As a business seller, we occasionally try out auction listings, only usually to find that we have to cancel them within the permitted timescales.
So why are the listings cancelled ? - we shall endeavour to explain.
It is a simple case of economics. As a dealer in Gold and Silver coins, We have to pay the market trade values on items we get into stock. This is determined by either the market Gold price, and/or the collectable/catalogue value, depending on type of coins. As we are buying in bulk and importing from various sources, this all ties up considerable money and costs. Then add on the eBay fees (on average 5 - 8% per item), and you can easily see that if an item is not reaching at least 10% above its stock value, we are set to lose money, and indeed would be far better off just leaving the capital it takes to stock the business sat in a bank account. As we are registered as a business seller (not an ‘eBay hobby’ seller), we are not in business to lose money. We have to make a decision at the time as to whether I believe there are bidders out there. If the price is no where near the items worth at the permitted cancellation time (24 hours before close), then we will cancel. Our nerves (and indeed good business sense), will not allow us to wait for the last minute bidders, as we know from experience these are generally collectors who know the market well, and are just waiting to pounce on a 'steal of a bargin'.
This does not break any eBay rules, as the seller is entitled to end an auction early at any stage up until 24 hours before the end. Indeed we and many other dealers do state in our shop policy that we reserve the right to cancel an item at any time. We list full terms on every listing. The next comment you will no doubt be making is – “well put a reserve on then”. Well one of my dealer colleagues has answered this far better than I can, so I shall refer you to his explanation if you email us.
Trading on eBay is just one arm of a business and a good marketing tool, but not a cheap place to sell goods (and more often than not to buy goods either). However, if you are hoping to get a Gold or Silver item at well below its true or intrinsic worth, then you are looking in the wrong place looking at an eBay business seller. Buyers would be far better off buying direct as there is no eBay commission to pay, and actually far better protection (which most buyers do not realise), than using a 3rd party site such as an auction site.
Weighton Coin Wonders