Maybe this has been covered before (couldn't really find anything in the archives though), but there are a few auction houses, who shall remain nameless, who use the practice of extended bidding. So if you bid in the last minute or so of the auction, it automatically extends the auction for a set amount of time (minutes to hours longer). I just won an item through one of these auction houses. I put my bid in with about 20 seconds to go - not realizing that they were going to extend. Once entered, mine was the highest bid at that point - and not much higher than the prior bid. The auction was then extended a few minutes, and suddenly, within that extended period, the bid increased by about 45% - quite a bit higher than my current bid, but just below my max bid.
I thought that was strange - if someone had that level of interest, why hadn't they bid in the last seconds as I did? It seems very fishy to me. With this kind of bidding practice, what's to stop the auction house from going in during those extended minutes and pushing up everyone's bid to below the max? It's an easy revenue stream. I don't think that's legal, but I think I read long ago that Heritage was set up in Texas because it was one of the states that allows the auction house to bid on their own auctions. They don't do the extended bidding period, so it's probably less likely that they do that. But, with these other auction houses, you have to wonder.
Anybody have thoughts on this? Do you avoid these types of auctions? It certainly makes me uneasy and suspicious.
Regards,
Tony