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Re: AUCTION RESERVES & OPENING BIDS
- To: meteorite-list@meteoritecentral.com
- Subject: Re: AUCTION RESERVES & OPENING BIDS
- From: FERNLEA4@aol.com
- Date: Tue, 8 Sep 1998 06:53:46 EDT
- Old-X-Envelope-To: <meteorite-list@meteoritecentral.com>
- Resent-Date: Tue, 8 Sep 1998 06:59:35 -0400 (EDT)
- Resent-From: meteorite-list@meteoritecentral.com
- Resent-Message-ID: <"f_qBEC.A.xNB.rzQ91"@mu.pair.com>
- Resent-Sender: meteorite-list-request@meteoritecentral.com
In a message dated 08/09/98 06:03:53 BST, you write:
<< I would heartily recommend that you not stay away
from lots with reserves--as many outstanding deals will be missed--instead,
just attempt to discipline yourself to never offer more than what you
decided would be the most you would pay...BEFORE THE BIDDING REACHES THAT
LEVEL. >>
Hi Darryl & List,
Maybe I'm looking on it too simplistically, but if the auctioneer knows what
minimum bid he or she would accept (the reserve price), then why keep it a
secret?
If there is only one active bidder, then at least he knows where to fix his
final bid to secure the lot. If there are two or more bidders, they are
bidding against each other and know that they have to bid BEYOND the reserve
price. In both cases, the auctioneer gets their reserve or greater....and
everyone's happy!
Personally speaking, secret reserve prices make it far less attractive to bid
for a lot, as there's so much guesswork involved.
I usually bid only for known reserve or no reserve lots, so......if there's
any meteorite auction houses out there willing to slip me some inside
information on secret reserve prices, I promise I won't tell anyone :-)
Cheers,
Rob Elliott.
http://members.aol.com/FERNLEA4/index.html
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