General Question

sleepdoc's avatar

E-Bay bidding explanation please?

Asked by sleepdoc (4695points) November 18th, 2011

Ok so I put in a bid on an e-bay item. The starting bid was less than by maximum bid. So it automatically placed the price at the starting price. There has been one additional bid since that time. I would have guessed that bid would have been slightly higher than my maximum bid to give the other individual bidding the best deal. Instead the item took a huge jump in price and is now way above what my highest bid is? What is going on there? Any help of suggestions?

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17 Answers

SuperMouse's avatar

Maybe that bidder’s lowest bid was higher than your maximum. They must really want this item.

sleepdoc's avatar

I don’t recall it ever asking me for a minimum bid before. It has always asked me for what my maximum bid would be. I guess maybe you can select it to give your minimum?

SuperMouse's avatar

Could that person’s starting bid have have been higher than your maximum? That is what I meant, just not super clearly worded.

RealEyesRealizeRealLies's avatar

Doesn’t sound right.

The only way the second bidders price could have jump super high is if you (as the first bidder) had placed a high proxy bid… and they (as second bidder) placed an even higher proxy bid.

sleepdoc's avatar

@RealEyesRealizeRealLies That is what I was thinking. Normally when someone outbids your maximum it typically on jumps up buy what the minimum is to outbid high bid. Just to make it clearer, I bid a maxmium bid of $26. The starting bid was $19. The very next bidder is the one who out bid me, but the price is now $67. Could it have something to do with the seller having set a reserve price?

RealEyesRealizeRealLies's avatar

There may be a third bidder, who after placing large proxy, retracted their bid after 2nd bidder out bid them.

The way it works…

If I’m highest bidder, and decide to retract, then upon approval, the amount goes down to where it was.

But if my highest bid was outbid, and then I retract, then the amount stays the same as the last proxy.

sleepdoc's avatar

@RealEyesRealizeRealLies Hmmm… I am so confused then. There has only been 2 bids listed every and the bid came in last night. It has stayed where it was at $67 even thought my high bid is right below it and listed as $26.

RealEyesRealizeRealLies's avatar

Unless you watch the ad constantly, you may not have seen the third bidder come and go. They could have bid, then been outbid at the same time they were retracting. Once retracted, there is no record. The whole thing happens as you step out for coffee. You have no idea what just happened.

sleepdoc's avatar

Hmmm .. so that means the bid will remain at $67?

RealEyesRealizeRealLies's avatar

Yep… until you outbid.

Keep in mind that you’ve lost nothing. Bidder #2 has demonstrated they’ll go to that price. Bidder #3 only caused Bidder #2 to spend more money.

If you had only gone to $45, and Bidder #3 had never appeared, then Bidder #2 would have won at a lower price. It was going up regardless.

sleepdoc's avatar

OK… well it was only worth about $50 to me anyway.

anartist's avatar

All the hot bidding on an item of interest comes in a few minutes before the item closes. Track the item and do not miss closing date. Pay close attention to bidding in last few hours. If you are outgunned, you are outgunned. Move on to the next item.

sleepdoc's avatar

@anartist I know that much about ebay. I am just trying to figure out how the $40 jump happened. It makes me suscpicious that the seller maybe bid on their own item to elevate the price somehow.

RealEyesRealizeRealLies's avatar

Well they could have a second account… but there would be no purpose to make the retraction.

Buyer and seller would simply agree to a “no-sale” after the fact… the eBay fees would be null and void. I really think there was a third bidder who retracted. It’s a hole in the eBay system… because it doesn’t set the price to where it was before… unless the retraction is made before any further bids.

And yes, a buyer who wants to retract, but is out bid, has every reason to proceed with the retraction. If the high bidder retracts too, then they are liable. Bid retractions have a time limit. Can’t wait until end of auction.

sleepdoc's avatar

I guess I will really only know if the auction ends and it shows up relisted.

sleepdoc's avatar

Well the item went for double what I was willing to pay so, I guess it wasn’t that big of a deal anyway.

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