Most online auction bidding does not get competitive until the last 15 minutes before closing.
Many bidders wait until the last minute to bid to try to get a deal, the competition is intense at the end... Unlike eBay, MaxSold's soft-close feature extends bidding by 2 minutes whenever an item receives a bid in the final 2 minutes of bidding. Much like in a live auction, bidding keeps going as long as someone is willing to pay a higher price.
Below are graphs showing bidding vs. time on closed auctions... we find that this trend is similar across all auctions.
Westchester, New York - closed at over $10,000
Lutherville-Timonium, Maryland - closed at over $9,600
The bidding war usually happens during the last day or even down to the last final minutes. Here is a real testimonial from Amy Lee, the owner and senior move manager at An Angel for Sonny Move Management.
All the items below started at $1.
We have found it the best way to generate interest and set a fair market price.
Secretary Desk sold $970
Vintage Typewriter sold $150
Brazilian Saddle Chair sold $2,650
2010 Lexus Sold $17,750
Rug sold $6600