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Tana and the Handbag: Extending the Model of Factors Influencing the Final Price in Online Auctions
Abstract
Research into the determinants of online auction prices has tended to group them into buyer factors, seller factors and site factors. A case is presented which recounts how a $30 handbag was sold for $ 22,750 in an online auction shortly after a national sport event. Analysis of the case indicates that, in addition to the three groups of factors already identified, other factors can exert a considerable influence on the final auction price. A model is proposed which depicts five groups of factors impacting the final price: buyer factors, seller factors, site factors which are expanded to include timing of the auction, and site brand strength; product factors which include product features, brand strength, and brand extension/association; and promotion, which includes media publicity. While not all factors will impact on every auction, due consideration should be accorded each of them by both buyers and sellers.
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