Buyers on bidorbuy Still Keen on Auctions

(27 February 2014) On average, buyers on South Africa’s online marketplace place over 15,000 thousand bids every day. The number of bids especially soars during the Wednesday and Friday R1-start auction events.

“Auctions are very popular among pursuers of rare items and all kinds of collectors, but also among bargain hunters”, says bidorbuy CEO Jaco Jonker and adds: “It is true that we see a steady rise in the sale of brand new items listed at fixed prices. Auctions can take days to end in a sale, and some consumers prefer instant gratification and want to finalise their purchases quickly.”

Whether it’s about rare items or products of mass consumption, the allure of auctions is still strong on bidorbuy. Out of thousands of transactions concluded on the site every day, a little over 70% are auctions, while the remaining 30% are items bought at a fixed price.

Among the collector’s gems recently won on auction are a hand-signed Nelson Mandela book, which achieved the price of R6999.99; an old prison door that went under the hammer for R2210; a first edition of Wilbur Smith’s The Dark of the Sun that was snatched for R1575, and so on.

Currently, bidders are embroiled in bidding wars over scores of hard-to-find items. Six bidders have pushed the highest bid for a vintage ship captain’s desk well over R3000. The highest bid for a 1965 South African 1 cent coin tipped over the R5000 mark as seven bidders are fighting it out over it, while a ladies' Rolex watch achieved more than R15,000 after seven days and as many bids. The prices of all three rarities still have room to grow, for the auctions are set to close at the beginning of March.

As for bargain hunters, they turn to auctions to buy a wide variety of items of mass consumption, new or second hand, at reduced prices. One bidder recently snatched a second hand stove for R400, and another placed the highest bid of R4200 for an as-new dining table with four chairs.

The majority of items of mass consumption offered and bought on auction are, however, brand-new products. Recently, several bidders walked away with brand-new mobile devices: a new BlackBerry Z10 for R3000, a new Samsung Galaxy S3 for R3439, and a new iPhone 5c for R4600 Other never-used products recently won on auction are a 32” Telefunken LED TV (highest bid: R2100), a five-piece ABS luggage (R1201), an electronic kitchen scale (R15), a Lady Gaga Perfume (R360), and a baby car seat (R610), to mention but a few. 

“Our buyers often tell us that, thanks to auctions, they are able to afford little luxuries that otherwise would have been out of their reach. For sellers, auctions are an excellent way to move surplus stock and to gauge what the market is prepared to pay for novelty items”, says Jaco Jonker and adds: “Sometimes, if an item is popular, bidders can push up its price even beyond the indicative market value.”

About bidorbuy

bidorbuy is South Africa's largest online marketplace. Established in 1999, the company has created a safe and convenient way for people to buy and sell goods online. As a virtual trading place that brings buyers and sellers together and allows them to buy and sell virtually anything at a fixed price or in an exciting auction format, bidorbuy has created a thriving online marketplace.