[Harp-L] Confessions of a veteran sniper!

[Wayne Openlander <engineering@xxxxxxxxxxxxxxxxxxxxx>]

Confessions of a veteran sniper!

It's the psychology of auctions. We want a bargain so we underbid. Then if 
someone outbids us in the closing moments but still snags a bargain we feel 
somehow cheated.

Sniping works well, to the benefit of the buyer,  on items with a thin 
interest. If only one person wants something, it will sell at the minimum. 
If two people want it desperately, the sky is the limit. Sniping lowers 
that sky.

If it's an item that's in demand and also comes up with regularity, chances 
are that the market has already established a value, and at the end the 
selling price will reflect that value.

Furthermore, if you watch bidding, almost all of the real action takes 
place in the closing minutes of the auction.

So here's my philosophy.

If its a rare item, the market has not set a value,  and I have to have it, 
I snipe sky's the limit and take my chances.  Sometimes I snag a bargain, 
sometimes I pay too much.

If its a common item where the market has set a value I bid the middle of 
the value range. If I lose, there will be another along pretty soon for me 
to try again.

If its uncommon and difficult to value and I only want it if its a bargain, 
then I snipe at the bargain price. Sometimes I get a bargain, sometimes I'm 
outbid.


The Other Wayne