But it's an open process. That it's close to optimal efficiency isn't a bad thing.
Imagine the same level of stress, but you have to guess what the other buyers are bidding. Do you bid low and hope everybody else does? Bid high, but risk overpaying?
Can you hire professionals to do the bidding on your behalf? That would be ideal. Get some a wolf in sheep's clothing. Some old gran who is actually a bidding shark.
There's been a bunch of issues, though. When I grew up in Australia, there were regular news/investigative reports of auctioneers pulling bids from trees, etc., to kick the price up a bit. Not without risk, but definitely possible.
There are new systems to bid online, and over the course of a week. Much less stressful, no emotion and heat of the moment bidding. Nothing wrong with open bidding, all about the techniques used in person.
That's what I was thinking. In theory it should be a better system. Submitting a bid significantly over the asking price and then losing to another higher secret bid is very disheartening.
alistairSH|3 years ago
Imagine the same level of stress, but you have to guess what the other buyers are bidding. Do you bid low and hope everybody else does? Bid high, but risk overpaying?
throwaway2037|3 years ago
FireBeyond|3 years ago
fratlas|3 years ago
hallway_monitor|3 years ago