Do you like purses & penny auctions?
Florida based Penny Purses, is the new niche penny auction offering authentic designer handbags. So far Penny Purses has auctioned off 19 chic designer bags including Coach, Michael Kors, Dooney & Bourke, and Juicy Couture. One Dooney & Bourke East/West Slouch bag went to a bidder who only placed 2 bids, 4 bids were placed total.
You’re probably wondering just how much bids cost on Penny Purses:
- The smallest bid pack is $10, and you get 8 bids. Each bid= $0.80
- The second, $18.75 for 25 bids. Each Bid= $0.75
- 3rd, $35 for 50 bids. Each Bid=$0.70
- And lastly, 100 bids costs $65, $0.65
- Penny purses gives you five free bids when you register, that’s a $4 value! Register here:
Have you bid on PennyPurses? Tell us about your experiences!
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Whoops! October 10, 2009, 3:21 am
I saw an ad for PennyPurses and was skeptical at first. But after reading their user agreement, privacy policy, FAQs section, and watching several auctions in action, I thought it seemed legitimate enough. Well, shame on me for being fooled!
I purchased their pack of 100 bids for $65 and found a purse that I wanted to bid on.
I'd done enough research to figure out several things about how to bid. First of all, they give you the option of doing "future bids." A future bid is where you tell PennyPurses the number of bids you're willing to use on an auction, and the minimum and maximum price you're willing to pay. Or, if you don't want to do that, you can just sit there at your computer and bid as the timer counts down. These are "single bids."
It is foolish to use a single bid against a future bidder. You see, anytime someone places a bid, 10 seconds is added to the timer. All future bids for an auction kick in at 5 seconds left on the timer. So, say you're a single bidder and you wait until the timer counts down to 3…2…1… Well, then instead of the timer running down to zero and the auction ending, a button pops up that says "last chance."
This button stays up for five seconds. So, since you're smart and you've done your homework, you wait until you see "last chance" and then you press the bid button, which adds 10 seconds to the timer. Well, but then when the timer reaches five seconds again, anyone who has future bidding set up will have their bid kick in for them. So, you've just wasted a bid, because a single bid will never trump a future bid.
So, knowing all of this, I waited until all the future bids ran out. Then I set up a future bid. I told PennyPurses to use all 100 of my bids, and I set the maximum price I was willing to pay really high, so that any single bidders out there would give up and bow before my expertise. 🙂
What I hadn't anticipated was that PennyPurses was going to play dirty. I got my future bid all set up, and then watched. Sure enough, each time the timer hit 5 seconds, it would use one of my bids as a future bid. At first, several single bidders were still bidding against me, but just as I had predicted, they soon gave up, leaving me with the highest bid. I was super-excited!
I watched as the timer went down 4…3…2…1…25…wait. What? 25?! Did someone just bid against me? No. The timer just reset itself out of nowhere. If this had happened once, I could chalk it up to a glitch on their system. But it happened SEVEN times. I'd have highest bid, no one was bidding against me, and then all of a sudden the timer reset itself, giving PennyPurses a few more seconds for other users to log on, see an auction for a cute purse about to end, and place a bid.
In addition to timers re-setting out of nowhere, I believe they also fake users to jack up the prices. I could be completely mistaken, but the user name "MissMariposa" is either a real idiot, or a fake user set up by PennyPurses.
When you look at past auctions, you will see this user on the bidding history for almost every single purse. However, she always drops out of the bidding toward the very end. From what I can tell, this user has only "won" two purses out of the 100+ auctions PennyPurses has done so far.
Yet, this users has wasted hundreds of bids on the majority of auctions. So, either this person is very rich and dumb and has too much time on their hands, or they aren't a real person. And I'd bet, on the two purses they did "win," it was because real users got tired of bidding against an autobot.
I have no doubt real people win designer handbags on this site. However, I do think PennyPurses has it rigged so that each auction has to reach a certain price and/or a certain amount of bids before it can be won. Keep in mind that for every person that even bids, that's 65 cents straight in PennyPurse's pocket. Most of the auctions have over 500 people who bid, which is quite a hefty profit for PennyPurses. Especially if you factor in that timers reset out of nowhere, and that you're bidding against fake users.
So, if you do decide to bid on this site, proceed with great caution. Keep in mind that there may be a very good reason that in their "winners" section (where happy customers can write in with pictures of their newly won purses), there are only 3 people who have submitted photos and written a cheery testimonial. (You can find a link to this "winners" section at the top right-hand side of their website).
As for me, I learned my $65 lesson, and won't be using this site again!
Stella Pineda October 30, 2013, 4:31 pm
I love penny purses, please let me know when you have more on sale, thank you.