Buyer Must Know The Meaning Of Value

Shill operations, whether on the internet or in real life, won't work if the bidder knows the market value of the product he is bidding on and sets a limiton what the value is to him. If the item is one of those "can't live without it" items then be prepared to get screwed.......

Revealed: how eBay sellers fix auctions
Recorded excerpts of meetings with Paraskevaides: Clip 1 | Clip 2

CUSTOMERS of the internet auction site eBay are being defrauded by unscrupulous dealers who secretly bid up the price of items on sale to boost profits.

An investigation by The Sunday Times has indicated that the practice of artificially driving up prices — known as shill bidding — is widespread across the site.

Last week one of the UK’s biggest eBay sellers admitted in a taped conversation with an undercover reporter that he was prepared to use business associates to bid on his goods for him.

Our inquiries found evidence that a number of businesses — ranging from overseas property agencies to car dealerships — have placed bids on their own items using fake identities.

The cases raise questions about whether eBay, the world’s biggest auction site, is doing enough to protect consumers.

Shill bidding is against eBay rules and is illegal under the 2006 Fraud Act. However, the resulting higher prices on the site boost the value of eBay’s share of the sales.

What am I bid.....