That is a good plan and I am sure many have used it. However, like all good plans, someone figures out a way around them. What I have seen happen is that some sellers know that bidders will go way beyond the "value" just to try to lock in the bid in their absence. One of the keys to this is when you see that a bidder bids twice in a row, back to back. There is pretty good chance that they placed a real high bid to lock in. A few sellers have been known to get someone else to bid it up.(no way to really police this action unless the bidder buddy rats on the seller to Ebay) They risk busting the highest bid, but, they can always claim that the "buyer" decided they did not want the item and then just relist it. For the risk, they stand to sell an item at much more than what it would normally bring. So, if they just happened to bid it up to say $79.00 on that knife that is not worth more than $20, the bidder must pay for it or get a negative and be written up as a dead beat buyer. Why would you want to pay that much for a $20.00 knife? The game is much more complicated than most realize. With that said, there are still some good sellers on there. For these reasons, I much prefer the "Make an offer" or "Buy it now" auctions. At least you know that they are pretty straight.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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