Taking advantage of low bid prices on items with high buyout prices can lead to amazing rewards. Just today, I bought a transmog item which regularly sells for 200g at a price of only 3s. That was a great feeling.
If you aren't careful, though, you can bid up an item so much that it winds up just below the buyout. It is incredibly important to avoid doing so.
Being good at bidding is all about timing. One of the most important things to notice when bidding on an item (aside from the price) is its time frame. First, it is important to know how long
auction lengths are. Here is a list of auction length time frames:
- Short - Less than 30 minutes.
- Medium - Between 30 minutes and 2 hours.
- Long - Between 2 hours and 12 hours.
- Very Long - Between 12 hours and 48 hours.
Knowing this, you can begin to predict when it might be a good time to bid. Obviously, the shorter the time frame, the better off you are, because others are not given as much time to bid against you. If you see an item with a bid price under 10g and a "short" auction length, be sure to bid immediately (after checking its selling price on
Undermine, of course).
In addition, it is extremely helpful to watch these time frames shift. If you see an auction time go from "long" to "medium," you know you have 2 hours until the auction is up. In such a case, you can return to the item, say, an hour and forty-five minutes later and put a last bid or two on it. I wouldn't really recommend sitting around and watching an item's auction time if it has a "long" or "very long" time frame, though... could get kind of boring. :P
So why all of this emphasis on time? The whole hope with bidding is that you won't be outbid. As I said, the longer an item is listed, the more time you have to be outbid. And if you do get caught up in a bidding war, prices can rise quickly. My advice in these situations is to wait it out.
If someone outbids you, don't immediately run to the auction house and outbid them back (if you do, I can promise they will do the same). Instead, make a mental note of it (or keep a piece of paper on your desk), check the auction time if you can't remember how long is left and wait as long as you possibly can. You want to make your competitor think you have given up or gone offline. This will keep the bidding price low for an extended period of time. Then, you can come back after a few hours, bid a small amount and then quickly get to re-listing.
I would also not recommend bidding on an item with a "very long" auction time unless the bid price is still extremely low and/or you are on during your server's off hours. Otherwise, it is simply not worth it.
Well, best of luck with bidding! More to come!