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I’m a sales manager at an auction and we will ban sellers for shill bidding. We allow the seller to set a reserve, so there’s no reason to artificially prop up the bids. It’s pretty easy to tell when shill bidding is going on because the same bidder number will bid on every item a seller has for sale.
Apr 15, 2020 · What is shill bidding? Essentially, shill bidding refers to the practice of a seller using another user identification, which they have created, then using it to bid on their listings. They sometimes even go to the extent of creating and using multiple accounts all in their favor.
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Shopgoodwill shill bidding, shady practices. Discussion. I tend to peruse Shopgoodwill.com for fine art, trying to find a deal to two on a high value artist. (Which incidentally, is nearly impossible to find an undiscovered deal, since apparently everyone else is doing the same thing).
Nov 25, 2010 · People can bid at a live auction, online auction, silent auction or sealed bid auction where the auctioneer invites offers, and the bidders then typically bid accordingly, per the invitation the auctioneer is suggesting. For example, Vern the auctioneer announces, “Folks, we have this wonderful old trombone, and I’d like a bid of $200.”
- Shill Bidding
- Adding Time
- Reserve Price
- Overpriced Listing
Shill bidding is one of the most common examples of a shady auction tactic. In shill bidding, a seller will have a friend or family member place bids to drive up the competition. While the backfire could lead to the “fake” bidder having to pay up, the potential benefit could gain the seller a lot of profit. When it comes to selling a house, shill b...
Most auctions have a set time where people can place bids. At the end of that time, the highest bid is the winner — a format most of us are very familiar with. However, some auction sites saythey have a set time but it’s not actually the case. For example, a site might hold bidding from 10 a.m. to 4 p.m. If a bid comes in at 3:59, they add two more...
Some auction sites say that a seller can only sell when a Reserve price is met. Oftentimes, they won’t tell the buyer what this is. If this mysterious Reserve price isn’t met, the site might put the property for sale again. This tactic might not hurt someone outright, but it could still pose an inconvenience. At the very least, it’s best to work wi...
Savvy buyers and those who work with agentswill likely not have to worry about this, but it’s a shady auction tactic to watch for all the same. An auction site might take a home that’s worth, say, $300k and put the opening bid at $400k. Again, this helps the seller but drives the price up for the buyer, unnecessarily. More than anything, when it co...
I have an auction co. literally around the corner from my house and I suspect they have shill bidders during both live and online auctions. When there is no recourse legally, the only option is to not participate.
Aug 1, 2017 · Abstract. Online auctions have become an increasingly popular and convenient way for conducting ecommerce transactions on the Web. However, the rapid surge of users participating in online auctions has led to auction fraud. Among the types of auction fraud, the most prominent is Shill bidding.
