To give you a sense of the auction process, here’s a real-world example of my addictions put to the eBay test. I searched and found an item that I wanted, a “New York Pizza.” After reading the seller’s feedback (and skipping lunch), I wanted the item even more! None of this seller’s previous buyers were unhappy with the product. As a matter of fact, no one seems able to say enough about the quality of their food. Yum!(If I buy the pizza for research for this book, it makes my pizza a taxwrite-off,no?)
The pizza’s starting bid is $9.95, and the auction ends in over four days. So I need to observe several things about the auction. How many more are up for sale? A simple search shows that only one is up for auction. What did they sell forin the past? I run a completed auctions search, and see that they’ve sold for upto $20. (Shipping is free — this is as good as Dominos!)
You have to make some decisions. I have observed that these pizza auctions have an active bidding pattern, so at this early stage I bid the minimum amount just to get the item to show up as one of the items in the All Buying area of the My eBay page.
Bidding can be like games of poker. If you want to win a one-of-a-kind item, don’t show your hand to other bidders. Simply mark the auction to watch. However, this strategy isn’t necessary for an item that will be sure to belisted again, like the New York Pizza.
Enter eBay’s automatic bidding system. This is the perfect way to place your bid for the highest amount you are willing to pay for an item — without spending your valuable time constantly following the auction. Before you place your proxy bid, you should give serious thought to how much you want to pay for the item
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