Auction listings greatly influence perceived item value
Researchers from Notre Dame conducted a study correlating winning bid values and characteristics of item listing. The study focused primarily on coins sold on eBay during a two year period. The results showed astounding differences in average winning bids for identical items with different listings. Items ending on weekends as well as those with a longer listing sold for more than those on weekdays. The presence of pictures made the biggest difference, an 11% increase, in winning value. Seller’s reputation also seemed to have a marked increase winning values. These findings were confirmed by a commercial source.
The results of the study point out how buyers value can be influenced by more than the item alone. An item like coins has fairly agreed upon and fixed value. An 11% increase is a very significant increase in perceived value by the buyers. Sellers have the opportunity to significantly influence the behavior of their prospective buyers by presenting items in a more favorable manner, even if they are not changing the item they are selling in any way. Increasing repute and expanding the buyer network go a long way in selling items for successful seller payoffs.
http://www.newscientist.com/article/dn1527-online-auction-study-reveals-bidding-tips.html