Do auctions set prices?
People go to auctions in the hope to get a good deal.
Not a secret.
There was a stamp that I've been watching for quite a long time.
But the list price of $800 was far above my self imposed max I can afford for any stamp,
Been saving money but I didn't want to make an insulting low offer.
Bring us to Tuesdays auctions.
I was very excited that I won a similar stamp from another dealer in a bidding war, for what I thought was a very good price.
Above the max that I like to spend, but still affordable
Today I see the dealer post the stamp on sale for six dollars less than my auction buy.
I know dealers can see my watch list because he made me a personal offer before.
If he had made me an offer at his current sale price, I would have bought it in a second
Kind of popped my bubble because the collector I was in a bidding war with can now buy the stamp for a dollar less than his high bid.
Such is life.
Not a secret.
There was a stamp that I've been watching for quite a long time.
But the list price of $800 was far above my self imposed max I can afford for any stamp,
Been saving money but I didn't want to make an insulting low offer.
Bring us to Tuesdays auctions.
I was very excited that I won a similar stamp from another dealer in a bidding war, for what I thought was a very good price.
Above the max that I like to spend, but still affordable
Today I see the dealer post the stamp on sale for six dollars less than my auction buy.
I know dealers can see my watch list because he made me a personal offer before.
If he had made me an offer at his current sale price, I would have bought it in a second
Kind of popped my bubble because the collector I was in a bidding war with can now buy the stamp for a dollar less than his high bid.
Such is life.
Comments
Auctions are also dynamic. You have different people at different times bidding. One stamp you bid on and lose for a high amount, you may bid on another of equal quality, but if there are different bidders around, you may get at a lower amount than the previous one sold for.
Your plan of having a "max" is good, but it should also reflect what is reasonable to expect for the stamp value.
The dynamics of "live" auctions verses internet auctions also have their own nuances as well. The auctioneer will generally open bidding on an item based on a "minimum acceptable", and people bid from there. No bids means the item passes (and may be offered again at a later date), where you have different people "in the room" (that is often a "virtual" room these days).
Both stamps looked similar in centering to the eye. I didn't get out a ruler.
The stamp I won at auction came with a cert. Good, for a hard to find stamp.
I don't do the snip thing. I might wait until the last hour or half hour, but never the last minute or seconds.
My internet connection was spotty on Tuesday and there was a chance I might be on the road at auction end.
So I made my bid five hours before the end.
The other guy did the bid a little bit more, then a little bit more thing... up until the end.
So maybe I could have gotten a better deal If I had waited until the last minute to bid.
Or another collector watching would have jumped in.
I'm still happy I got the stamp. I believe it was a good deal. It's going to fill a hole in a page.
Maybe a little buyers remorse because my truck needs a new transmission.
But hey, the transmission will still be there. the stamp wont.
Hahaha. LOVE your philosophy.
Yeah, I am not a "snipe" bidder either. In fact, as a seller, I hate "timed auctions" overall, because everyone has learned that if the "snipe" at the last second (literally) they get material for the cheapest possible price. Real auctions, items close when the bidding STOPS. I have suggested for a long while there needs to be an overhaul of online-auctions, which sets a "finish time" for an auction, but that auction time auto-extends by some time like 2 minutes or 5 minutes, so long as bids continue to be applied during that time. That kills off the "Snipers", and actually values the material correctly for the market, instead of constantly pushing it to a "minimum-maximum".