We normally do not write guides, much less on an unrelated topic, but this one just ticked us off, and after much research, andfighting with site's powers that be, and checking various state and federal laws, we have decided to briefly touch upon this Mysterious world of Mystery Auctions.
What is a mystery auction?
It is nothing more than bidding on an empty box, jar, envelope, bag, etc. Read item description carefully - that is all you are buying. No ifs, ands or buts. At times you might be bidding on an actual item within that box, jar, bag, envelope. Such item could be a candy bar, a movie cell, acoin, a bill, etc.
Why are mystery auctions so popular?
This mystery auction medium can be classified as gambling in its own way. Why is gambling popular? Because people are fascinated by a game of chance and hopes of hitting big. Mystery auctions are so popular that okay has created it's own category for them. How long will it's popularity hold up remains questionable.
Who benefits the most?
1) The seller. Do you really think that these sellers are doing it just for the fun of it? NO!! they are at it to make money - LOTS OF MONEY! Do you think a seller would take a loss on a sale by selling you a mystery box valued at $1000 for $50? NEVER! Can the value of the box really be $1000? Yes, but not currently. Maybe several years agoit was, not when you are buying it.
2)E bay. virtually every single mystery auction gets bids - many get outrageous bids. The site makes a bundle from final value fees, so naturally, they would have its own category, expecially given the fact that mystery auctions are #1 most watched auctions on the site.
How do they do it?
Well, gemon sense (but most people don't think of that).
How many tiumes have you gone to a department store, an off-price store such as Ross, Marshalls, Home Goods, Value Depot, etc. You walk by their"trinkets" counter and find a beautiful table-top clock. No damage with manufacturers label still attached. Label says : $115. You look a the store label affixed to the tiem and it says: $19.99. $115 is manufacturer's suggested retail price (MSRP), and $19.99 is what the store is selling it at. This means that at $19.99, theyare making a profit. How much do you think these guys bought this clock for from a wholesaler (or closeoutsdealer?). Maybe this clockhas been discontinued by the manufacturer, and remainder of the stock is being sold nationwide. At one point (maybe) it was worth $115, but not today, when you are buying it at $19.99.
When these mystery auction sellers list the value of their "boxes", they convenientlyforget to tell you that the total value was geprisedby adding manufacturers MSRP's together. To an unsuspected and uneducated bidder, this may sound like alot, but in reality, this is just a grossly inflated number. We all know that in today's coimpetitive market, almost noone pays retail price for an item, unless it is a HOT selling, latest make/model item that is in high demand.You will NEVER find any of those items in your "box". REAL value of whats in the box is literally pennies-on-the-dollar.
Is this cheating the buyer?
Well, realistically, YES, but because of a legal loophole in all of this, there is no rule/law (just yet), that prohibits people formrunning mystery auctions. Read carefully and you will notice that on numerous occasions, seller mentions phrases such as: "you may get", "you might win", "your box might contain", " you could get", and so on. You get the idea. What is CLEARLY stated is that you are bidding on an empty box/jar/bag/envelope. This covers the seller, and prevents you from filing okay claim forms for misrepresented items, or fraud geplaint forms. Afterall, you were bidding on and bought an EMPTY BOX. What are you geplaining about?
But these sellers have lots of great feedback.
Yes they do. From their friends, relatives, colleagues, and mystery auction network of acquaintenances. There are numerous public and private groups of mystery auctiuon sellers and they help one another. This is a fact. Click on their feedback, write down some of the bidders ids, research their buying and selling behavior, and you will clearly see what i am talking about.
In summary.
Unless you have money to burn, do yourself a favor and do not experiment with mystery auctions. Do not be fooled by deceptive listings that promise you thousands of dollars in value for a mere $100 bid. Remember that these sellers are out to make a profit - HUGE profit, therefore they will not be giving away free itemsout of the goodness of their heart.
If you found this guide useful and informative, please click "yes"
Thank you and safe okaying
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment