FS Market

No Reserve Auction

This is the traditional auction for a single item, where the seller sets an opening bid and a duration of the auction. If there are any bids at or above the opening bid, then the high bidder wins the item. The seller is obligated to sell the item to the high bidder for the winning bid price, and the high bidder is obligated to purchase the item. Please note that shipping costs are usually payable by the bidder, in addition to the bid price. Sellers are asked to specify who will pay shipping costs when listing an auction.

Reserve price auctions

Sellers may declare a reserve price that is higher than the opening bid of their auction. If the bids do not meet or surpass the reserve price, then the seller is not obligated to sell the item. Likewise, if the reserve price is not met, the high bidder is not obligated to purchase the item either. The purpose of a reserve price auction is to allow the seller some safety, in case the market value is considerably below expectations. If the reserve price is not met, then the seller and bidders are free to negotiate after the auction, but are not obligated.

Bidders will always know if there is a reserve price, and whether the current bid has met the reserve. However, the actual amount of the reserve price is not revealed to bidders. Some sellers are willing to reveal their reserve price either within the listing, or via email. However, sellers are in no way obligated to reveal their reserve price, either during or after the auction.

Sellers can list a reserve price auction with the same form as a straight auction, simply by specifying a reserve price in the appropriate field.

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Dutch Auctions

Multiple items selling within one auction listing, with multiple winning bids. Seller declares an opening bid, and how many items are available All items must be identical, including finish, age, and condition. Thus, Dutch Auctions are best suited for special promotions of new products.

All winning bidders pay the same price, which is the lowest winning bid. If there are more items than interested bidders, then each bidder wins one item at the starting price. If there are more bidders than items, then the price starts to rise. Winners are selected by highest bid first, then by the earliest entries in case of equal bids. Below are some examples.

Examples:
Seller lists 5 tubes in a Dutch auction, with the opening bid set at $10.
If 3 people submit bids, then all three win one tube each, for $10.
If 1 bidder entered $25, and 4 others entered $10, then all 5 bidders pay only $10, even though one bidder had entered $25, because all bidders pay the same price. However, if the first bidder entered $25 early, and 5 others bid $25 later, then the early bidder and only 4 of the later bidders would win. In case of equal bids, the earliest bids win. Thus, if there are 5 items for auction, then the 5 highest and earliest bidders win, but they all pay the lowest winning bid price. Thus, the best strategy is to bid your maximum price right away. Remember, you may actually pay less than your bid, and only as much as demand allows.

Please note that our Dutch auctions limit bidders to one item each, so that more people have a chance to get good deals.

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Overtime Feature

All auctions have a built in Overtime feature, which ensure all bidders the chance to get their bid in. until there are no further bids for a continuous 5 minutes. Normally, an auction closes at the scheduled time as displayed within the listing. However, if there are successful bids entered within the last 5 minutes of the closing time, then the auction will go into overtime until there are no further bids for 5 minutes in a row. This is similar to an auctioneer continuing to take bids until there is no further interest.

For example, if a successful bid is entered within 4 minutes of closing, then there will be 1 minute of overtime. Unless there are more bids, in which case the auction would continue until there are no bids for 5 minutes. It is possible for auction to be extended continuously, but the longest overtime has been about 20 minutes.

Overtime helps dissuade "snipers", or last second bidders. For example, you may have spent considerable time achieving your high bid status at an auction. Without overtime, someone could time their bid entry to within a few seconds of the closing, leaving you without enough time to notice the bid and enter one in response. This is a common practice at online auctions, and unfair because you would not know that this person is waiting to pounce on you. At a live physical auction, at least you can see your competition, and the auctioneer will continue with the auction to give you a chance to respond. This is precisely why we employ an overtime system at our auctions. We have found that 5 minutes is enough time to receive an outbid email from our system, log in to our site, and place a bid.

So what's the best auction strategy? If you have the time and enjoy hanging out at online auctions, then wait until the last few minutes of an auction to bid. Your competition will have 5 minutes to respond, but maybe they are not available. On the other hand, if you do not have the time to attend the closing of an auction, then use the Proxy Bidding method. Together, these two features save you considerable time online, while still protecting your chances of winning auctions.

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ForSale

ForSale listings are similar to the traditional classifieds found in magazines and newspapers. Our system allows sellers to change their ad any time, including the asking price. If the seller is "firm" at his asking price, that means there is little room for negotiation. If a listing shows "obo" next the asking price, that means the seller is willing to consider reasonable offers. Seller have the right to accept or reject any offer for any reason.