Auction site flogs itself on eBay

TWO BLOKES who set up a rival auction house to Ebay because they were fed up with paying the outfit's listing fees are selling the site. On Ebay.

MightyBids.com was set up in 2003 by Peter Michaud and Jeff Ramaglia.

Michaud hatched the idea for the site four years ago while making a living selling art on eBay. He would try to sell 50 to 100 items a month on the site and was getting cross that it was costing him $1200 in fees a month, even when only a few of his items actually sold.

The site did not do that badly and has more than 100,000 regular users. Michaud said that the pair wanted to move onto new projects and he is selling the site on eBay for marketing reasons more than anything else.

Sticking the site on eBay attracts a lot of attention and puts eBay to the test, he told AP. Last night the price was $25,000 which is not close to the reserve price, so maybe eBay was not such a good idea.

The sale is here. More here. µ