Online Auction and Sniping

This is for those who appreciate excitement of online auction, and to those who want to know what it’s about.

I bid on an Italian (Lubiam), 100% cashmere coat at Goodwill auction website. Auction end time was Friday 3/1/2019 6:05 PM.

I was willing to spend a few hundred Dollars to buy it, alter it, and dry clean it. I decided $157 is my absolute maximum amount I am willing to spend at this auction. I would bid at the very last seconds, within 4 seconds. This strategy is called sniping.

I waited for 5 days and watched the price going up from $6 to $20 to $70. Two bidders, JR & SA were going at it. It was exciting to see two dapper bidders in action.

Finally it was my time. 9 minutes to go, my stop watch was synchronized with auction clock. By now, my heart was pumping hard. Time seemed to go fast and slow at the same time. I didn’t know at that time, but, 8 seconds to go, KG appeared out of nowhere and made his move, but he was 50 Cents below JR’s maximum bid of $75. Dang! so close. (FYI: maximum bidding amount is hidden during the auction).

3 seconds to go, I made my move and bid $157. Suspense was killing me. 5 seconds later I learned that I won the coat for $76.00. Soon, I looked at detailed auction history (below), and learned that KG was sniping with 8 seconds to go. Cheeky monkey…

KG thought he was slick, the only game in town, but he was still a student (or poor). He bid enough to beat current amount. But he didn’t know the other person’s maximum amount. When he realized he was outbidded, he didn’t have time to react. KG should have bid his absolute maximum amount, Then KG and I would have a fair battle.

Some people frown upon auction snipers. But, I am bidding at my best ability. I see nothing’s wrong with it. So, am I supposed to bid at my second best ability? As far as I am concerned, the best and the only way to bid at online auction is to bid your maximum amount at the very last seconds. You will have no regret if you don’t win, because you bid your maximum amount. You lost on your own term.