Posted by Greg1959 on March 29, 2015 at 18:53:00 from (69.176.46.42):
In Reply to: Bidding at Auctions posted by Banditfarmer on March 29, 2015 at 17:09:25:
I don't do farm auctions as much as I did Antique auctions. But, they both seem to have the same type of characters.
For instance, bidding on an 1760 deacons bench(with provenance) would start at $4,500. Auctioneer would keep lowering his initial bid price until it got to around $500 before anyone would holler 'yep'. The piece was worth a lot more than that. The bids would increase at $50 or $100 increments until the final bid was close to the auctioneers original starting point.
It makes no sense to me why waste everyones time making the auctioneer go down so low and then everyone bids up close to the original starting point!
If I am at the auction and the item up for bid/sale is...let's say a mahogany Victorian bedroom set in pristine condition...which I could easily sell for $8,000.
Auctioneer starts off with opening price of $8,500, hoping there might be someone in the audience wanting to buy for personal use. No takers. That's when I raise my hand and start the bidding at $5,500. Usually there are no counter bids because everyone was expecting the auction to go really low in price and then they would start bidding.
What a waste of time!
After a while, I've had many auctioneers(after they have gotten to know me) just say "SOLD" after my initial bid. It seemed they got tired of people trying to 'nickel and dime' the bids.
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