Gunbroker question
- Thread starter Porksboy
- Start date
I worked for an auctioneer and attend auctions frequently.
Live auctions work like this.
The auctioneer may announce that there is a reserve price on the item . . . but most likely will not announce what that reserve price is.
The auctioneer will then start the bidding with a price. Your choices are to either bid - or not.
If someone bids, the auction has started. You either bid the next highest bid or lose.
Sometimes the auctioneer says "I have all the money." - usually meaning someone who is not present has left a bid with the auctioneer, but the bidding will start at the net bid.
Another option is someone will offer a smaller bid and the auctioneer will accept that one.
If none of the above happen, the auctioneer will lower his opening bid - or declare the item "No sale" . . . and move to the next item.
Gunbroker is just like this (IMO) only without the auctioneer.
Live auctions work like this.
The auctioneer may announce that there is a reserve price on the item . . . but most likely will not announce what that reserve price is.
The auctioneer will then start the bidding with a price. Your choices are to either bid - or not.
If someone bids, the auction has started. You either bid the next highest bid or lose.
Sometimes the auctioneer says "I have all the money." - usually meaning someone who is not present has left a bid with the auctioneer, but the bidding will start at the net bid.
Another option is someone will offer a smaller bid and the auctioneer will accept that one.
If none of the above happen, the auctioneer will lower his opening bid - or declare the item "No sale" . . . and move to the next item.
Gunbroker is just like this (IMO) only without the auctioneer.
As others have said it is the starting bid. People like no reserve auctions so it is a way to attract potential buyers that do not like reserves. People manipulate things in different ways on that site.
Seems to me that no reserve would mean the highest bid of $0.01 or more would win the auction. If there is a starting bid of $1299.99 then anything over $1299.99 would win and $1299.99 would be the reserve price. Any minimum monetary figure would negate the no reserve.
yeah that should be the case but the no reserve is a scam to entice people into thinking they got a deal
This idea of a starting price for an auction, is not a new one. It is very common, so common if fact, I would call it normal. You don't win at any auction just because you bid the starting amount. You win an auction because no one bids higher than you, that is how an auction works.
You could set a staring bid at .01 and a reserve at 2k if you want. Seems putting the least you will take as starting bid, helps buyers sort prices more easily and not waste their time bidding on something the seller wants more for than they are willing to pay.
You could set a staring bid at .01 and a reserve at 2k if you want. Seems putting the least you will take as starting bid, helps buyers sort prices more easily and not waste their time bidding on something the seller wants more for than they are willing to pay.
It’s the same ducking thing.
if you can’t win w less than the minimum bid the minimum bid = reserve unless the reserve is higher.
in a case of a min bid and no reserve, they are in effect the very same thing.
if you can’t win w less than the minimum bid the minimum bid = reserve unless the reserve is higher.
in a case of a min bid and no reserve, they are in effect the very same thing.
It because of the way Gunbroker charges for their service. There's no insertion fee for a basic auction with or without a minimum starting bid, or for a fixed price listing. But they charge 2% of the Reserve Price, (min $1.00 / max $100) if the seller has a reserve. Other rules with a reserve as well. I suppose there might be strategic reasons to set a reserve price, though I doubt any such test is worth 2%. Gunbroker gets their same Final Fee either way.
Pretty sure this is how Ebay does it too. Seems setting a minimum starting price is just a way of setting a reserve without having to pay for it.
Pretty sure this is how Ebay does it too. Seems setting a minimum starting price is just a way of setting a reserve without having to pay for it.
The answer to the OP is obvious to everyone including him. If you don’t like the way it is set up don’t bid. Life is so easy if you look at it logically.
No. Completely different.
A reserve is generally not known, so you spend time bidding and nobody may get high enough to win.
During a live auction they will advertise once they pass the reserve price, something like "you're taking it home now!". The internet auctions will tell you once you cross the threshold always.
A minimum is the least amount the seller is willing to take. This means you know where you stand when you start, and bidders all know they will receive the item if they're high bidder.
