Covering tournaments around the world over the past few years has re-ignited my school-boy crush on photography, and consequently, I have been in the market for a high-end DSLR for some time now.
With a new one rather pricey, I have decided to sit tight on making a rash purchase, but when I stumbled across the website Bid Rivals, I thought I might be able to grab a bargain!
Wrong.
Flicking over the numerous pages on ongoing auctions I found a Canon EOS 50D with lens available, and began some research on the camera. With a retail price of around $2,500, the chance to grab this high-quality camera locked my attention to the site, and how exactly it works.
Basically each product listed on the site is placed in an auction-type sale where people can bid on the product, and if you are the person with the highest bid when the time expires then it’s all yours. However, when the timer is in the last 15 seconds, if someone else places a higher bid then the timer re-sets another 15 seconds and so forth. Each bid raises the price of the product by only 2 cents, but each bid costs the bidder 80 cents . . . that’s obviously the catch.
They also have a function called a Bid Agent where you can list the maximum amount of bids and price you are willing to spend on the auction, and even if you are not online, the Bid Agent will bid for you once the timer ticks down to 4 seconds if you aren’t the highest bidder.
Now getting back to the camera in question.
Previous auctions of the $2,500 Canon EOS 50D had sold for just over $100 and I therefore bought a bundle of bids to hope I could grab a bargain when everyone else had spent too much.
Waking up this morning I logged on to the site to find the camera at just over $105 with five Bid Agent’s battling it out against each other. There of course was no point bidding now as I would be just wasting my valuable collection of bids and therefore decided to just monitor the auction very closely. My plan was to wait until there were only two bidders’ left and then switch all my attention to the auction knowing that each bid was costing the Bid Agent’s 80 cents a click, and that no one in their right mind would be putting aside 3,000-odd bids for this camera.
I waited and waited and waited until it was time to go to cricket training and decided to set my Bid Agent up with the current price at around $135.
After running around rolling the arm over and hitting some balls round the nets I expected that there would be a message on my screen basically
“Congratulations! You out-smarted all the other Bid Agents and are now the proud owner of a bargain fully sick $2,500 camera for just the price of $145.12!”
Once again. Wrong.
The auction was unbelievable still going with new bidder’s clicking away 80 cents at a time!
Once the auction was finally over – 43 hours and 14 minutes after it started – and lintonfarm was the proud owner of a new Canon EOS 50D DSLR camera after wagering 1,554 bids for a final price of $242.80, I decided to take a closer look at the whole auction.
242.80 / 0.02 = 12,140 bids x 0.80 = $9,712 + $242.80 = $9,954.80 – $2,500 = $7,454.80 profit for Bid Rivals
No doubt Bid Rivals made a killing of us fools . . . but what makes it worse is that the same Canon EOS 50D sold for $18.40 and $110.08 over the next two days!