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Premium .cm auctions fall through

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Earlier this month, a number of .cm domains sold for very high prices at auction. This includes sex.cm for $51,300 and free.cm for $17,800.

In an apparent lack of confidence for the .cm extension, many buyers in these domain auctions have backed out. As a result, a decent number of previously reported high sale prices turned out to be quite low.

Sex.cm originally sold for the aforementioned $51,300, but after the two top bidders refused to pay up, it ended up garnering only $21,700– less than half the original sale price.

Another example is Home.cm, which was originally bought for $2,013. Again, the top bidders changed their mind at the last minute and it ended up selling for only $60.

Worst of all is free.cm, which went from $17,800 to $310 after being rejected by four bidders.

This situation occurred because of a policy among certain auction sites to default to the next-highest bidder if an auction winner doesn’t pay up. While this can be helpful in some cases and is certainly great for the buyer, auction sites shouldn’t let buyers make five-figure bids so lightly. After all, auctions are legally binding.

Source | The Domains

Photo | hagit

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