posted on October 16, 2000 02:16:01 PM
I am running a reserve auction, but I have no desire to keep the reserve price a secret. I just want to make sure I don't take a loss on the camera I am selling. I don't very often see people actually stating the reserve amount in the auction description. My question is, do you think revealing the reserve in the description would tend to increase bidding since the reserve would then not be a guessing game?
posted on October 16, 2000 02:26:16 PM
If nothing else, it will be a good test to see if people read.... most of the time I've come across an auction that states the reserve in the description, the high bid doesn't seem to be anywhere close to it, until the end.
posted on October 16, 2000 02:28:17 PM
kyms---
The answer to that question has been gone over again and again in this forum. A couple of answers are:
1. Listing fee is less if you start with lower bid price.
2. Auctions with large starting prices don't draw bidders.
Yes, I tend to stay away from reserve auctions, but on a rare occasion I would see the necessity of it.
Isn't KYMS an old Southern Calif rock radio station from the 70s?
Anyway, everyone, I'd appreciate any responses that relate to the question I asked, and prefer we not get into this discussion again about pro and con of reserve auctions !
posted on October 16, 2000 03:00:40 PM
Mr. Potatoheadd---
Yes, I think you're right! KYMS was a rock FM station in the 70s, and then later turned into the gospel station in Santa Ana. You could see the radio tower right off the 5 Freeway, but I don't recall seeing it lately. Is it gone?
posted on October 16, 2000 04:45:30 PMWhy would any one bid below the reserve if they knew what it was?
Because they don't read descriptions.
I don't see anything wrong with putting the reserve price in the description, but, IF they do read it, they'll most likely wait till near end of auction to bid.
I've seen lots of auctions with reserves, and they tell the reserve in the ad.
I wanted something, and it had a reserve, and got the nerve to email the seller to ask what the reserve was, and she told me, and I won. Some will, some won't. Why they won't, beats me.
posted on October 16, 2000 05:28:22 PM1. Listing fee is less if you start with lower bid price
Not no more, it ain't. Your listing fee's based on either the opening bid or the reserve price, whichever's higher, PLUS you pay a "reserve price fee" (refundable).
Still, when all the other widgets are listed at $10 and you have to get at least $20 on yours, at least you'll get some hits with an opening bid of $10 and a reserve of $20.
posted on October 16, 2000 05:59:51 PM
I think you'd be OK to state the reserve in the auction description. I listed a large curved-glass baker's display case last week, and after doing the preliminary research in completed auctions, felt I didn't want to have the minimum bid over $100. So, I set a $475 reserve on it and stated the reserve in the description. Given that it's a special item and it must be picked up (not shipped), I think getting an opening bid at the reserve was pretty fortunate! and we did!
You could see the radio tower right off the 5 Freeway, but I don't recall seeing it lately. Is it gone?
Yeah, it was on the right, just before you get to the Newport freeway. I don't know if it is still there- I've been in Idaho for 10 years, and when I get a chance to go back home for a visit, I don't get out that way.
posted on October 17, 2000 05:20:05 AM
My question is, do you think revealing the reserve in the description would tend to increase bidding since the reserve would then not be a guessing game? >>
On high price items like 295.00 I do the same, tell the reserve. I don't just list it as that because it tends to make people not even look at it. I put the reserve at the end of the auction. I haven't seen that it increases bidding as far as the number of bids. Actually, I think in some ways it takes bidding down at least in numbers but not in price. I have found that high price items with the reserved mentioned in the auction tend to do better then the ones where the reserve is not told. There are higher bids in PRICE (and that is what matters most) on the ones where reserve is stated I think. In that way bidding is increased, price wise, but not the number of bids because they bid in higher amounts with reserve stated. Anyway, this is what I have found over time.
