01-11-2016, 05:21 PM
(01-10-2016, 05:32 AM)LongRanger_imp Wrote: I disagree. If the bike really has a value of $15,500, that's what a buyer will pay in an auction setting. The seller's acquisition cost has nothing to do with it.
People inherit property all the time. They don't sell for less than market price just because they paid nothing for it, unless they're foolish or desperate for the cash.
That's right.....if the bikes market value is truly $15,500, then it will get bid up to that price, right? Nothing determines the market value of an item better than a penny auction with no reserve, plus never underestimate the value of buyer's egos, or desire to "win"....I've seen it over and over push prices way up even beyond "normal' price..
All of this assumes enough time has elapsed with enough buyers to view the item...which is why I do auctions 10 days on ebay and 14 days on Gunbroker...
On the other hand, I've seen nice items that sat for MONTHS or never sold when the bidding has a high hidden reserve or the opening bid is the desired ask price.