Amazon adds a new bidding option for private sales
For fine art and other collectable items
Amazon have announced the introduction of a new bidding function to its website that allows buyers to bid for lower prices on some products. The function is currently available on fine art works, rare coins and other collectables on sale through third party vendors.
Following a failed attempt in 1999 to launch a full site dedicated to the auction model, which couldn’t compete with the established success of eBay, this new move sees a fresh approach by integrating the bidding element into the existing platform rather than a stand alone site.
In a recent survey of sellers conducted by Amazon, nearly half of the respondents said the ability to negotiate prices "would be important to drive more sales on Amazon", said Peter Faricy, who runs Amazon Marketplace.
With this in mind the new process on Amazon is different to existing auction functions on other sites. The new ‘make an offer’ function sees negations conducted in private between seller and bidder giving each side 72 hours to accept or counter offers. Another key element the system is the fact that buyers will pay more than the original listed price.