Auction Strategy

[pennwalk]

I like to go to the local monthly equipment auction. From time to time I run into the problem of a skid lot of parts that I want some of but which has a couple of valuable parts that I don't need which drive the price too high. My question is what do you do to get the stuff you want without paying too much?

Chris

 

[studor]

I often go to the same auctioneers auctions and members of the buying crowd become familiar faces. Lots of times on lots I will bid because I want one item and watch who else is bidding. Usually if the bid goes beyond my budget for the item(s) I will see who wins it and check with them to see if they are willing to sell the items. In many case I have both sold items from lots that I have bought and purchased items from others for a very reasonable price. Of course sometimes the buyer wants the same things you do but thats the luck of the draw!

 

[sam5570]

Pennwalk that is a question that i am sure will get a ton of responce first thee reason them pieces that you want is in that box with the rest being junk is thatss the only way they can get a bid is there has got to be something good to hide all the bad you just got to determine what the part you want is woth and never count on getting anything out of the rest of the stuff in the box and never let anyone know that you are intrested in something at the sale auction companys have people waking around listening to the talk and if they know you have a intrest in something they will run the bid up on it i have seen it manny times alot of people say don't go to auction's but the more of them i go to the more i learn one thing i have learned for never trust the auctioner or the people working for him in most all cases im sure there is some good one's out there but few and far between i learned alot being excutor of 2 estates that had to be auction off and let me tell you most of it was not good

 

[charlz]

Sometimes if you are just interested in a few items you can ask the auctioneer to pull them out separate. You can also ask them to do 'choice' first but typically this gets run up to the price of the most valuable item in the lot so if you are after cheaper/less desirable items having them auctioned separate would help.

I have also done the quick buy/sell right there if I was interested in one thing and the winner was not or if someone wanted something out of a lot that I won and I was not interested in that item. It does not hurt to ask.

 

[murphy1244]

Pennwalk that is a question that i am sure will get a ton of response first thee reason them pieces that you want is in that box with the rest being junk is that's the only way they can get a bid is there has got to be something good to hide all the bad you just got to determine what the part you want is with and never count on getting anything out of the rest of the stuff in the box and never let anyone know that you are interested in something at the sale auction companies have people waking around listening to the talk and if they know you have a interest in something they will run the bid up on it i have seen it Manny times a lot of people say don't go to auction's but the more of them i go to the more i learn one thing i have learned for never trust the auctioneer or the people working for him in most all cases i'm sure there is some good one's out there but few and far between i learned a lot being executor of 2 estates that had to be auction off and let me tell you most of it was not good

My wife had to sell her brothers stuff at auction and I seen a bunch of his stuff in their garage.

 

[weedpharma]

Pennwalk that is a question that i am sure will get a ton of responce first thee reason them pieces that you want is in that box with the rest being junk is thatss the only way they can get a bid is there has got to be something good to hide all the bad you just got to determine what the part you want is woth and never count on getting anything out of the rest of the stuff in the box and never let anyone know that you are intrested in something at the sale auction companys have people waking around listening to the talk and if they know you have a intrest in something they will run the bid up on it i have seen it manny times alot of people say don't go to auction's but the more of them i go to the more i learn one thing i have learned for never trust the auctioner or the people working for him in most all cases im sure there is some good one's out there but few and far between i learned alot being excutor of 2 estates that had to be auction off and let me tell you most of it was not good

Must be a lawyer......not one fullstop!

 

[Thomas]

If others are bidding on same skid lot and you win,contact those and see if you can sell off what you don't want.

 

[pennwalk]

It's a lot easier when you want the valuable items and all the other stuff is gravy. It's harder for me because I'm a cheapskate. I'm looking for those "you should to be ashamed of yourself" deals. It doesn't happen all that often. I enjoy the auction even though the only one looking out for me is me. The auctioneer did offer choice but no one spoke up. That would have probably been best for me but I hate to ask for it and then not bid. It is an all day auction and the auctioneer has to keep moving.

Chris

 

[studor]

Sometimes it pays to speak up -- I was at an auction in the rain when the auctioneer held up "some glassware" and asked for starting bids -- when he did not get any I figured I would start the bid at two dollars and help him out and speed things up. No one else bid so I ended up with the glassware and a dirty look from SWMBO. Turns out the box was filled with Waterford Crystal --made SWMBO very happy.

 

[forgeblast]

Patience I guess would be a good strategy. My buddy won a shed, for 15.oo. He had to move it but it was 10' x 15' with t111 siding and wired inside. But for him it was just waiting and letting the auctioneer get impatient.

 

[GolfAddict]

I've seen that many times, a box of low value stuff not getting any bids. Often they'll all-of-a-sudden just add it to the next box and start looking for bids with it all combined. Seems there's always something in all that stuff combined that someone is interested in bidding on, and a sale gets made. You're seeing the opposite happen - the stuff is already combined.

You are frustrated when a lot has a valuable item or two mixed in with some "stuff". They've likely done that to get a sale and move the low value stuff quickly. You happened to be interested in the low value stuff, not the expensive stuff.

I wouldn't hesitate to speak up and ask for a lot to be split if what you wanted split out was low value stuff. I'm betting they'd be willing to, as they know they've got a sale for the low value stuff, and another sale for the high value stuff. They're going to get the same money for the good stuff, and a little out of you for the other. If you were asking for the valuable stuff to be split off, good luck - not going to happen.

 

[bdeboer]

Have you ever tried offering 2 dollars for the items you want just as the auctioneer starts on the pallet. Or ask for choice out of the box?

 

[GolfAddict]

Choice is often offered (or would likely be agreed to if asked) if it's a bunch of pretty good stuff.

If it's a bunch of pretty good stuff, and choice isn't offered, the auctioneer may be willing to sell choice if he's asked. You can bid up to what you want to pay for the lesser value things and stop. If you are high bidder, you really made out. Likely you're not, so once the bidding ends, you are risking that the winner doesn't want them all for x-times the price. If he doesn't, then you can start bidding up to your price again on the remaining. If you really want the lesser stuff, I think you'd be better off to ask for the lesser stuff split from the lot and bid on first.

In the case where it's some good stuff with a bunch of "bad", the auctioneer probably grouped it that way to move the "bad". He may be willing to go with choice, and it doesn't hurt to ask, but I don't think he's going to agree. He's going to naturally think that you and everyone else is interested in the good stuff. His experience tells him that if he sells choice, the price will run up and the winner will take the good stuff. And he's left trying to sell the "bad" that no one may want. I think your chances are going to be better if you let him know you're interested in the "bad" stuff and ask if that can be split off and auctioned first.

 

[cockeyedMFer]

Usually someone waits until I buy what they want, then they steal it later. Or the item I want mysteriously ends up in the lot next to it just before bidding begins

Sometimes you can watch other buyers and see what seems to grab their interest in a particular lot, than make an educated guess when it comes to bidding by choice. 9 out of 10 times the other person is after something that I'd never expect, like a used toilet seat or a Jeff Gordon clock with half the numbers missing.

Just reading this thread is giving me auction fever LOL

 

[Gary Fowler]

We have a farm auction nearby twice a year and mostly it is junk that should be thrown in the trash plus tractors, cars, trucks, trailers and a few worn out pieces of equipment. I usually stop by for a look a day or two before the auction and if anything is there that interest me, I may stay for the auction. What is funny is that many times folks will bid up some items within a couple hundred of new price and if in a frenzy, sometimes pay more than new. I rarely see any bargains happening at an auction. I give away or throw away better stuff than I see at most of them.