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Thread: Why I Love eBay (Not)
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03-20-2015, 01:39 AM #1
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- Feb 2014
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Re: Why I Love eBay (Not)
As a buyer, I would love for sellers to be willing to sell at whatever the last auction went for on things I want. As a seller, I realize that's really convoluted thinking.
Here's the problem:
Latest auction result was 28 bids with a high bid of $100. As a buyer, you'd gladly buy the item for $100. That means, in theory, the market value is over $100, since at least two individuals would be willing to pay $100. Since you're glad to pay that price, it's likely that you value the item closer to $150.
The seller realizes this (or some approximation) and thinks of the last ending price as a price floor, whereby a buyer might see it as a price ceiling.
Also, if the last five auctions sold for an average of 50% of the asking price, that might mean one sold for 130% or 150% of the average. So, I don't mind (overly) when sellers ask for 200% of the average selling price with the best offer option. What I hate is when sellers post something that is clearly not what they claim for 1000% of the typical selling price for what the item actually is.
Case in point, someone was selling a replica Griffey signed bat (usually $50-$75) as a game used bat on eBay.