One Proxibid coin auction posts hundreds of lots each month in a mega-session, opening most of its bids near retail (or at retail when buyer’s fee is added). On select lots, however, it opens with a reasonable opening bid. The trouble is, shortly before the auction begins, it reviews those bids and adds “Reserve Not Met”–even though those bids were met initially. Click and expand pictures below.
Why isn’t this a violation of the Unified User Agreement, minimum bid, requirement, which states: “Items may be offered with a ‘minimum bid,’ in which case, the Seller agrees to sell the item to the highest bidder who bids at or above the minimum bid price” (5.9)?
This auction house not only views maximum bids and allows auctioneer bidding, it also typically has hundreds of passed items in every auction. The Unified User Agreement also warns against this in 4.c: “Passed Lot Fee. If Seller conducts bidding for any lot within an Auction Event without allowing Buyers the opportunity to bid using the Proxibid Services (a “Passed Lot”), Proxibid may in its sole discretion charge Seller a fee per Passed Lot.”
We support Proxibid’s quality control operations. If you have a pet peeve on the Portal, email customer service.
4 days later