Re: WONDERING ABOUT SOME EQUIPMENT AUCTION PRACTICES

Posted by ltf in nc on October 27, 2000 at 17:38:31 from (206.228.214.112):

In Reply to: WONDERING ABOUT SOME EQUIPMENT AUCTION PRACTICES posted by Alarmed Al At Auctions on October 26, 2000 at 19:16:35:

I just returned from a farm equipment auction today. This monthly sale is conducted mainly for dealers and traders, however, the public is permitted to attend. Some items are sold with a reserve but the other pieces are suppose to be at absolute auction. The buyer truly needs to beware as the auctioneers know the sellers and between the two of them they will run the price up on an unsuspecting bidder. I attend this auction frequently enough to recognize the sellers that bid on their own equipment. Usually I place myself between the auctioneer and the crowd so that I can see who I am bidding against. Today only another farmer and I were interested in one piece. Initially the auctioneer tried to start the bid high and pretended to have a bid. Since I did not see anyone bidding I made a lower offer than the ask. The auctioneer dropped back to my bid and started the process. The other farmer raised the bid and then I did the same. We were pretty much on the money when the seller entered into the action. He rapidly ran the bid up on the other party as I dropped out. I just stood there and watched as the seller's greed took hold and he tried too hard to run the bid even higher with the auctioneer constantly trying to milk additional bids from the farmer. Fortunately the farmer gave up and the auctioneer concluded with the seller as the sucessful bidder. I watched and the saleslip was pretended to be filled out and the slip was passed to the "buyer" and he proceeded to wad the paper up and when no one was looking he threw it into the adjacent manure spreader. The best advice that I can give is to know the value of what you are going to bid for and set a price that you feel that you can live with. If the bidding moves beyond that, leave the item there.

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