Auctions are Nuts!

I went to an auction yesterday interested in some wood fence posts. There were about 30; some were smaller and/or landscape timbers. They sold for $120.00. Last spring I bought 23 wood posts for 20 dollars. Most were normal sized posts and in similar shape. Am I cheap or are others nuts? I just couldn't believe they went that high.

Larry

That's why you keep your hands in your pockets at times like that.

Auction prices are what two people think that item is worth THAT DAY. Tomorrow, it might be more or less. I've seen some pretty crazy prices paid at sales - both high and low.

As far as posts go, I'm looking at the local hardware store's flyer -
RR tie - 9.50
8" by 8' post - $30
6X8 - 21
5X8 - 16.50
5X7 - 15.35
4X7 - 10.50

Even the smallest posts would be $300 new...

I use 3 X 7 PT, in between steel posts- they're going for about 6 bucks- so $4 a piece wasn't too bad, depending on how many off-grade and landscape timbers there were, but probably not a bargain. Expecting to pay a buck apiece for posts is a little unrealistic, these days.

Larry, as RockyRidge pointed out, it"s eye of the beholder. One of the more interesting auctions I attended had roofing copper coils.

The auctioneer apparently had no idea what weights coils were sold in, or maybe the current price of copper. He started the bidding at $50. Non-bidder eyes got big when another bidder and I quickly topped $2k. He got a great deal when I stopped, didn"t have any foreseeable need.

Then a tree hit an outbuilding and I needed 700 lbs. Insurance claim topped $23k.

Being cheap (or not) is relative. Probably somebody at the auction thought they"d do well for a few hundred bucks. Possible, at a different auction. My truck bed is 7" x 12", I tend to fill it to overflowing, or come home empty.

I went to an auction and they had new current tools from Harbor Freight still in the box and with price on them such as $18.95 and they brought close to double the price.
I guess people go crazy at an auction if they see someone buying what they think they need.

Agreed. I know I wouldn't cut "free" wood for $1.00 a post. It would be worth more as fire wood.

Problem in most auctions is people do not do there home work before going so they have no idea the price of something new so they bid more then what it would be for new stuff thinking they got a good buy but sadly they are just dumb for not checking thing before bidding on them. Seen it so many times it is just flat out stupid

Bought 25 new 8 ft x 6 inch creosote treated fence posts a month ago to fix up one of my corrals. $27.95 each plus tax!

I agree, they're nuts one way or the other.
Last summer towards the end of an auction I bought 4
pallets of cement blocks, some were broken, for $5.
Not for each pallet, for the whole lot.

Same auction I bought about 1000 board foot of rough sawn
2 x 6 lumber that was stored in a barn. Some hardwood, some
not, a few treated store bought 2x6 tongue and groove thrown in.
Paid $1 for it all. Mine was the only bid.
Remember I said it was in a barn? Had to load it all by hand.

Also bought a 3pt hitch post hole auger with 8 inch bit for $40.
PTO shaft included.

Auctions are both entertaining and educational. If you attend enough you learn to check the condition of machinery and equipment BEFORE the bidding starts, (that's the educational part). The entertaining part is, once you learn, standing back and watching all the other fools bid on stuff they will never use. I have scrxwed myself a couple of times, such as buying a good looking riding mower for $110.00 and then finding it needed all four tires and smoked like a freight train! And I have gotten some good deals like the time I bought a box of "junk parts" for $10.00 that actually had about $150.00 worth of B&S small engine tools in it.

A lot of three 6" MC channels about 8 feet long and set up for hauling wheeled items sold for 27.50. Looked like a good deal to me but I didn't need them. I tend to buy smaller stuff. One stack of scrap metal had four 10'-6" sections of top-rail for chain link fence. I asked if they could be sold separate. I got them for $17.50; I think they're 11 or 12 dollars each at Lowes. I would have bought a couple of chain link gates but I had the cap on the truck and they wouldn't fit in. I bought two boxes of assorted tool bags/hammer/tape/plier pouches etc. for $7.50. I got two landscape timbers to use for braces on my fence corner from a guy who bought a stack of wood scrap. I gave him 5 bucks for both. I checked out a couple of good looking gals and had a great afternoon for spending 30 bucks. Thankfully, I don't have a trailer or a lot of money. LOL!

