Anyone have auction tips????

haypoint · #61 02/27/11, 05:11 AM

Well, the auction is over. I want to hear the story.

willow_girl · #62 02/27/11, 07:31 AM

The following applies to high-dollar items, not $1 or $2 box lots:

Don't run up the bid on an item you want. Set your limit and wait while the others duke it out. Eventually it will come down to 2 bidders. When one drops out, if the price is still below your limit, make your move. The auctioneer won't be expecting a new bidder to jump in at this point, so you have to be FAST and LOUD to avoid being overlooked.

You now have a psychological advantage over the previous high bidder, who was sure he had won the item. Now he realizes he has to go through another run-off with a fresh bidder. In my experience, about half will get disgusted and drop out at this point.

If the contending bidder bids again, I will bid one more time, but if he persists, he probably wants the item more than I do, and I'll generally let him have it. I seldom bid more than twice.

fantasymaker · #63 02/27/11, 12:41 PM

Yep what happened?

Danaus29 · #64 02/27/11, 03:36 PM

I want to know too, did you get any good stuff??????

Ed Norman · #65 02/27/11, 04:00 PM

It was his first auction. You know he got excited, paid $210 for a box of junk, then found out he had to take all 4 boxes at $210 each. But his second auction will be great.

lhspirited · #66 02/27/11, 04:32 PM

Quote:

Originally Posted by plowjockey

+1 on what use less said.

Auction thieves are amazing on what they will gladly grab.

Also, if you are considering bidding on a box, that has maybe one item, you are interested in, watch out for "switchers". They will wait until they think no one is looking and the take a popular item, out of one box and slip it into another. It's not dishonest or illegal, but you could end up paying a lot of money for a box of junk, minus your wanted item. Just make sure the item is in there when the box goes up for sale.

Have fun

I think that is dishonest.

lhspirited · #67 02/27/11, 04:38 PM

My advice - keep an eye on your spouse at a busy auction. One auction had a lovely garden cart that we'd seen in catalogues for $200 or more. My husband and I lost track of each other, and when the cart came up, we started bidding against each other. Luckily, the auctioneer was honest and knew us. He only let us get to $30 before he said, "aren't you guys together?" It was still one of the best deals we've gotten.

Also I agree with the suggestion to wait until the end of the day. Most folks have pooped out by then. There's a lot less competition.

lhspirited · #68 02/27/11, 04:44 PM

Quote:

Originally Posted by hotzcatz

We do much better at yard sales than at auctions. It's usually quite rare that we will win the bid since there's almost guaranteed to be at least one person willing to pay more than us for whatever the item is.

If the item you want is in a box lot of stuff, watch and see who wins the auction (if you are outbid) and then ask them if they would like to sell you the item you were interested in. Saves having to deal with a whole bunch of other stuff you didn't want, too.

I've done lots of deals with winning bidders. Sometimes they will just give you the item you want. Especially if it's a big item and they don't want to haul it.

Nevada · #69 02/27/11, 05:13 PM

I don't go to auctions anymore. The last time I did that I bid on something, then a guy that I had seen earlier carrying stuff up to the auctioneer bid against me. We exchanged a few bids, but he outbid me every time. Suspecting that I was being had by a shill bidder, I let him have it.

Immediately after the bidding ended, the guy who outbid me approached me and told me that I could have it for my last bid. Taken aback, I asked how he could do that. He replied that he was willing to give-up his bid so I could have it. I told him that doing that wouldn't be fair to the seller.

Having confirmed that I was being had by a shill bidder, I headed for my car. At that point the auctioneer chimed-in over the microphone that I could have it for my last bid, and even insinuated that I was obligated to honor my bid. I got in my car and left. That was my last live auction.

I can't say that I've ever seen anyone get that great of a deal at an auction. I do a lot better at flea markets and eBay. No more live auctions for me.

Ed Norman · #70 02/27/11, 05:57 PM

Quote:

Originally Posted by lhspirited

I've done lots of deals with winning bidders. Sometimes they will just give you the item you want. Especially if it's a big item and they don't want to haul it.

When I was a kid there was an old rifle action in a junk box that I really wanted. I lost, but asked the winner about it later. He took one little item out of the box and handed me the rest, said that was all he wanted.

Quote:

Originally Posted by Nevada

I can't say that I've ever seen anyone get that great of a deal at an auction. I do a lot better at flea markets and eBay. No more live auctions for me.

I've gotten too many great deal to remember. Tonight we'll be using our big industrial meat slicer to cut up bacon and Canadian bacon, it was dirt cheap at auction. The 25 cent curtain rods will be keeping the chill night air off of us as we cut the bacon, too.

