The realistic purpose of reserve prices

basilmarket.com forums : General Maple Story | 15 posts archived

thread starter buchilala Mar 17 2010 + PM | QUOTE | PERMALINK | REPORT

What is the point? If you list an item for 20mil, and the reserve at 60mil, what is the point of me bidding anything less than 60mil? I mean seriously why should anyone bid under the reserve price? They won't win the auction. And if the person is wanting more than the asking but willing to take less than the reserve, put the reserve lower or start the auction higher. sorry, just a little frustrated when I see items on my wishlist for a great price and then see the reserve being higher than other items of equal value going for less. when a reserve price is listed it usually deters me from bidding because I see the winning of the auction as being unrealistic. Thanks for listening to my rant. Thoughts?

My Characters: buchilala - 70 Bera Aran in Misery

MisterStick + PM | QUOTE | PERMALINK | REPORT

Setting a reserve allows the seller test their expectations. If the highest bid doesn't reach the reserve price, then the seller has to lower their expectations.

My Characters: zerocounts - 35 KradiaGMS Beginner

saucepanz2 + PM | QUOTE | PERMALINK | REPORT

So the price doesn't jump. So like.. if there's a bidding war going up by 1m starting at 20m. Over the course of the auction it could reach 70m with 50 bids. But if you jump straight to 60, 50 bids later (granted the item is worth that much keep in mind this is an example, it doesn't make a lot of sense) It's at 110m. The numbers are all false but there for illustrative purposes only.

My Characters: HillsHoist - 24 Broa Dawn Warrior

buchilala 03/17/10 + PM | QUOTE | PERMALINK | REPORT

[quote] MisterStick : Setting a reserve allows the seller test their expectations. If the highest bid doesn't reach the reserve price, then the seller has to lower their expectations. [/quote] so you see reserve auctions as test auctions, that makes sense. Kinda like the sellers thinking, "I'll take a shot in the dark and see if anyone is willing to bid up to this much?" and if not they don't have to worry about the item going for less than they really really want, even if that is higher than others. ie. a 9atk work glove starting at 20mil, auto at 80 with a reserve at 65. They really want 65 and aren't will to take a penny less but they're afraid a 60 or 65 starting bid will detract people from even looking at the auction; even though there are other auctions of 9atk wgs going for 50 or 55mil, so no one's gonna bid the reserve on the auction anyways. [quote] saucepanz2 : So the price doesn't jump. So like.. if there's a bidding war going up by 1m starting at 20m. Over the course of the auction it could reach 70m with 50 bids. But if you jump straight to 60, 50 bids later (granted the item is worth that much keep in mind this is an example, it doesn't make a lot of sense) It's at 110m. The numbers are all false but there for illustrative purposes only. [/quote] Yeah it get that illustration, but if you start at 60, and there is a bidding war, it just ends earlier, at like 70, or gets to 70 earlier and forces the bidders to take a hard look at how badly they want that item, as opposed to the somewhat flippant, "yeah i suppose i'll bid 1mil more, which sometimes happens when the price is lower." A realistic price, breeds serious competition and serious bidders.

My Characters: buchilala - 70 Bera Aran in Misery

ViviOrunitia 03/17/10 + PM | QUOTE | PERMALINK | REPORT

it helps you gauge interest in your item, without having to sell your item for a price that is lower then what you are prepared for.

My Characters: Cthulhu - 93 Bera Outlaw

generaltsoji 03/17/10 + PM | QUOTE | PERMALINK | REPORT

i completely agree; if i see an auction with a cheap starting price but with a high reserve, i will simply ignore the auction and not bid and if i see an auction with a cheap starting and a decent reserve, i'll just bid the reserve - so why not just set it as the minimum price?

My Characters: OneLegitDit - 107 DemethosGMS Chief Bandit

ChuckNastee + PM | QUOTE | PERMALINK | REPORT

I never use the Reserve Prices. I always set my starting price at the minimum I'm willing to accept. If no one bids that for a long time, I consider changing the price. I also get really annoyed when I see something listed really cheap with no bids and ending soon, only to go to the auction's page and see that it has a ridiculous reserve price.

