Myford Super 7 auction

[Tom Kitta]

I don't see $1750 in the bid history just $600 and then $1800?

hibid site has strange way of showing things which I do not like - I think they do not show autobids. OR someone did bid their max which was 1800 and it happened that someone else's max was 1750.

Also hibid seems to put names at random - I bet the 600 and 1825 are same guy - other bidding platforms are far better - bidding history is of use - for hibid not so much.

 

[Mcgyver]

Myford is a light lathe - this is not an issue at all - you can easily move it into a basement and out with a friend.

I carried one out of a basement once by myself, took off what I could (which wasn't that much) then tied a rope through the bed and slung it over my neck and shoulder (many loops of rope so it didn't dig in too badly). Not the brightest move but no else was there to help, was 2 hours away from home and had bought it...and I was younger and foolish then. Now I'm just older and foolish.

 

[Tom Kitta]

Yeah I moved my 7B from my truck onto its base and pulled up to the garage with ratcheting pully. But it took like 45 min. Less then 10min with a friend.

 

[trlvn]

View attachment 18329

??????? 9 hours to go.

It is pretty simple: "Goldcoach" put in the $1800 bid as the maximum he was prepared to pay for the lot. At that point, the high bid was $580 (I think) and he become the new high bidder at $600. This was at 9:29 AM. Very soon, another bidder started entering bids. Notice that the high bidder shown in your screen capture has bid 18 times. The bid increment after $600 is $25 so I'm guessing he entered $625. The system automatically countered with a $650 bid for Goldcoach. The new bidder was told that he was NOT the high bidder and would now have to bid $675 or higher. The new bidder did this over and over until he become the high bidder after passing the maximum that Goldcoach had entered.

I've said this before--HiBid is designed expecting you to put in the MAXIMUM amount you are willing to pay for a lot and then come back later and find out if you won at that amount or less*. It _is_ a rational way to bid. You figure out what that lot is worth to YOU and you never spend more than that. If it is worth more to someone else, they get it.

Incidentally, if people actually bid this way, the time would never be extended at closing. And there would be no eBay-style sniping at the last minute.

The 'trouble' is that not a lot of people expect auctions to work this way. So a lot of the bidding happens near the close and the close gets extended repeatedly.

For me, I too bid only near the close. I find that if I enter my max too early, another bidder will bid over and over to eventually become the high bidder. If I enter my max right near the close, it seems that they can't talk themselves into all those bids before time runs out. Sometimes. Other times, the price is already way beyond what I would ever have paid and I just marvel at the spectacle!

Craig
*I can just picture the IT design meeting at HiBid where the system analyst-types hashed out this process. How much do you want to bet that none of these geeks** had ever been to a live auction?

**BTW, I strongly resemble these geeks but have been to live auctions!

 

[Mcgyver]

Incidentally, if people actually bid this way, the time would never be extended at closing. And there would be no eBay-style sniping at the last minute.

The 'trouble' is that not a lot of people expect auctions to work this way. So a lot of the bidding happens near the close and the close gets extended repeatedly.

I agree with your description of how it works, but I think the max bid is a feature, not how they expect people to use it....else they wouldn't have a soft close. Get rid of the soft close and people would use the max bid more.

imo, the ebay style with a hard stop is so much better (at least for me the buyer). For the seller? Maybe its better but what these soft close auctions get out of me in last minute hype, they lose 10x over because I end up not bidding on everything I want. The !(*@$# times end up all the place and conflicting with other target items....rather than being nice neat lots a couple of minutes apart so you can stay organized and bid on your list. Increasingly I just don't bother as I find it very annoying

 

[Tom O]

One of the reasons Myford lathes are preferred by hobbyists

 

[trlvn]

I agree with your description of how it works, but I think the max bid is a feature, not how they expect people to use it....else they wouldn't have a soft close. Get rid of the soft close and people would use the max bid more.

imo, the ebay style with a hard stop is so much better (at least for me the buyer). For the seller? Maybe its better but what these soft close auctions get out of me in last minute hype, they lose 10x over because I end up not bidding on everything I want. The !(*@$# times end up all the place and conflicting with other target items....rather than being nice neat lots a couple of minutes apart so you can stay organized and bid on your list. Increasingly I just don't bother as I find it very annoying

This is why I picture the IT meeting. I could just see that the design brief as basically 'we need a bidding system but don't allow sniping like on eBay. Everyboddy hates that.' So they designed and built a bidding system and then found out that people hate...just for different reasons!

Craig

 

[Mcgyver]

maybe the best would like a real auction, a new bid extends 5secondsd then going once...... All the other lots wait. Might be as quick or faster as you would not be waiting the 3 minutes or so for the next lot to close.

Not sure what the aversion is ebay snipping is or even the point of it. I bid in the last minute as I don't want my price sitting for long for others to contemplate, but I usually bid my max. Some electronic snipe attempt in the last second losses if its not higher than my max and I don't pay a dollar more than I have to.

And entering your max in advance doesn't work. If I have 1000 to spend and 10 items interest me I might decide i will go 250 on any four. I can hardly do that in advance and risk spending 2500....yet the muddle of things closing at the same time, times moving and listing getting bumped down the page make it impossible to bid dynamically on all 10

Maybe the winner local auction site has yet to be built?

One of the reasons Myford lathes are preferred by hobbyists

ITs a great feature. I made a T sloted block that replaces the compound on my big lathe....not as nice as the whole cross slide being so, but its been handy and makes things a bit more rigid

 

[trlvn]

For a time, part of my job involved investigating fraud. Sometimes I wonder why I buy things through auctions at all...live, online or whatever. In old-school live auctions, there were always rumours about phantom bidders driving up the price. Whenever I couldn't see the guy I was bidding against, I'd often pause to give the impression that I was at my limit. My hope was to make any phantom think they were about to get stuck with an 'unsold' lot.

In online auctions, there is NO way to be sure that the seller or auctioneer isn't running you up. Who knows if auctioneers can actually see your max bid?

Years ago, I was researching gun auctions to sell my late father's arsenal. The 2 I found in Ontario ran live auctions but also accepted bids via the telephone and internet. At least they had a long term reputation to maintain. Otherwise, no one really knew who they were bidding against.

There is an old expression that says: "Look around to spot the sucker. If you can't spot him, its you!" All too true.

Craig

 

[neer724]

Wow - it sold for

Price Realized	3,675.00 CAD

I was willing to up to 3450. However, once you add the 15% buyers premium and then the HST on top of that its a little steep......

Oh well....

 

[YotaBota]

$4775.66 (ish) after fees and taxes.

 

[Mcgyver]

$4800 or so? Not that I throw around money like that, but I don't think that is at all excessive for what it is; high quality hobby lathe, i.e. goes down the stairs. Provided condition is a good as it seems and with lots of quality tooling that looks new.

otoh there is a difference between paying someone 4800 if you'be been able to run it, chat up the owner and do a detailed inspection vs an auction environment. Auctions create hype and high prices, but rationally they should be at a discount to person to person transactions.