While I have been to others the only auctions I have ever bought or sold something at are the local livestock auctions. All of them work the same way. On the seller end there is no reserve and you could bid on your own stock if you wanted to but that could cost you money in commission because you may be bidding up the price and still not sell it. What I do is attend the auction I am selling at and wait for the final bid to be place. If I did not like the price I would just yell out PO the cow. This means pass out and I will take it back home with me. I have had to do this twice and would have had to pay full commission on the final bid if we did not work it out.
The first time I was selling a fed daily Holstein breeding bull that was just coming into breeding age. The bids were for a grass fed butcher steer. I said PO it. The auctioneer asked why and when I told him they re-started the bidding and sold it for a much better price. The second time I was selling a open Holstein heifer. Since she was open the bids brought butcher prices even though I guaranteed the buyer she would breed so I PO it. The high bidder caught up with me and after talking for a while we agreed on a price and she sold threw the auction house. Both times were really my fault. I needed to sell a cow that day for a unexpected expense and had none that were ready to sell. When you try to sell a cow that does not meet the norm buyers think (and I agree with them) you are trying to pull a fast one.
As a buyer it is easy. You bid on what you want and if you are the high bidder you pay what you bid. Seller pays all the commission. If you sit near the back you can see who you are bidding against because their are no internet or other pull out the air bids. If there were someone in the stands up bidding for the auction he must have bought a lot of stuff over the years. And they let anyone except the hired auctioneer bid. At one auction the owner sits in the stands or sometimes is the ring handler. He often bids on and buys stock if he likes the price.
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