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| I've observed many times that when the auctioneer (or epay seller) starts out at a price approaching the true value of an item that there are few to no bids. But if the auctioneer starts out very low, like scrap value that there can be spirited bidding and the selling price is often well above that other opening price. That does make the auctioneer cry more and exposes the risk of selling the item at a bargain. But it is sold not held over for the next auction.
At one auction I was the only visible bidder and the cry from the truck leapt an increment right after my bid was accepted. Then the cry was asking more than I was willing to pay, I told the ground man my limit was xxxx and after some hand signals to the auctioneer, the cry dropped back to my last bid asking the next increment. I bought to machine at MY last bid. Should I have stopped sooner I might have paid less, bidding against the owner or the auctioneer. The seller was in the truck with the auctioneer and knew me. And had been asking three times the price I was willing to pay. I've not been to any auction cried by that auction company since and that was about 20 years ago. Not even when it was my next door neighbor. That auctioneer also runs a used equipment business so has an outlet for the stuff he buys at his own auctions.
Gerald J. | |
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auction ....rant
