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Looking for differing points of view on the rationale for starting a Winchester auction at 1¢ and having a RESERVE price of $10,000 or more. I personally have gotten to the point that when I look at GB listings, I skip all the ones that have a red R. To me, these sellers are only doing it to get potential buyers to look at the listings and the sale price is way beyond what most “look seers” will ever pay. It is a waste of time for me to look or bid. Case in point is an old Model 1886 that was listed at 1¢, the bidding got up to $7450, and the reserve was not met. Now it’s relisted for the umpteenth time.
"This is the West, sir. When the legend becomes fact, print the legend."
I agree with you. If the seller has a reserve price, then that should be the opening bid amount. I suspect that the sellers who use the tactic of starting at $ .01 but with a large reserve are just trolling for potential buyers in an offline sale so they can avoid the fees levied on them if they sell it online.
Bert
WACA Historian & Board of Director Member #6571L
What Bert said….and marketing.
I have to admit, I’ve been on GB for years, but it took me awhile for my brain to assimilate what that red “R” indicated when you look at search results. The average buyer who is looking for something is probably going to type in some search terms and then scan down the list, first looking for titles that appear to them and then scanning to the right to see the important stuff – the dollar figure. Everything is relative, but a low dollar figure in the search result is more likely to attract a click than a high dollar figure. So by starting at a penny, the listing spends more time with a low dollar figure, thus more potential traffic to the listing. It’s not until you click into the ad that you have the “whaa..whaa…whaa” (<- insert The Price Is Right loser sound byte here) moment when you realize the listing price you saw is irrelevant.
Like they say, “there’s a sucker born every minute” but that’s of no value to the seller if the sucker doesn’t click.
Just my $.02 (No reserve).
Steve
WACA Member. CFM Member. NRA Lifer.
Thanks for the replies so far. You echo my feelings and it is good to get some reassurance that I’m not way off base thinking that way. Never click on the search results with red R’s on them.
"This is the West, sir. When the legend becomes fact, print the legend."
Starting at a penny and then having some unknown (high dollar) reserve is definitely foolish. It is basically no different than the auction that claim “No Reserve” but have an opening bid of $3500 on a rifle that is worth $2000 on the best of days!!
Michael
Model 1892 / Model 61 Collector, Research, Valuation
November 7, 2015
Offline
Quite honestly I don’t have the discriminating eye or knowledge base to be a serious auction buyer for the guns I’d like to add to my collection so I read the listings for educational (or entertainment) value. The strategy Bert outlined hadn’t occurred to me but it makes sense…to some sellers. I know I’m limiting my choices but that’s just the way I am; I want to hold the rifle in my hands and look the seller in the eye when I’m shelling out serious cash.
I agree with the reasons above and I think it is sometimes done so the seller can get a feel for what a gun is worth but that is not the case with the auctions listed week after week.
There is a sort feature next to the search bar which is very helpful. I always click the “exclude reserve price auctions” and “exclude auctions without photos” from my searches to reduce the clutter. I don’t ever bother bidding on a reserve price auction. I also will not bid on an auction where the seller states in their terms they will not accept my 03 FFL. There seem to be more and more sellers refusing 03’s nowadays for some reason.
Regards,
WACA Life Member #6284 - Specializing in Pre-64 Winchester .22 Rimfire
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