Posted by Ken Dunnington on Tuesday, July 24, 2007 at 10:42:52 :
Apparently, the auction I recently took part in allows the seller to come back after the auction has ended and increase the reserve price above where it was while the auction was taking place. I clearly had 2 engines marked in green(thus above the reserve and the highest bid in) that changed to 'sold' at the end of the auction. I was emailed multiple documents indicating I was the successful bidder on these 2 lots.
However, now the page shows my bid prices in red which is described as "Red prices indicate lots where your bids have been exceeded or have not yet met the Reserve Price." I'm high bidder so apparently the seller INCREASED THE RESERVE AFTER THE SALE WAS OVER. And on the 15 engines I was watching, all were bid on and marked SOLD on the day of the auction close. Now, only one is listed as SOLD, all 14 others are listed as CLOSED.
None of my money went out the window on this folly of an auction, but I certainly won't be taking part in any future Dovebid auction without the expectation of what's happening during the auction being anything but a remote possibility of actually coming to fruition.
Beware any Dovebid auction with Jesco as the seller, you simply won't know if you've met their reserve as they can and will increase it after the auction is over to prevent the sale of the goods.
Anyone else experience this? Is this the standard operating procedure for Dovebid?
Ken
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