OP here. Thought a lot about the auction structure and decided the Dutch style (reverse) was the best given my goals.
I wanted to combine getting a good value with the ability to showcase the bid/price - and the process - publicly.
If I did a normal open auction, there is a chance everyone would wait until the last minute to bid. I'm managing bids manually, so it could get hectic. Plus, it wouldn't be as fun to watch for people reading.
Also, if there were NO bids early on it would really hurt the potential sales price with a lack of interest.
A full-on closed auction wouldn't be nearly as exciting for people to watch, and I wanted to generate buzz and interest, plus show the whole process.
With the reverse auction, the bid management is simplified - I only have to manage one winning bidder. It also allows the process to be showed publicly. Finally, it creates a sense of scarcity. If someone really wants it, they'll be more likely to bid early to prevent others from getting it.
So is it perfect? Definitely not! :-) Probably leaving some money on the table but I thought that this was the best structure to maximize value AND interest.
Comments
OP here. Thought a lot about the auction structure and decided the Dutch style (reverse) was the best given my goals.
I wanted to combine getting a good value with the ability to showcase the bid/price - and the process - publicly.
If I did a normal open auction, there is a chance everyone would wait until the last minute to bid. I'm managing bids manually, so it could get hectic. Plus, it wouldn't be as fun to watch for people reading.
Also, if there were NO bids early on it would really hurt the potential sales price with a lack of interest.
A full-on closed auction wouldn't be nearly as exciting for people to watch, and I wanted to generate buzz and interest, plus show the whole process.
With the reverse auction, the bid management is simplified - I only have to manage one winning bidder. It also allows the process to be showed publicly. Finally, it creates a sense of scarcity. If someone really wants it, they'll be more likely to bid early to prevent others from getting it.
So is it perfect? Definitely not! :-) Probably leaving some money on the table but I thought that this was the best structure to maximize value AND interest.
You forget the value of impulse when someone is bidding :)
This would maximize intrest, but not maximize value (money).