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06|15|2011 01:25 pm EDT

Breaking: Social.com Receives $2.5m Bid at SnapNames.com

by Adam Strong in Categories: Domain Auction

After technical difficulties last week, the DomainFest Barcelona auction was re-scheduled to conclude online today. The auction of Social.com had gained some press and I’m sure the cancellation of the live event was a huge disappointment for the owner.   There’s nothing more disappointing than building up buzz and getting people to come to the auction and then having it fall apart.  Just ask the guys at Boxcar.com.

Good news just came in on Social.com though.  The domain name has a bid at $2.5 million (see below). It hasn’t met the reserve but this is a pretty good sign regardless.  You don’t just lay out a $2.5 m bid if you aren’t serious.    Check out the auction action as the names close at SnapNames.com

 

 

The auction closes in a little more than 2 hours.  What do you think ?  Will Social.com sell today ?

 

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  • Craig Calder

    I noticed your link is incorrectly pointing to an old DOMAINfest event. The Barcelona Premium Auction is here: https://www.snapnames.com/store/event.action?ig=847

    Thank you,
    Craig Calder
    SnapNames.com

    • DNN

      Thanks Craig, this was corrected.

  • rcap

    but why should anyone believe thats a true bid? It has already been discussed by the the auction houses themselves, that shill bidding is a practice that they believe to be ethical and standard at all auction houses. Its just supposed to build buzz and maybe “force” some bidding action. The owner of the name probably is high-fiving everyone he knows right now, but its just getting his hopes up for nothing. A deal can be done around 100k considering all the buzz it has gotten in the media. Without that buzz, worth in the 30-65k range

  • Tony Da

    Seller knows the reserve price, he can simply bid an amount lower than the reserve price to attract real bids.

  • Pingback: DomainFest Barcelona Auction Flops Again, Few Domains Sold | Domain Name News (DNN)

  • Adam Strong

    rcap I suppose you can go ahead and shill up an auction and build buzz, but I’d think by now Snapnames wouldn’t want to mess around with any sort of funny business like that. I’d buy social.com at that range so I’m sure it’s worth much more than that. :)

    TonyDa as I said before. I’m sure he can, but I’m sure Moniker/snap doesn’t want that sort of funny business. I didn’t check the bidders username. . . did anyone ?

  • Don

    I bid 4.98 million. Really what is the use. If 5 mil is the reserve then let that be a starting point. Like they are even going to sell it for over 1 million.

  • Snoopy

    If the bid is below reserve and the person making the bid knows that then it is pretty meaningless in my view.

    So either,

    -Some with millions to spend has decided to place a bid publicly even though they know it is not in the reserve range.

    or

    -A domainer got bored and decided to bid $2.5million and stir the pot.

    I’d bet on the latter.

    Remember all those Traffic auctions where people would go right up to the bottom of the reserve range?

  • http://www.socialism.com Goran K.

    I beleve that social com worth more than rocky com, what do you think?

  • Adam Strong

    The reserve isn’t published though so bidding 2.5m is a risk if you don’t know the reserve wouldn’t you say ?

    Also, I haven’t reviewed the TOS but if the owner decides to lower the reserve after auction is there no possibility that the bid is binding ? I’d have thought a reasonable reserve of 1m would have got the ball rolling faster here like with data.com.

  • http://moniker.com John Mauriello

    Glad to clarify this, however, I would highly recommend reading the Snapnames/Moniker Terms of Service, before jumping to conclusions /conspiracy theories, or placing bids domains if you are not prepared to purchase. All bids are legally binding, and the seller has the option of accepting any bids. In the case above regarding Social.com, the seller has the option to accept the “real” bid that was previously made. We allow bids below the reserve to occur, so the seller has the option to sell, and consequently the buyers can secure names within their budgets. If anyone has questions please contact me at johnm@moniker.com