[JakeJ]

Hi AC,

I have listed my Quad ESL-988 Hotrod speakers for auction on Audiogon.  A full description is available in my ad copy.  I will ship them for free if an AC member wins the auction.

Thanks,
JakeJ

[macrojack]

I've never auctioned anything and I admit that I don't understand the strategy. What is the purpose of a $500 opening bid if the reserve is $2000? Doesn't that mean that the least you will sell them for is $2000? If so, why would anybody bother bidding less than $2K?

[JakeJ]

Good question.  This is my first auction on Audiogon and the first time I have ever put a reserve on any auction.

That said, I had to pick a starting bid and I won't accept less than $2K for them.  I probably shouldn't have put my reserve in the ad copy.  It's an experiment.  I think there may be people that will bid in hopes that I will accept less than my reserve.  I see that all the time on eBay but eBay and Audiogon are completely different animals.

Time will tell.

JakeJ

[Ericus Rex]

It gives (some) buyers a chance to get excited about the item.  They usually don't know the reserve price and started putting in low bids.  This would occasionally lead to that person getting emotionally attached to the auction and eventually meeting your reserve.  That same person may not have even considered bidding in the first place if opening bid was $2,000.  Some people are that dumb!

I've never auctioned anything and I admit that I don't understand the strategy. What is the purpose of a $500 opening bid if the reserve is $2000? Doesn't that mean that the least you will sell them for is $2000? If so, why would anybody bother bidding less than $2K?

[toobluvr]

Last year I ran an AG ad on a pair of Spendor floorstanders.  One guy was really interested, several emails back and forth, but he would not pay my price.

Ad expires and I put it them up on AG auction, set a reserve to protect myself and start the bidding low to attract eyeballs and bids.  Same guy was high bidder at the end but he didn't meet my reserve, which I revealed to him before expiry.

We then take negotiations to private email.  He keeps upping his offer....slowly.   I reject......3 days go by, I let him stew....he raises his offer.   I reject again and the same process repeats itself several times.  I won't budge, he won't go away.  I stay firm cause I know at 30% of list my price is already VG.  I also sense he is hot for them.  He ends up paying my price, which hasn't wavered thru the whole process.

Moral of the story:  know your product, try to figure out who you are dealing with, and don't cave if you don't have to.

Good luck Jake!

 

[JakeJ]

Thanks, Ericus Rex and toobluvr, for the words of encouragement and for the bumps too. 

[opusthepenguin]

sent you a pm

Andy