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Ring Auctions Question - 11/15/2008
I've placed a few minimum bids on auctioned rings,
could I win the auction or is there a reserve on them ?
Can't seem to find any info to clarify this point.




Replied - 11/15/2008
Most do have a reserve, yes. As it's automated the system may enforce the reserve amount - people could choose to accept something less of course. We'll see as we get closer to the first end dates whic should still be a few days out to give people time to have a look.




Replied - 11/21/2008
"Most do have a reserve, yes." - Okay, so I seem to be missing the point of that. Is it an arbitrary number? What about the minimum bid? No doubt there are many popular Rings that will elicit bidding wars, but most of the Rings my friends and I are interested in are relatively small and obscure. Basically, there are a number of Rings that we would like to run to keep them alive, because nobody else is ever going to bid on them. Unfortunately, we've started getting the "haven't met the reserve" rejection letters. So what now? You want us to negotiate for how many more of our precious Activity Points you want to take? There are yet smaller and/or more obscure Rings that even we wouldn't bid on, but would be happy to run. But at this rate, it looks like the most desirable Rings will be snapped up, but the rest will continue to be run by WebRing. I thought the point was to get other people running them.




Replied - 11/22/2008
Here's my take on it, and it is strictly my opinion. It looks like in most cases, the reserve price is half of the buy now price, but not always; sometimes it's more. For these little obscure rings, the buy now price is still 100 points, which in my opinion is too high. I think they'll put the webrings back up for adoption once the price is not met, so you can bid on them again. Hopefully, they'll ask less for them. I have noticed that the vast majority didn't get any bids at all. I don't think they'll want more points, but you never know. I'd say be vigilant, and see what happens.




Replied - 11/22/2008
Pat has it pretty well nailed. We had to write an algorithm (well we didn't HAVE to, but if we had the time to examine every one of 10k rings then we'd have time to manage them instead...but we don't have time nor are we ultimately the perfect managers for all rings) that tries to estimate a reasonable price. In some cases it's low, in others perhaps high. The reserve is that price. The buy now is just what you'd think, some amoutn higher that can be chosen if one wants to end the bidding right away. A premium so to speak. Just as it is on ebay and other auction sites. We fully expect the well priced rings to be bid on and bought more qucikly - makes sense. Then we will make adjustments on prices for remaining rings (down) - also makes sense (to us at least).




Replied - 11/22/2008
There is one ring I desperately want, but the price was set at 1100 points. I don't really have the points accumulated even to bid the reserve price, especially since I found out that the reserve price was 700 points! I realize it has a high uniqueness value and all that, but I really wish I could bid a reasonable amount and get it. I really don't want to go into my reserve cash that much. It was priced way above any other ring. Nobody else bid on it at all. I also bid the opening bid on another ring, and the auction closed, and it wasn't enough, so I am watching to see when it goes up again, but I haven't seen it. I imagine the process needs some refining.



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