sales ReviewMe.com actually closed at $34,500 not $61,500 - New site up

[equity78]

At the beginning of July the domain auction for ReviewMe.com closed at $61,500 on GoDaddy auctions. This auction did close and the name moved from Enom to GoDaddy. Michael Sumner was able to get the actual closing price and record it at Namebio. The price paid was $34,500. The new owners have a basic website […]

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[manpreet]

Thanks for sharing.

 

[Bob Hawkes]

Thanks for the post and information, @equity78 . In awe of how you stay on top of so many things in the world of domains, and really like reading your posts. Thank you!

Re this, what is the mechanism that the auction closes at one price, but the actual price paid is another? Isn't that unfair to other bidders?

 

[KTC]

Thanks for the post and information, @equity78 . In awe of how you stay on top of so many things in the world of domains, and really like reading your posts. Thank you!

Re this, what is the mechanism that the auction closes at one price, but the actual price paid is another? Isn't that unfair to other bidders?

Since it was GoDaddy auctions, what may have happened is that the bidder who put in that $61.5k bid may have not paid and it could have been offered to the next highest bidder at $34.5k after clearing away the highest bidders bid history.

 

[myfavorite]

They(Godaddy) really need to find a way to minimize reoccurrence.

 

[KTC]

They(Godaddy) really need to find a way to minimize reoccurrence.

It has been happening kind of often recently for some of the domain auctions I participated in. I'd say the past couple of years, but my memory is kind of fuzzy. I'm sure that they've had this in place for way longer.

It can work to your advantage from time to time and you may get a discount on what your maximum bid was. An example is I may have bid a max of $200, but they had me beat at a higher bid at like $225. The original bidder defaults and all of their previous bids are eliminated.

If I was the only bidder, I can elect to scoop the domain for $12+the .com renewal price. If not, then whatever bid I put that beat the other buyers and the .com renewal price.

Either way, whoever had placed the $34.5k bid must be happy to have got the domain around this price, especially if they bid way higher than what the original cost was.

 

[Bob Hawkes]

That makes perfect sense that the high buyer did not complete sale for some reason and it went to the next bidder (or one after that). Thanks for the clarification.
I wonder how often that happens?
Bob

 

[KTC]

Bob,

It probably happens way more than people expect. I think it's happened to me at least 8-10 times over the past year where I've received a message from saying that I had 24 hours to decide if I still wanted to buy the domain name auction at such and such prices. Either I get very lucky or this happens way more than reported.

Granted, I'm not playing with price tags like this, so they were about pretty low xx to xxx prices, but I wouldn't be surprised if some people don't pay on higher priced auctions such as this.

 

[carob]

That makes perfect sense that the high buyer did not complete sale for some reason and it went to the next bidder (or one after that). Thanks for the clarification.
I wonder how often that happens?
Bob

In some cases it has been a known scam, where two people work together. One bids it up insanely high then does not pay, so when their bids are all eliminated, it goes to the person who first bid just before them, who is their accomplice. The domain quietly sells at a super low price, the accomplice's opening bid.

Obviously for that to work they have to keep creating new accounts to throw away.

 

[YairDD]

I really like this domain, buyer got a great deal