Emotional Bidding

Feelings have no place in auctions. Remember, each bid you use is a bid you’ve already paid for; with each one you place, you are spending money. There is nothing wrong with this and the potential for savings is often well worth the investment, but it’s important to keep a level head because with emotional bidding comes irrationality.

Rather suddenly you can disregard your bid budget, blowing 100s of bids in just a few minutes. What’s worse, your frenetic bidding can drive the price so high that it can actually surpass the retail value. The only real winner in this scenario is the penny auction site itself. While this approach does result in “wins,” the closing price is rarely worth the investment which is why we recommend avoiding it.

Learn more about penny auction strategies or download our free guide.