Not a fairy tale!

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A long, long time ago, in a faraway state of Nebraska, there was a small town, in which a poor farmer lived with his family. Amidst the Great Depression and severe draught, many people were losing their crops and going bankrupt. With no way to pay off their mortgages, they saw their land auctioned off by banks...

BLOG_2015_11_06_400x400_Male_To_Nie_Bajka_MWOne day, a bank representative knocked on the farmer’s door. He informed the family that, because they had defaulted on their payments, their land, as well as all their belongings, would be shortly put up for sale. The bank expected a considerable profit from the auction — hundreds, if not thousands of dollars. But, it was not to be. In a show of support, other local farmers crashed the auction, determined to foil the pitiless institution and ensure it earns it as little as possible.

First on the block was farm equipment, with the starting price of 5 cents. Whenever someone tried to offer any substantial bid, the farmers politely “explained” that it was not such a great idea. Their strategy was successful. One lot after another sold for ridiculously low amounts.

Once the auction ended, all the profits were tallied up. It turned out the bank made a grand total of… $5.35. Certainly, no one saw this one coming.

These events are now considered the prehistory of penny auctions—that is, auctions that make it possible to buy exceptional items at very low prices. Several decades later Wellbid was born — but that is a whole different story…

 


Author: julia

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