www.chirpthird.com: NFB - Need help with an Ebay Dutch Auction....

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Posted by Billiumss (Member # 413) on :

The question I have is this. Say there is a Dutch auction that the QTY is 10 and the price is $5.00 each.

Bidder 1 wants 2 at $10.00
Bidder 2 wants 1 at $8.00
Bidder 3 wants 4 at $7.00
Bidder 4 wants 2 at $6.00
Bidder 5 wants 2 at $5.50
Bidder 6 wants 1 at $5.00

Now since there are only 10 items and demand exceeded supply, who pays what and gets the items, the high bidders first?

I myself want 2 of the items and want to know the best way to bid for a Dutch Auction. I will pay up to $10.00 each per item if I have to. I have bid many times before on Ebay, but the QTY was always 1.

Hopefully someone can help......

Bill

Posted by NBM98SS (Member # 186) on :

The highest bidder with the most or least quantity get theirs first. Lets say if the quantity is 10 and you want 2 and the other person wants all 10 then you have to be the higher bidder to get your 2. The other person will only get the 8. In your example, you will have to be the higher bidder for sure through out the auction.

Hope this helps

Posted by Billiumss (Member # 413) on :

Can you change your bid amount before the auction is over with?

Posted by NBM98SS (Member # 186) on :

Oh and I forgot price doesn't matter on Dutch auctions. The price has already been set by the seller. The price your bidding on is only for quantity.

Posted by NBM98SS (Member # 186) on :

YES as many time as you want to make sure you get your 2....

quote:
Originally posted by Billiumss:
Can you change your bid amount before the auction is over with?

Posted by Billiumss (Member # 413) on :

So I could bid $100.00 and I would only pay $5.00 each? Doesn't make much sense. Why doesn't everyone bid high then?

Posted by NBM98SS (Member # 186) on :

Bill,

You have mail....

quote:
Originally posted by Billiumss:
So I could bid $100.00 and I would only pay $5.00 each? Doesn't make much sense. Why doesn't everyone bid high then?

Posted by Billiumss (Member # 413) on :

Thanks!!!!!!!!!

Posted by Mark F98-0050 (Member # 317) on :

Actually all successful bidders pay the same price which is the lowest qualified bid, not a fixed price. In your example, if the auction ended, the following would happen:

quote:
Originally posted by Billiumss:
The question I have is this. Say there is a Dutch auction that the QTY is 10 and the price is $5.00 each.
Bidder 1 wants 2 at $10.00 (gets 2 @ $5.50)
Bidder 2 wants 1 at $8.00 (gets 1 @ $5.50)
Bidder 3 wants 4 at $7.00 (gets 4 @ $5.50)
Bidder 4 wants 2 at $6.00 (gets 2 @ $5.50)
Bidder 5 wants 2 at $5.50 (gets 1 @ $5.50)
Bidder 6 wants 1 at $5.00 (gets nothing)
And Yes if Bidder 1 bid for 2 @ $1,000 would still get them for $5.50 in this example. But if another bidder bid $1,000 for 8, bidder 1 would be obligated for 2 @ $1,000. So you can be held responsible for your whole bid!
P.S. there have been cases (although unethical) where a seller, through a second identity, has bid on their own auction like that if a buyer put in a silly bid. Think about it it's a way to get $2,000 for $40 worth of stuff and still have 8 to sell...

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[This message has been edited by Mark F98-0050 (edited 18 January 2001).]

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