Want to snag an authentic $800 Louis Vuitton bag for just $17.10? How about Chanel sunglasses for $11.70? A gorgeous pair of Christian Louboutins for a mere $5.46? You’ve also got to add on the cost of your 0.99 cent bids, but these designer goods are still a steal. New luxury auction site oohilove.com makes luxe items affordable, and attainable at a discount, if you play your cards right. A Gucci Interlocking Hobo Handbag valued at $1134 sold this week for a total of $13 – ($4.66 auction closing price plus the cost of bids). Check it out here.
What’s the inspiration behind the company? Oohilove CEO Chris Couhault says he wanted to redefine the meaning of accessible luxury by giving people the opportunity to own a piece of luxury that they previously had only dreamed of owning. And he also wanted to introduce a new and fun way for women to shop, combining entertainment with shopping through its pay-to-bid auction model.
Just how do you grab one of these fabulous items? First, buy a package of bids online, at 0.99 cents each, and then start placing bids on your favorite luxe items. (You can even bid on the bid packs!) The price of each item increases by 0.02 cents each time someone bids, at which time the length of the auction is extended by 10 seconds. It’s set up this way to give other fashionistas a chance to bid back, (and bid up the item)… and it certainly keeps the competition alive. But as with any auction, you’ve got to have a sensible strategy to win it. When it comes down to the wire with 30 seconds left to go, every time someone hits the bid, the auction is extended by another 10 seconds. But at this time, regardless of the number of people hitting bids, the time left to go is capped at 30 seconds, to make the process more competitive.
So what’s the secret to success? Bid late, not early – you’ve got the best shot of taking home that lovely pair of Louboutins if you participate in the last few seconds of the auction. You can also check the bidding history to track your competitors, and anticipate when they’ll most likely strike next. And if you set up a ‘Bid Assistant’ it automatically does your bidding for you, just in case your computer crashes in the last millisecond of the auction, or you’re not able to keep your eye on the prize the entire time. If you can’t live without it, you can always purchase it at the ‘buy it now’ price – the retail price listed minus the total cost of the bids you placed…
I’m checking out a Louis Vuitton bag up for sale right now – it’s valued at $800, and it’s up to just over $23 bucks. Several bid assistants are in the game – and “pinkbarbie” isn’t giving up… bidding with 5 seconds left to go each time. I might be wise just to sit this one out, and save my 0.99 cent bids until the next beautiful bag comes around.
Until next time, Happy Bidding!