Say an item starts at $1 on a 10 day auction. There is an increment indicated. Say that increment is $10. So each subsequent bid is $10 higher than the posted high bid. Things bump along while the current bid creeps higher. The fallacy of ebay is there is a deadline for bids. Sale concludes today at 11:51:30. A bid that arrives at 11:51:27 may be the final bid. No chance for you to respond if you get outbid.
So what has evolved is the technique of "sniping". You remain silent and get your bid ready and at 11:41:25 hit "bid". Then there are ebay auction sites like esnipe that will do that for you.
So a person who is not sniping, has to either hover right up to the end and then get blown out, or has to enter a "nuclear bid" if they really want it.
Say current bid is $80, and you think item should sell for $100 and would like to have it at that, you can enter $100 and bids will increment up to that level. But you would also be willing to pay $110 because you really want it. So enter $110. If it is a generic item like a Ford hub cap......where there are 10 just like it at any time, all selling for the same amount, then no issue. But if it is a rare hub cap, and you have 3 and need a fourth and really want this one, you might go "nuclear". You bid $500 to get it no matter what, assuming a worse case of having to pay a "ridiculous" amount like $160. But still OK with it. No intention of ever paying $500.
But then some other nut job also goes "nuclear" and also bids $500. One of you is going to pay $500 and suddenly you regret the day you were born. What was I thinking!!!
I once saw a set of rare wood chisels do that. What should have been $500 became $5,000. Two nuclear bids collided. I'm pretty sure someone was sicking up in the toilet when that one ended.
So on these online auctions, avoid any temptation to go nuclear. You may very well get stuck with it.
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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