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Re: Buyer's Premium Auctions


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Posted by BarnyardEngineering on October 05, 2021 at 12:59:15 from (161.69.121.33):

In Reply to: Buyer's Premium Auctions posted by cool hand on October 04, 2021 at 14:01:50:

Quoting Removed, click Modern View to see

Yes, what good would it do for the auctioneer to outbid you at the last second without giving you a chance to up your bid? They get stuck with the item, no commission, and no buyer's premium.

That practice is called "bid sniping" or just "sniping." It's regular bidders doing it, hoping you're at your upper limit so they can outbid you by a small amount right at the last moment.

You placed an upper limit on your bid for a reason, that reason being if the bidding went over that amount, you did not want the item. So why get upset if you get outbid?

There are ways to combat sniping: Increase your bid at the last minute by just over the minimum amount, so even if they try to snipe you, you will outbid them and beat them at their own game. Snipe the sniper.

Many online auction platforms that local auctioneers use have an auto-extend feature which adds a minute, or 2 minutes, or 5 minutes, AND minimum bid increments, to the auction to discourage bid "sniping."


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