For a while several years ago, my first main use of ebay was selling rare vinyl records (mostly rock and jazz from the 1960s and 70s). That gives a good perspective, since it is often the more obscure stuff that brings the highest prices. Few of my records were common, most were unusual, and many were genuinely rare. My buyers were a consistently heavy internationally, and I got pretty good prices on straight auctions. Occasionally I was shocked at how much, or how little, I got, but I had to assume that it averaged out.
I still consistently use ebay even though I hate their arrogance and monopolistic attitudes, because they really are the one true global marketplace for the kind of stuff I buy and sell.
There is a sweet spot (for sellers) in the supply/demand curve where there is a significant rabid demand and a short supply, especially if buyers have your item on their watch lists.
There is a sweet spot for buyers if you are lucky with your timing, or if your tastes run outside the norm, in a rarefied way.
In my option, sniping has displaced conventional bidding as the tool of choice, since it is easy, cheap, and reliable, and does not cause "bidding wars" since it only kicks in at the end. That is extremely important for buyers, it seems to me. As a seller, I hate it.
I now sidestep the auction issue as a seller by offering almost everything I sell at a Buy-It-Now price at the highest price point I think it might reasonably sell at, then lower it week by week until it sells. (and Ripster, you were right, I have a sweet clean bolt-modded Model M on ebay at $70 that started at $100 several weeks ago. it has had a hundred views and several watchers, but no takers. I may or may not drop it to $60 and then stop soon at that point.)
As a buyer, I prefer Buy-It-Now but otherwise, I ALWAYS snipe and put in a lot of lowball bids (the ATs in July and August were exceptions) and seldom win, but do get some bargains.
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Remember:
The bidder you lose to is always an *******, by definition.
A seller who is selling too high is an *******, by definition.
The buyer who overpays you is always your friend, by definition.
A seller who sells something too cheap is your friend, by definition.
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Any or all of the above might be idiots, con-artists, honest or dishonest sellers, desperate buyers or sellers, or anybody else seeking a deal or fulfilling a desire.
I try to go by what I learned in my first sales training class ever - "The Definition of a Good Business Transaction"
BOTH PARTIES WALK AWAY SATISFIED THAT THEY RECEIVED A FAIR DEAL.