My Characters: Nastronaut - 74 Bera White Knight

SeEkeRxKiD 03/17/10 + PM | QUOTE | PERMALINK | REPORT

The resevre price should be hidden and there should be a function saying "The reserve has not been met" & once it has been met just bid normally.

My Characters: KraziiStabs - 100 Broa Chief Bandit

ChuckNastee 03/17/10 + PM | QUOTE | PERMALINK | REPORT

[quote] SeEkeRxKiD : The resevre price should be hidden and there should be a function saying "The reserve has not been met" & once it has been met just bid normally. [/quote] That's how it used to be. I really don't understand why it was changed.

My Characters: Nastronaut - 74 Bera White Knight

SeEkeRxKiD + PM | QUOTE | PERMALINK | REPORT

Really? never knew lol Kinda waste of time how basil changed it like that. If it doesn't meet the reserve then it doesn't sell and the seller has to rethink his pricing. EDIT: or her

My Characters: KraziiStabs - 100 Broa Chief Bandit

floepdoos 03/17/10 + PM | QUOTE | PERMALINK | REPORT

It used to be that you couldnt see the reserve price (i think) That way you could just set a low starting price and a decent reserve price, quite alot of people will bid on it and a bidding war is started. Bidding wars often make people pay more then intended and that way you get more money for your item. Also you could set a reserve price and see how high the price gets without worrying you get less money then the item is worth, but if you see that the price doesnt get above the reserve price but is still decent enough you can accept it. But that wont work anymore because you can see the reserve price now, what you can do is set the bidding price at like 9.999.999 then set the reserve price at 10.000.000. Its only 1messo more but when someone bids the starting price he wont get the item, so when he finds out he has to pay 1mil extra to get the item.

My Characters: Shatoris - 103 Windia Hermit

buchilala 03/17/10 + PM | QUOTE | PERMALINK | REPORT

[quote] floepdoos : It used to be that you couldnt see the reserve price (i think) That way you could just set a low starting price and a decent reserve price, quite alot of people will bid on it and a bidding war is started. Bidding wars often make people pay more then intended and that way you get more money for your item. Also you could set a reserve price and see how high the price gets without worrying you get less money then the item is worth, but if you see that the price doesnt get above the reserve price but is still decent enough you can accept it. But that wont work anymore because you can see the reserve price now, what you can do is set the bidding price at like 9.999.999 then set the reserve price at 10.000.000. Its only 1messo more but when someone bids the starting price he wont get the item, so when he finds out he has to pay 1mil extra to get the item. [/quote] It would be nice if it were still so you couldn't see the reserve price, that actually makes sense, like on other auction sites. In that sense I could easily see the opportunity for a bidding war, or for a bidder to gradually up their bid in hopes of hitting the reserve. maybe it's worth it to log requests asking that the reserve be hidden or at least for a response as to why it has been unhidden

My Characters: buchilala - 70 Bera Aran in Misery

ratbran 03/17/10 + PM | QUOTE | PERMALINK | REPORT

Mr. B when he removed the reserve feature originally had good reasons for doing so. I don't remember what they were because it was quite some time ago. Like other features on Basil (some of which have already been changed) it is just something that needs a bit more tweeking before it will be perfect. Mr. B likes to change things for the better so we may see the reserve prices be modified in the future.

My Characters: ratbran - 108 Broa Chief Bandit

iSmackGirls + PM | QUOTE | PERMALINK | REPORT

People still use BasilMarket to bid?

DevaOfStorms 03/17/10 + PM | QUOTE | PERMALINK | REPORT

The seller can still accept bids lower than the reserve price. It isn't completely impossible to win just because you don't reach the reserve price.

My Characters: CorAutMors - 104 Windia White Knight