Larry

(quoted from post at 15:14:17 11/05/13)
Auction prices are what two people think that item is worth THAT DAY. Tomorrow, it might be more or less. I've seen some pretty crazy prices paid at sales - both high and low.

As far as posts go, I'm looking at the local hardware store's flyer -
RR tie - 9.50
8' by 8' post - $30
6X8 - 21
5X8 - 16.50
5X7 - 15.35
4X7 - 10.50

Even the smallest posts would be $300 new...

Click to expand...

I bid and won a job for Ducks Unlimited last year. Part of the bid was to remove 1600 feet of 4 wire barbwire fence w/rr ties for posts and two units of rr ties. I wound up with about 20 ton of ties of various grades, hauled them home and put them on Craigs List. I got down to the split ones for $1 each and a guy came and bought a pickup load. Said he splits them into 4 and uses them for fence posts. I thought that was a good idea...for a little work he was getting 4 posts for a buck.

Auctions may not be nuts, but some of the folks bidding sure are.

If You want to sell something; take it to auction. If You want to buy... Auctions are for those who generally want to throw money away!!!

Last auction I went to had 2 AC Tractors. If memory serves I think a AC 200, & a 190XT. People were shaking their heads. I asked someone next to me why, & was told the 1st tractor was already about 2 1/2 times higher than the tractor was worth, & people still bidding. The second was the same way. I waited to see an average looking AC 90 combine sell a few minutes later for $3500. I left at that point & haven"t been to an auction since! That was spring of 2010.

Auction notes: An auction is the free-ist form of capitalism, if you don't like the deal, walk away. An auctioneer is the world's second oldest profession! Best deals to the buyer, come at sales with the laziest auctioneer! Best deals to the seller come from an auctioneer that is organized and meticulous. Auctions are sometimes peeing contests, bring rainwear, and be prepared to stand back, at times!

1.00 a post is awfull cheap,..the local sale here sold 21 posts for 20.00 6 months ago,..there hasn't been a wood post there since,...good post should bring 5 to 6 bucks

Have found some good deals, some not so good. Got a pallet of 10 partial rolls of 4 foot high wove wire for fencing- paid about $250. Most of the rolls were nearly full, I figure I got about $1,500 bucks worth of wire.

Not so good- pallet of 3 electric, heavy duty chain falls- $100, I think. Got 'em home, 2 of the 3 were 3 phase. Sometimes you're the windshield, sometimes you're the bug. Did get the single phase one working, though, so not a complete wash-out.

Bought and sold tractors from auctions for many years- generally did OK, just got a couple left that require major repair. In the tractor jockey business, your triumphs are soon forgotten, but your mistakes accumulate.

I myself love auctions. I figure what I'm willing to pay for an item and do not bid one penny over that price. I've won some items and lost some too. I have to agree that auctions are what the auctioneer is. If they are good the seller is happy. If lazy the buyers love it. Problem is it gets to the point that the lazy ones only get poorer stuff to sell most often. We got a couple of the lazy ones here that make their basic living running weekly consignment (junk) auctions. They seldom have estate or retirement auctions because the sellers want the best.

The biggest beast at an auction is competitiveness. People just have to win. I'm a typical American. I like to win. That's why I set a price I'm willing to pay for an item before bidding starts. Going over what I'm willing to pay isn't going to happen. I miss a lot of things I'm interested in but there is nothing that I'm going to die if I don't win. I've seen things go for stupid high prices. The worst items are firearms. I've got a friend who thinks in rural MN every one knows a lot about guns. Attend and auction with guns here. They don't know anything about the actual value of a gun or how to grade one. Just last week I saw a "Snake Charmer" .410 break open sell for over new price. I never attend an auction with guns with the intent of buying. I may bid a time or 2 but I never exceed the value of the gun. So far I've never won the bid on a gun.

Rick