Re: auction strategys, whats your secrets?

Posted by NE IA on January 29, 2009 at 09:15:15 from (206.72.18.153):

In Reply to: auction strategys, whats your secrets? posted by glennster on January 29, 2009 at 05:58:17:

I'm not saying this is correct or even smart, but seems to work pretty good for me. We call it shot guning.

My thinking is if a tractor is worth $3,000.00, what makes me think my $300.00 bid is going to buy it? Once they start at cry for $4,000.00 and back down to $200.00 I holler $2000.00. It would go to $3,000.00...but after my $2,000.00 bid, the rest seem to think I'm never going to stop, so why compete.

This does not work every time, but auctioneers have comented to me after the sale that I must have scared the crap out of everyone, because it worked.

Anyone ever been to a backwards sale? I never have, but a friend who is a auctioneer has. Say the tractor is worth $3,000.00. They cry starting at $10,000.00 way above the price it is worth. They then cry down the ladder at smaller intervals till the first person bids---Item sold (only 1 bid per item). You therefore figure your max. bid, and when it gets there, you best holler, you don't get to try again.

We both at first thought it was very stupid, but after thinking it over, well maybe they get more that way than the way we usualy bid. don't know. He said it was a car sale that did it that way.

By the way, I have auctions in my blood, and help different auctioneers. Anyone think when they go to a auction, they are going to steal a tractor for a million dollars less than it is worth? Despite what you tell your wife and buddies about your great deal, almost every major item has a reserve in it.

I'm into social behavior also, (you folks test the waters by the way) just kiddin...I always try to figure out the ring man---auctioneer language...yea it's always there, just have to figure it out is all.

Here are some I have found....Ring man hollern yep yep yep. with a open hand...now he closes his fist as he hollers----that is when the first bid was actualy made by the crowd.

Yep, yep, yep,---then all of the sudden it is yea yea, or yes yes yes. The signal has been made.

In some cases the ringman is standing close enough to the auctioneer on the platform, often a sideways, toe tap on the old cowboy boot is the signal.

At a truck load tool auction with a local auctioneer crying the sale? Lot numbers are not in any order? Well lot number 100 means the item must bring $200.00 or they have only one in the truck, if it brings more...anybody else want one at that price? is the next language you will hear.

Some times the magic number is 1/2 the lot number also.

The ring man turning to briefly make eye contact with the auctioneer is also another one that is used. Maybe head tilting is another.

There are others, like a tap on the floor with their cane, switching hands with the cane...and alot more that I can't think of at the moment.

You can usualy pick up on this by watching for repeated movment by the ring man. Often a no sale item is sold to a even number, or should I say a easy number to remember. Or if you know a brother in law of the person having the sale, study them (for the use of his number), some times a brother in law ..will be looking down at the ground when his bid, and then his number is given....usualy this follows alot of coaxing, or stuck on some numbers for a considerable time.

Probably the most honest sale is a estate auction, where the family just wants it over and done with. If their is one major high end item, that might be a no sale.

Avoid a auctioneer that sells farm machinery, any good deals often go his way regardless of the numerous numbers you hear getting the bids. He is going to get the good deal, and often has a pretty good idea where that machine is probably going too end up at.

In any small minded way of looking at a auction, do ya realy think a $10,000.00 tractor is going home with you for that $100.00 bill ya have in your bilfold? There are bargins out there, but there usualy is some sort of a saftey net in place.

I would certianly like to know of any other language between the ring man and the auctioneer. I feel pretty smart when I figure it out myself. Most of these that I have stated arn't actualy my observation, just a secrets auctioneers have told me.

I'm a bad guy, but enjoy it when a auctioneer gets himself in a public bind by crying air bids thinking something is going to bring lots more. That is usualy obveous when they stop the sale several times to tell everyone what a great deal it is---(usualy means he is in trouble), then once in a while they had a higher bid...yea right!, but then start crying alot lower number.

Auctions are still alot of fun if ya have no life like me!

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