"Private Auctions" don't really exist, right?

[Meech]

I am right now in the middle of a "Neofriends-only" auction to purchase an Island Paint Brush. I agreed on a price with the seller on the Trading Post, and since the item costs much more than the TP maximum of 800,000 NP, we are making the purchase through an auction.

The reason we are doing this is because I heard so much in forums about using a "private auction" to trade high-cost items to avoid the risk of using multiple Trading Post transactions and possibly getting ripped off. But there is no such thing as a true private auction, is there? Potentially, all of a person's Neofriends will be able to bid on the item if they see it in the auction, right? Or am I missing something?

Thank you all!! This is stressful!!

[Siouxper]

I am right now in the middle of a "Neofriends-only" auction to purchase an Island Paint Brush. I agreed on a price with the seller on the Trading Post, and since the item costs much more than the TP maximum of 800,000 NP, we are making the purchase through an auction.

The reason we are doing this is because I heard so much in forums about using a "private auction" to trade high-cost items to avoid the risk of using multiple Trading Post transactions and possibly getting ripped off. But there is no such thing as a true private auction, is there? Potentially, all of a person's Neofriends will be able to bid on the item if they see it in the auction, right? Or am I missing something?

Thank you all!! This is stressful!!

You are actually quite right. There is no such thing as a true "private auction" and all of the person's Neofriends can potentially bid on the item if they wanted. That is why I keep a short Neofriends list so that if I need to have a Neofriends only auction, I can do so without having to worry about someone else bidding on the item.

[Daze]

The only way it would be private, is if the person holding the auction didn't have any other nf's.

[Meech]

The only way it would be private, is if the person holding the auction didn't have any other nf's.

Luckily, this person's NFs are currently offline. But what a way to get an ulcer! Also a good lesson in not having excess Neofriends, for sure.

Thanks for clarifying... although it would be nice if the Trading Post allowed any amount of NP as trades. I have had a lot of friends NOT know about the TP limit until they had to deal with an expensive item, though this is the first time I have ever actually done it myself.

[Siouxper]

The only way it would be private, is if the person holding the auction didn't have any other nf's.

Luckily, this person's NFs are currently offline. But what a way to get an ulcer! Also a good lesson in not having excess Neofriends, for sure.

Thanks for clarifying... although it would be nice if the Trading Post allowed any amount of NP as trades. I have had a lot of friends NOT know about the TP limit until they had to deal with an expensive item, though this is the first time I have ever actually done it myself.

That was fortunate I agree that the Trading Post NP limit is too low, even bringing it up to only 3 million would help quite a bit.

[Blue]

Weird how topical this post is. After being on Neopets for 3 years, I just learned about the 800k limit on the TP when trying to sell an expensive item. Fortunately, someone nicely explained it to me and I setup a "private" auction. While the auction was running I asked myself the same question about other NF bidding.

I think the best way to avoid having some other NF bid would be to have an insanely high bid increment since the first bid always includes the first increment. For example, if you wanted to sell something for 1,000,000 NP (and it's worth about 1M give or take 200k), then set the initial price at 100,000 and the bid increment at 900,000. The first bid would then be for 1,000,000 and the next increment would be 1,900,000 making it unlikely for someone to out bid the opening bid.

[Meech]

I think the best way to avoid having some other NF bid would be to have an insanely high bid increment since the first bid always includes the first increment. For example, if you wanted to sell something for 1,000,000 NP (and it's worth about 1M give or take 200k), then set the initial price at 100,000 and the bid increment at 900,000. The first bid would then be for 1,000,000 and the next increment would be 1,900,000 making it unlikely for someone to out bid the opening bid.

Blue, that's genius!

[nannerz]

While yes you can never have a truely private auction until you have only one neofriend...typically high value items are sold at auctions using a NF-only, high-increment auction. That is what I always use and ask for when using auctions, and is really the safest/most courteous thing to do. I managed to have auctions stolen by me from Neofriends of the seller before, and since then I ALWAYS ask for high increments.

[Siouxper]

I think the best way to avoid having some other NF bid would be to have an insanely high bid increment since the first bid always includes the first increment. For example, if you wanted to sell something for 1,000,000 NP (and it's worth about 1M give or take 200k), then set the initial price at 100,000 and the bid increment at 900,000. The first bid would then be for 1,000,000 and the next increment would be 1,900,000 making it unlikely for someone to out bid the opening bid.

The minimum increment for an auction cannot be more than the starting price. (you'll get an error if you try to do that). So, an alternative method would be: If an item is worth 1 million (give or take 200k) then you could do a starting price of 500,000 and increments of 500,000. That way, the first bid would be 1 mil, and the next one would be 1,500,000, making it less likely that someone would want to bid on it (unless they want to sell it at a loss)

[Blue]

The minimum increment for an auction cannot be more than the starting price. (you'll get an error if you try to do that). So, an alternative method would be: If an item is worth 1 million (give or take 200k) then you could do a starting price of 500,000 and increments of 500,000. That way, the first bid would be 1 mil, and the next one would be 1,500,000, making it less likely that someone would want to bid on it (unless they want to sell it at a loss)

I stand corrected. Thanks!

[Siouxper]

The minimum increment for an auction cannot be more than the starting price. (you'll get an error if you try to do that). So, an alternative method would be: If an item is worth 1 million (give or take 200k) then you could do a starting price of 500,000 and increments of 500,000. That way, the first bid would be 1 mil, and the next one would be 1,500,000, making it less likely that someone would want to bid on it (unless they want to sell it at a loss)

I stand corrected. Thanks!

No problem Thanks for bringing up the idea in the first place (I would've never thought of it)

[yellowsugardog]

Although you probably already know this, and this topic was more about private auctions then what I'm about to say, I have a random auction tip that I want to share. Mainly because everyone took the good ideas to post but I still wish to helpful in someway? XD

If anyone here is ever lending an expensive item or something (for pure NP as collat), or is lending NP to someone for the adam avvie through the auction house, make an auction for them to give the np back about ten minutes after they make theirs. (If you are the borrower, make your auction and then suggest to the lender that they should make one ten minutes after you make your auction.)

That way you/the lender can get your NP back in ten minutes after they get the avvie, rather then waiting for another hour. Just make sure you make it ten minutes or more after, so that if something goes wrong you wont run out of time on the auction. xD

/randomtip
XD
The thing about raising the minimum incriment reminded me of this because I have used the two ideas together before when I had stuff to lend. So maybe not that random.