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I just saw on delfun penny auctions website a Sony Bravia LED

Answered by:Chris Miller
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I just saw on delfun penny auctions website a Sony Bravia LED 55" TV that sold for $47.32...is this legit, and if so how do they do it.

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Submitted: 699 days and 15 hours ago.

Category: General

Value: $18

Status: CLOSED

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Expert: Chris Miller replied699 days and 13 hours ago.

Hello, and thanks for the question.

Penny auctions work by selling bids (usually between $0.50 to $1 per bid); hundreds of people may "spend" the bids they have purchased on an auction item, but only one person wins! The auction website rakes in the money from all the losing bidders, in addition to the one lucky winner. While in may well be true that a 55" LED TV was won with a bid of $47.32, the site probably made several times the retail price of the TV from bids purchased by all bidders on the item. There is nothing illegal about penny auctions (although they sometimes receive complaints about insider bidding to jack up prices), just that they are a gamble that rarely pays off.

Hope this helps!

Expert Type	Internet Researcher
Category:	General
Pos. Feedback:	100.0 %
Accepts:	100
Answered:	7/19/2011

Experience: Master's degree in social work, computer knowledge, strong math and science background

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