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Robden

Auctions! A seller's market?

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I've been looking at various 'Johnny Foreigner' auction sites recently and have noticed that quite a few now, are doing a "5 minute" thing.

If a bid is received within the last 5 minutes, the auction is extended by another 5 minutes and keeps repeating until there are no more bids (within 5 minutes of the allotted time.)

This is doing away with "sniping", no more bargains (unless the seller doesn't know what they have) and the seller receives the highest (bid) amount for that auction.

So, a seller's market?

Rob....

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That's a fiendish idea, but might work both ways.   Not having that set end time maybe you don't get the flurry (and consequently the exuberant getting carried away) that sometimes occurs. 

Also an auction site is only as good for the seller as the traffic and interest it creates.   Which in this case is an unknown quantity, have you seen them producing good prices in favour of either the seller or the buyer? What are their fee's like?

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The fees usually kill any bargains stone dead.  VAT and a 20% buyers premium too in some cases :huh:

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14 minutes ago, Daveyboyz said:

That's a fiendish idea, but might work both ways.   Not having that set end time maybe you don't get the flurry (and consequently the exuberant getting carried away) that sometimes occurs. 

Also an auction site is only as good for the seller as the traffic and interest it creates.   Which in this case is an unknown quantity, have you seen them producing good prices in favour of either the seller or the buyer? What are their fee's like?

I tried one and was after quite a rare watch. Placed a bid with about 45 seconds to go and thought I was going to get a really good deal. Then "WTF" another 5 minutes.

I tried again. Same thing happened. My first bid was £100 (I thought, "great"). I ended up trying £400 and still lost. Didn't go anymore because of shipping and import fees.

It sold for over £600.

Looking all over the place, there are some wonderful and not so wonderful watches out there.

Fees are comparable to ebay's for selling I believe. Obviously if using a proxy bidding service, their fees have to be taken into consideration along with shipping etc.

I think that there are still good bargains to be had, even with the extra fees. Especially if there's a watch you covet but not available here and Johnny Foreigner's not fussed.

Rob.... 

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A good few years ago yahoo did a similar thing but i think theirs was the last minute maybe two. Very annoying when you were trying to buy , thinking you'd got it then someone came in at the last second and you'd have to bid again and wait a further couple of minutes for the same thing to happen again , it could go on for ages. Yahoo didn't charge any fees though which was good, I was using it up until they stopped doing it , I then reluctantly went over to eBay and I've been on there since 2002 so as I say it was a while ago. 

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The shipping fees have put me off a couple of times, there seems to be no set fee just a random price for shipping. This has varied from £12 to £30 when coming from Holland both tracked shipping. So any bargains are lost.

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I suppose like a live auction where the auctioneer will just keep going until he's squeezed the last bid out of the room.

Good for sellers though so higher selling fees might be worth it.

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Another thing to be wary of, reserve prices, as quite often they are not mentioned. If your bid is unsuccessful, it will say something like " You have either been out-bid or the reserve price has not been met."  

So, with seconds to go, you bid £100. It will then jump (if there's a reserve) to £110. Thereby extending your misery by another 5 minutes and so it goes on and on until the reserve has been met.   :taz:

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I bought something from an auction the other day through "the sale room" website.  Hammer price was £120.  With 3% for online bidding and the auction fees, £15 postage and the final cost was £165.  Ouch.

 

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remember that when you 'win' an auction you have just agreed to pay more than anyone else thought it was worth.

There are still a few bargains, but unrealistically low reserves to grab attention annoy me.  A saleroom about 20 miles away had 15 military watches last week for a guide of £100-200.  Hammer price £1,100 plus fees and the auction knew exactly what they were doing.  I suspect there was still some profit at that, but equally you might have had a few (or all) non runners or frankens, and the auction house can just say "well we gave a low estimate based on the condition..."

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I have bought and sold on Ebay and it pretty much is what it is , however buying from auction can be a great experience , specialist auctions be it watches or architectural salvage  are getting pretty expensive not including postage / courier costs if the Auction house is miles away . General sales at Auction can turn up some real gems if you are prepared to do your homework and think on your feet a little , but it is easy to get your fingers burnt sometimes as well !! . Its just my opinion that Auctions are not doom and gloom and can be an interesting and profitable place . Just my opinion :)

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6 minutes ago, mickey the brindle said:

I have bought and sold on Ebay and it pretty much is what it is , however buying from auction can be a great experience , specialist auctions be it watches or architectural salvage  are getting pretty expensive not including postage / courier costs if the Auction house is miles away . General sales at Auction can turn up some real gems if you are prepared to do your homework and think on your feet a little , but it is easy to get your fingers burnt sometimes as well !! . Its just my opinion that Auctions are not doom and gloom and can be an interesting and profitable place . Just my opinion :)

Have to agree with is.

I treat attending viewing day's, auctions, fairs, as a social event & learning experience.  Meet up with fellow collectors/dealers, chew the fat & handle the timepieces.....invaluable IMO:yes:

More often than not I come away with no timepiece but hopefully have acquired a bit more knowledge to assist me next time.

Much prefer it live so to speak, rather than just staring at a screen.

Just my opinion of course. :biggrin:

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Yes totally agree , I do try and attend viewing days but work commitments usually dictate that I can only attend on the day but when we do attend viewing days my wife and I usually have a few hours browsing and catching up with friends and acquaintances then have a light pub lunch :) which in my opinion makes a very pleasant morning !

 

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