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Minimum price at auction

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MikeO

06-27-2003 19:49:53




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Just went to an aution this morning with an 1855 that was described to me as a parts tractor. $1,000 to $2,000 price range. I was looking for a good parts tractor. I asked the auctioneer the day before if there was a minumum price or bid, he said there wasn't. Well, after waiting two+ hours, we finally get to it and he says he has a minimum bid of $3,000. Eventually sold for $3,450. Older Waukesha w/o oil cooler, about a 1971. Had work done to engine and didn't sound right. This is the second time in two years where I have gone to an auction and the auctioneer starts with the $3,000 minimum price. Is anyone else out there seeing the same thing?

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David in OH

07-31-2003 17:18:53




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 Re: minimum price at auction in reply to MikeO, 06-27-2003 19:49:53  
You guys must have bad luck with auctioneers or something because from what I've seen most of them here are very fair.I wouldnt ever pay that much for a Parts tractor no matter who the auctioneer.



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HAVVEY

06-30-2003 18:23:08




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 Re: minimum price at auction in reply to MikeO, 06-27-2003 19:49:53  
NEVER BE TOO PROUD OF ANYTHING YOU BUY AT AN AUCTION YOU ALREADY PAID MORE THAN EVERYONE ELSE THERE THOUGHT IT WAS WORTH!!!!! !!!!!



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Chad (IA)

06-28-2003 06:45:07




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 Re: minimum price at auction in reply to MikeO, 06-27-2003 19:49:53  
Hey Mike, Was this in central NE? I know of a 1855 that was more than just a parts tractor that was going to consignment a month or so ago. The guy selling it said $3,750 was as low as he would go.



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Ollie

06-28-2003 04:13:07




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 Re: minimum price at auction in reply to MikeO, 06-27-2003 19:49:53  
Auctions are basically frauds even where they are spposedly regulated. There are two types of auction pricing: "no reserve" which is also called an "absolute auction" and a "reserve" or "minimum bid price auction". The seller is supposed to specify what type of auction pricing is acceptable. Auctioneers will often take a "no reserve" item and wait until they determine the level of interest and then at the last minute claim there is a "reserve". This sounds like what happened to you.


In both types I've seen the seller's family bidding up his items, the auctioneer's employess doing the same. I've even seen cases where where the phony minimum was too high and they had to accept bids down! Auctioneers play this game because they get paid a percentage of the price the items sells for.

Auctions were at one time a great idea but unless you are an insider plan on getting screwed, especially on big ticket items. Like the guy who paid $3,450 for an 1855 parts tractor!

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JOCCO

06-30-2003 18:21:45




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 Re: Re: minimum price at auction in reply to Ollie, 06-28-2003 04:13:07  
I AGREE HOWEVER SOME ITEMS ARE SET WIT TO HIGH A RESERVE AND THEY DONT SELL



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Esev

06-30-2003 19:10:02




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 Re: Re: Re: minimum price at auction in reply to JOCCO, 06-30-2003 18:21:45  
MikeO, Go look in the picture ads. I just saw a nice 1850 gas with thrown rod for $2400 listed there. I wish I had the time, money, and the truck to drag that one home with.



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MikeO

06-30-2003 21:40:44




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 Re: Re: Re: Re: minimum price at auction in reply to Esev, 06-30-2003 19:10:02  
Thanks for the lead, though I like the 55 series more. I have a neighbor who has had a 1850 sitting outside in the same spot for the last 15 years, but everytime I approach him to buy it, he starts to tell me how great the tractor is, but will not give me a price. Pure bunk. By this time I would be afraid to move it without worrying that all the tires would go flat or there has been an excessive accumulation of water somewhere it shouldn't be. Parts are parts and this is nothing more.

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