Bidding on GunBroker.com
 

Hello friends,
for the very first time I tried to bid on the gunbroker.com site.
What I don`t understand is the purpose of the "reserve price".
Could someone give me advice how do deal with.
regards
Peter

The "reserve price" is the minimum amount that the seller will accept to sell the item. Any bid less than the reserve price will not purchase the item even if it is the highest bid submitted.

Gunbroker auctions have another feature different from most: a 15-minute rule. If a bid comes in close to the ending time, an automatic extension of 15 minutes is added to the close time. This prevents sniping (all too prevelant at some other sites). It aids the seller rather than the buyer.

Please permit a note on auctions, net or otherwise. The law generally says that anyone selling a product is presumed to know the product. For people like antique furniture and art dealers, this means they must be experts in what they sell, and if they claim a painting is by Rembrandt, it better be, or the buyer can get a refund or sue.

But auctioneers are in a different category. Many of the top houses do have experts and would never knowingly sell under false pretenses. But the law does not require this, or that the auctioneer be an expert. Instead, he is assumed to be, not the seller, but an agent for the seller, and any claims or expertise must rest with the seller. In other words, the auctioneer is no more responsible for the description of the item than a newspaper is for the contents of a "for sale" ad.

This may mean nothing, but just a piece of info for those using the on-line auction sites and possibly expecting the site to ensure authenticity or guarantee satisfaction.

Jim

Ron and friends,
thanks for the reply.
This is ok but why does the seller not disclose the reserve price as the minimum amount he tries to generate that means the minimum bid he starts with?
Sorry but I�´m a little bit confused,the question may sound stupid.
regards
Peter

Peter, disclosing the reserve price isn't a big deal, except some buyers can be odd about knowing the reserve.

As an example, I didn't sell something on e-bay several years ago (didn't meet my reserve), and somehow I mentioned in trading e-mails back and that the amount was so and so for the reserve, after she asked if I'd sell it to her. I said yes, this was my reserve, told her how much in shipping, and I get told by her, "Oh, I sell things all the time on e-bay, it won't cost that much to ship, plus you made your reserve!"

So, the point is, that the reserve is the minimum amount the seller wants to take, but sometimes the buyer knowing the reserve price is a negative. As an example, I want to sell a holster for $140.00 on e-bay and set a $140.00 reserve, (generally I don't think it is a big deal if someone knows the reserve...EXCEPT), except, then two guys get all excited about the holster and it goes for $190, so if I post my reserve it looks like, "Hey, he only thought it worth this amount and it went for a much higher amount!"

Of course, a reserve is to keep me from loosing money, if I never had a reserve to start with.. If the hoslter goes for $90 instead of what I'd like at $140, I essentially lost $50.

</font><blockquote><font size="1" face="Verdana,Tahoma,Arial,Helvetica,Geneva">quote:</font><hr /><font size="2" face="Verdana,Tahoma,Arial,Helvetica,Geneva">why does the seller not disclose the reserve price as the minimum amount he tries to generate that means the minimum bid he starts with?</font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Arial,Helvetica,Geneva">Like at real auctions, if you start the amount off lower, you get people interested. If you start the holster at $140, you MIGHT get one bid. Start it off at $45 with a $140 reserve, and you have a good chance it will go higher than the $140. The reserve prevents the seller from being screwed. {{Note, I have seen where many auctions on e-bay immediatly hit the reserve, that is worse than if it slowly creeps up in value, I think you can get more people that get interested in the item if it slowly rises in price}}

Ed

Peter, your question doesn't sound stupid because the unlisted reserve price idea really doesn't make sense. If there is a minimum amount the seller will take, why not list it up front? Then the bids if higher can go to whatever the buyer will pay. Or simply have a true auction in which the highest buyer gets the item. (Wirklich blodsinn)

rk

Hello Ed and Randall,
thanks for the explanations and hints and I have learned something.
I will take care of in future while placing bids or try to sell.
Recently I sold on e-bay an original wooden bottom of a P08 magazine, stamped with four digits and the letter and it went for EURO 17.00, obviously not a good deal.
regards
Peter

Peter, I am no expert on selling on e-bay... well, okay, I have sold several hundred things, and the magic on e-bay I think is to have lots of pictures, good description, including things like condition, and if shipping gets too high because of international, think about dropping shipping price two dollars and raising your reserve or final price two dollars.

Just some thoughts,

Ed