or the names associated with those bid numbers.
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