MushCreek · #71 02/27/11, 07:18 PM

One way to get bargains at an auction is to buy stuff that is unrelated to the rest of the auction. I've bought several antiques for pennies on the dollar at machinery auctions. Don't know how they wound up there, but machinery buyers weren't much interested.

I used to get deals on machinery at auction, but now in recent years the prices are being driven up by dealers who sell the stuff overseas. I learned a lot about this talking to a dealer who was buying everything in sight to re-sell in South America.

deb · #72 02/27/11, 09:12 PM

Quote:

Originally Posted by nc_mtn

I also should have added:

Be aware of any "Buyers Premium" added to the sale. To me this is a crooked and dishonest way to for the auctioneer (company) to take your $. They don't have to split it with the seller. It add to your cost and a lot of times, you forget to figure this extra in and you end up paying more than you want, especially when its Hundreds or even Tens of $. 5% adds up quickly if you're not watching out...

Did I mention I think it's Dishonest??

It is not dishonest if information regarding the "buyer's premium "is included in the newspaper ad, auction flyers and also announced at the start of the sale. It the "buyer's premium" is advertised properly then you have the info you need to decide whether or not you want to go to that auction..

We don't normally go to auctions with Buyers fees, but every once in a while we do attend one because there is something we really need at that auction. We just factor in the "buyer's premium" when decideding how much to bid on a particular item.

deb
in wi

deb
in wi

nc_mtn · #73 02/27/11, 09:20 PM

deb, perhaps I'll just stick with "wrong and crooked". I try hard not to go to anywhere with them. They don't do the seller or buyer any good, and a good auction with a good auctioneer, will bring more money for the seller(s) and themselves without a buyers premium. And, "we" as buyers will be happy. Everybody wins... and nobody has money sucked out of them

fantasymaker · #74 02/27/11, 09:38 PM

What ticks me off is reserves...that they dont mention till you have driven 300 miles and the item has already been bid on.
But shills are the same thing.
buyers permiums suck but even moreso when the seller is ALSO paying a commission....GRRR
and Shills? The best thing I can say about them Is I didnt have the least compassion for one that got beat up in a attempted mugging cause the crooks thought he was holding out when he didnt have the stuff.

Nevada · #75 02/27/11, 10:32 PM

Quote:

Originally Posted by fantasymaker

and Shills?

I suppose that if a seller uses shill bidding as an alternative to setting a reserve that it's not fundamentally dishonest. It would be against the rules at eBay, but I understand that estate auctions have much different rules.

But when a shill bidder runs the price up, then insinuates that the next higher bidder is obligated to perform, that goes beyond common decency. If you want to bid your own item up then I suppose that's fine, but you're stuck without a sale of you take it too high.

MushCreek · #76 02/28/11, 04:49 AM

I go to one monthly auction regularly, but was pretty steamed when their ad failed to mention that the two trailers I was interested in did not have titles! They usually run a good clean auction and are up-front about buyer's premium, etc., but I guess they felt that little bit of information about the titles was unimportant. Grrr.

Curtis B · #77 02/28/11, 10:01 AM

Well, sorry I didn't reply earlier, it ended up being a long weekend. But, there are officialy two more that may be addicted to auctions. I could fill your screen with how it went, since I have been bending the ears of all who I have talked to this weekend, but I will be short. It was very cold any a bit snowy, so I thought there would be very few there, ended up being a bit over 120 people. I lost the tractor I went for, due to my lack of money(not for too high of price), but I had the thrill of "almost having it" twice. I may have over paid on one thing, but overall walked away getting alot of steals, some were even free after I sold some items I didn't want from a few lots I won. My BIL did great, and as far as I am concerned, but spent alot (got to hear about it from my SIL yesterday). A few things to add.....

If someone goes with you make sure you are on the same page, or at least standing next to each other to communicate. Four or five times my BIL walked away from me, and ended up bidding against me on items.

Make sure you can get what you buy home (if you can't figure in the cost). If it wasn't for my BIL buying a truck(got a steal) we would have had to make a trip back, as my truck was full half way through.

Auctions can be a great place to find your homestead, the house (about 2K sq ft) and land(160ac) w/ many improvements went for 168K, which was less than the value of the land by itself.

fordy · #78 02/28/11, 01:37 PM

Quote:

Originally Posted by Curtis B

I am going to my first (non real estate) farm auction tomorrow. They have some items I am interested in, and I am hoping to get a good deal aka lucky. Any tips for a first timer?

...................Some auctions can be setups , what I mean is there will be "plants" in the audience , they work for the auctioneer , they will start the bidding when an item is hard to sell , and they also will bid UP an an item when a particular item hasn't reached a minimal value the seller has established for a sale , they also will make a bid when the bidding just stops short and there is nothing but dead air ! They Out themselves fairly quickly . , fordy