Quote:
Originally Posted by mikecc
They do it that way because reserve auctions cost a lot more for the lister.
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Well, that's part of it.
But depending on how well you know the value of an item you take risks accordingly.
If there's something I
know will fetch a hundred, I might be inclined to start it at a dollar. Because:
1) it doesn't cost as much to list
2) the bidding frenzy might just cause the auction to go higher than market price
Right now I have a few Dunhill pens for sale that cost me a lot of money. I can't afford to risk them selling for 120 bucks...it would be a huge loss...but I know they will go for close to 200 based on previous sales.
So I'll list with an opening bid of say 180 or 190 to ensure I get some profit, and a buy it now at just above what people have been paying to entice a watcher to pull the trigger.
This strategy is designed to balance risk with a modest gain.
-spence
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