HI Tina,
Do you ever have situations where the bidding goes very differently than you anticipated -- either many more folks are bidding, or the item just isn't taking off? Do you make adjustments, for example, change the increments? Other suggestions for when the bidding isn't they way you're expecting?
Wondering what you ended up doing. This is my fifteenth auction and this has always been a question. Two years ago we came up with this formula, starting bid at 1/3 of value rather than 1/2. Usually. Seems like if you start bidding lower, more get to "play" and it ofttimes ends up making more money in the long run. What we do with minimums and increments:
a. Minimum Raise is ~1/5 of Opening/Minimum bid:
i. $50-100 =$10
ii. 101-150=$15
iii. 151-200=$20
iv. 201-300=$25
v. To 400=$50
vi. To 1000=$75
This will be our first ever auction. Any advice on what to set for an opening bid and the increment increases? I've been setting the opening bid at half the retail value. For increments, for items valued at $100 or over, I've set the bid increments at $10. For items valued at under $100, $5 increments. Does this sound ok? What are you all doing?
