1854 British India Stamps - eBay Bid retraction CHEATING.

Recently 1854 British India Stamps was sold for $1400 with 23 bids  and 6 bidders which was sold by "vivek_nigam" from Sunnyvale, California.

Looks like lot of money are spend on stamps even though there are no new collectors coming in to this hobby and world wide stamp hobby is declining.!!

But who cares about that as  everyone is benefiting including seller, eBay shareholders, PayPal shareholders, California state government and USA Fedral government as all of them will benefit with this kind of transaction.

Did eBay shareholder are benefiting from this kind of sell.? (Disclosure :- I am eBay shareholder holding eBay shares in personal and retirement account) 

Because of all of them will get their fair share from revenue as well as profit by means of some kind of tax. 

But what if everyone is CHEATED ? 

I will skip about stamp cheating (forgery stamp) itself as in past I wrote blog post about this 1854 stamps as forgery selling as genuine but we will focus on how BIDDING works.

 But still want to get awareness about forgery stamp selling as genuine then click following link to know about FORGERY stamps.

http://gandhistampsclub.blogspot.in/2012/08/1854-queen-victoria-stamps.html

http://gandhistampsclub.blogspot.in/2013/12/rarities-india-1854-stamp-queen.html

Do you think you are cheated by eBay Bid Retraction ?

I will provide you some info so you can decide yourself about eBay Bid Retraction make sense to you or not.

It's a very big thing in stamp collecting hobby as well as other online transaction.

1. In order to increase price one has to do CHEATING by one of the following way.Seller will do SHILL bidding by opening other accounts on eBay and bidding with it. If it reach highest price you retract.!!
2. Also seller friends who are also collectors will bid on it to increase price (again SHILL bidding) and if you bid is highest than retract.!!!
3. Bidder will not pay after increasing price and not paying to seller. Seller has to cancel the transaction by working with eBay

For 1 and 2 you will have to pay commission to eBay if you are winning but if you retract your bid before auction close than you don't have to, but price will be reached to maximum for other bidders.!!

So if you put $1400 as your maximum bid and someone bid upto $1450 and than retract, you will be the winner but your price is increased.!!

Following is classic example of above cheating.!!

http://gandhistampsclub.blogspot.in/2011/12/mali-gandhi-stamps-do-you-think-gandhi.html

Let's see following transaction of India 1854 half anna block of 6 Die 2 good part of watermark on back stamp which was sold by "vivek_nigam".

1854 British India Stamps - eBay Bid retraction 

There are 6 bidders interested in this 1854 British India block of 6 stamp.

a***c(117), i***c(273), d***i(1248), v***v(619), a**u(60)

Now if you see all of the bidders they have BID RETRACTION or very high number of bidding.

So what this BID RETRACTION indicates to you.?

Now let see a***c(117) details.

14 eBay Bid retraction.

Now let see i***c(273) details on 1854 British India Stamps  and eBay Bid retraction 

6 eBay Bid retraction

but look at total bids 142 on 125 items.!!

Now let see d***i(1248) details on 1854 British India Stamps  and eBay Bid retraction 

no eBay Bid retraction, but look at total bids 2325 on 526 items.!!

What this total bids indicates to you ?

Now let see i***n(857) details on 1854 British India Stamps  and eBay Bid retraction 

47 eBay Bid retraction in past 6 months.!!

But only bidding on 16 items in past 30 days.!!

So what do you think about BID RETRACTION, after seeing all this retraction!!

Do you think you are cheated ever by BID RETRACTION.?

Did buyer of this stamp paid to seller ?

Did seller paid commission to eBay ?

But I can see this or similar stamp  1854 stamps is again for auction (Fixed price) for sale for $1250 instead of $1400.!!

Do you think there are lot of 1854 stamps are still available in mint condition  and that also in block of 6 ?

Thanks

GSC.


BTW:

In past I saw 207 bid retraction.!! Click following link to read it.

http://gandhistampsclub.blogspot.in/2015/02/india-used-stamps.html