Thanks for the input, especially about payment.
I would like to clarify a little bit about the psychology of my auction strategy noted in post #3 above:
When using this strategy, (P.A., N.R.) it is advisable to run the auction the longest period allowed and cover two weekends ending the auction sometime Sunday evening or Monday evening at the latest.
People like to think they see something nobody else does and they often believe they have a chance to score a steal or a cheap item. Some will put a "watch" on the item and attempt to 'snipe' the auction at the last minute. (If you are a bidder, it is advisable you watch any auction where you are a bidder.) Your saving grace is the "15 minute rule".
If you have a desirable item in very good or excellent condition and you have taken good photos that demonstrate actual condition and blemishes, you will realize a fair price. There will often be one or more bidders that get caught up in the auction action and the price may soar well above fair market value but will certainly NOT sell for less than fair market value.
Actual story: A few years ago, I had a 2" nickel plated Colt Python in excellent condition, service grips, no box, Colt archive letter, a good cleaning and 27 excellent photos, including with grips removed. When I put it on GB as a Penny Auction, No Reserve, a buddy darn near passed out. He just
knew someone would steal it for a pittance. He told me I was a fool, too. I expected the little Colt to sell for about $2,900 to maybe $3,150. It sold for exactly what a fellow on the Colt forum said it should bring: $3,325 as I recall. The point: Desirable items will get noticed and will sell for their market value. There are people looking for them all the time and they will not let them sell for less than fair market value. Keep in mind though, that it is the seller's responsibility to be sure his descriptions are true and accurate and that his auction is worded and spelled correctly. Failure to do so may (and probably will) result in a less than satisfactory auction price.
I hope this helps someone.