The world of online auctions certainly is a crazy one! Over the years it has been forced to find new ways to adapt to a growing base of discerning customers. Online shoppers are no longer content with an average shopping experience. They want to be excited and entertained as they shop. In the past, internet auction sites had an easy job when it came to combining entertainment with shopping. Their unique selling point could offer a customer the exact balance between entertainment and shopping that they desired. Of course, the magic of the main stream online auction soon wore off, and the buzz began to die. Buyers were speaking with their wallets and purses. They wanted, no they expected, more for their hard earned money than traditional internet auction sites could now offer them. They wanted more from their online time and first priced sealed bid auctions could offer them just that.
Before we start to look more closely at the internet auction sites who offer this very unique form of bidding process, we need to establish what is meant by the term first price sealed bid auctions.
Thankfully, first priced sealed bid auctions are not as complicated as they might sound. In fact the basic principles behind the idea are actually fairly simple. First price sealed bid auctions are a form of blind bidding, in as far as neither of the parties who place a bid on an item will know who else has bid on that item as well. Nor will they have any way of knowing how much the other parties involved in the bidding process have pledged to bid.
It therefore becomes a type of online bidding which requires you to involve a degree of thinking before entering your bid. You must consider what other parties there are likely to be who will be interesting in and know about this internet auction sites, and the lots which they might be selling.
One final thing to note about first price sealed bid auctions, is that you only get one chance to bid. That's right, just one bid per person is all that you are permitted to make. This makes the process of deciding on your bid amount even more difficult. You will need to consider not only who else may be interested in these lots, but also how much they may be willing to bid.
You also don't want them to know the amount that you have bid, so you will need to be particularly good at bluffing to get far on these specialist internet auction sites. If you can convince all of the interested parties that your bid is a lot lower than it actually is, then they may not put in a high enough bid to beat the one you actually put in. Confused? That's what makes the process of first priced sealed bid auctions so fun!
If you are to stand any chance of outsmarting the competition and winning the auction for yourself, you will need to pull off a delicate combination of bluffing and mind reading.
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