auctions The Final Minutes of a Auction Win for $22k

[drewwash]

Recorded this video for our documentary and I doubt it will make the cut. So I tweeted it and thought it might be a fun/interesting video to watch.

We have our max bid in for $22,000.

Three different bidders have bid over $16,000 and in the last moments a new bid comes in taking it right up to our max.

Inside info... the maximum amount that I approved with my wife was $9,800.

https://twitter.com/drewwash/status/1035659311530143744

 

[Joe Styler]

@drewwash That is a really cool video you just picked up another follower on twitter. I think the name is great. I took at look at the bidding and the bidders were customers we know and are good customers. In the last few minutes auctions get a lot of action as you pointed out. You outbid another person's proxy bid which was a non round number and then someone tried to do the same to you with another odd number as their proxy. I'll share the last couple minutes of the auction history which would have been public information on the site. I will not share any non public info below, except your 22k proxy which you already made public in this thread.

The bids went like this 20777.00 at 11:21:18 AM
22000.00 (your proxy) at 11:22:03 AM which showed publicly as 21027.00 - just enough to beat the last person's proxy. - The previous public showing bid being 18850.00. So publicly on the auction there was a bid of 18850.00 but hidden below there was a proxy of up to 20777.00 which your proxy of 22k outbid by the minimum of $250 as the next increment bringing it to 21027.00. Then another bidder came in with a couple minutes to go in the auction and placed their bid of 21277.00 at 11:26:46 AM which you automatically outbid with your proxy which was the winning bid amount of 21527.00. The important thing to note here is that bidder HAD to place a bid of that amount. The minimum next bid has to be $250 more than the current highest bid shown which was yours at 21027.00. He tried to get in one bid higher than you at the minimum next bid he could make.

He didn't beat you and decided for whatever reason that he was done. It could well be that not knowing your proxy he was scared away because he knew there was a proxy since he was automatically outbid. I can't imagine that someone who bid 21277.00 wouldn't spend 800 more to outbid you if they knew you were stopping at 22k. I think the fact that they didn't know where you were going to stop may have worked in your favor. It is a guess of course. I can't be inside someone else's mind but I think it's pretty likely.

I think the real reason you won it so close to your proxy was because you didn't discuss it with your wife first and Murphy's law kicked in. I know that happens to me. Luckily for me my wife is extremely gracious to me even when I am an idiot.

 

[drewwash]

@drewwash That is a really cool video you just picked up another follower on twitter. I think the name is great. I took at look at the bidding and the bidders were customers we know and are good customers. In the last few minutes auctions get a lot of action as you pointed out. You outbid another person's proxy bid which was a non round number and then someone tried to do the same to you with another odd number as their proxy. I'll share the last couple minutes of the auction history which would have been public information on the site. I will not share any non public info below, except your 22k proxy which you already made public in this thread.

Thanks @Joe Styler

Fun to analyze and Monday morning quarterback it.

Auctions are a blast, especially when they get four figures or higher. The added psychological stress adds to the event. I'm always trying to check myself.
- Am I acting irrationally?
- Is this decision based on data or am I a loose cannon?

I believe it sold at a market price just as it should.