AMI Auction - Ended 2/11/10

[efmmm]

I was really disappointed in the most recent AMI Auction, and I was wondering if this has happened to anyone else when bidding on an item.

There was an item that I was looking to purchase and I placed a bid on the last day of the auction. There were no bids on the item. So I placed the minimum bid on the item. Much to my surprise two minutes later, I recevied an email telling me that I was out bid. So, I debated about placing another bid. Some time went by and I increased my bid. I was told that I was the high bidder. Then two minutes later I receveid another email that I was outbid again. I reached my max on the item and said forget.

I went back to the item after the auction closed to see what the final sale price was and it now shows no bids and no sale price.

Has this happened to anyone else? Are these auctions set-up as a min bid and THEN a min sell? Anyone have thoughts on this?

[joelsabi]

I was really disappointed in the most recent AMI Auction, and I was wondering if this has happened to anyone else when bidding on an item.

There was an item that I was looking to purchase and I placed a bid on the last day of the auction. There were no bids on the item. So I placed the minimum bid on the item. Much to my surprise two minutes later, I recevied an email telling me that I was out bid. So, I debated about placing another bid. Some time went by and I increased my bid. I was told that I was the high bidder. Then two minutes later I receveid another email that I was outbid again. I reached my max on the item and said forget.

I went back to the item after the auction closed to see what the final sale price was and it now shows no bids and no sale price.

Has this happened to anyone else? Are these auctions set-up as a min bid and THEN a min sell? Anyone have thoughts on this?

It's covered by Rule #9 on their auction rules.

Reserve Auctions
Unless explicitly stated otherwise by AMI, each Lot is being sold with reserve as a reserve auction. These terms are applicable to all reserve auctions. AMI and seller reserve the right to withdraw any property before and during the sale of such property. The seller also reserves the right to reject any and all bids for any reason. The reserve price may not be disclosed. All bids are raised in ten percent (10%) increments and AMI, at its sole and complete discretion, may reject a nominal bid advance. AMI reserves the right to place a bid on any Lot on behalf of the seller up to the amount of the reserve, if any. AMI will not specifically identify bids placed on behalf of the seller.

[sammy]

Why are these people still discussed on here?

Leave the dead alone.

[joelsabi]

Why are these people still discussed on here?

Leave the dead alone.

Hi Sammy,

I was answering his question on bidding he did with AM just two days ago.

[sammy]

Hi Joel,

My reply was just general in nature, not specified toward you or the poster.

I really don't see why anyone would even contemplate doing business with these fine, upstanding pillars of the auction community.

You do business with them, you condone their business ethics and practices.

Simple and direct observation.

[efmmm]

Thank you for explaining the process. I went through the rules and I must have missed this. I knew about the minimum, but did not know about the reserve.

I have read some of the threads on this site about AMI and not paying the Sellers which I think is very poor business practices.

What drove me to bid on some items were two factors: 1.) The seller was a respected member on this site 2.) I knew that I would be getting a authentic item.

Thank you again for all of your help.

[joelsabi]

Hi Joel,

My reply was just general in nature, not specified toward you or the poster.

I really don't see why anyone would even contemplate doing business with these fine, upstanding pillars of the auction community.

You do business with them, you condone their business ethics and practices.

Simple and direct observation.

Hi Sammy,

If you look at efmmm's original post, you see an example of the resulting frustration with dealing with a reserve auction format. I could not make up a better example myself. Many people think reserve auction are a waste of time unless you really want an item at an price.

The main thing to learn here, which efmmm mentioned, is that you need to know the rules of the auction house because each auction house doesn't play by ebay rules. I bet many people who bid on auction house are not aware if the commission is exactly 10%, 15% or 20% before they bid.

I took the KISS approach. Copied and paste the rule that was not followed and make it a lesson learn for the next auction.

Hope that explains more.