Announcement

Collapse
No announcement yet.

I went to an auction today..

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • I went to an auction today..

    So-called 'surplus' sale of various stuff including a lot of workshop equipment along with commercial kitchen, entertaining and general household goods. Mostly new but a bit marked up maybe from having been on display for some time.

    I even put a bid in for an engine crane, $150, the same crane sells retails for $300 or so. Bidding started at $250 and it went for retail price, more or less.

    So why do people bother? I would always buy retail before paying the same for the same goods at an auction where there is no support, not even assurance that the goods are complete even.

    Daft!

  • #2
    It can be pretty much the same here at times as there is keener bidding for the item you want - it is with me anyway. A lot of auctions/"sales" have been picked over as well prior to the sale.

    I never see anything like as big or as often as there seems to be in the USA and the UK and Canada too.

    Comment


    • #3
      Originally posted by oldtiffie
      It can be pretty much the same here at times as there is keener bidding for the item you want - it is with me anyway. A lot of auctions/"sales" have been picked over as well prior to the sale.

      I never see anything like as big or as often as there seems to be in the USA and the UK and Canada too.
      Keep an eye out for end of project or mine site sales they do have bargains at times particularly if in a remote area , usually just serious bidders are willing to travel and arrange for freight .
      Michael

      Comment


      • #4
        When it sells for near new price or more it's usually because the bidders don't know the actual retail price or want that article real bad.

        When I go to auctions I try to know what I want and what it's worth and I put a limit on it and stop there.

        On ebay I decide what my top bid is and make that bid and let the site do my bidding up to my max and I am out if it goes higher. I just don't understand the logic of waiting to the last minute and bidding. Either you know what you will pay or you don't and you just like to bid.
        It's only ink and paper

        Comment


        • #5
          Yep, knowing the new price for an item at an auction sale, inventory reduction sale or the local flea market can save you money.
          At an auction sale, I take into account the wear and tear on an item and deduct for it. I may not win but I have at times push someone into a bidding war on a piece that pushed it above new price. Then I would drop out, I did that once and then bought the same item six months later at about 1/3 of what they paid for it.
          At an inventory reduction sale, I will try not to bid until I study the crowd a little, sometimes it is not even worth hanging around to bid as people will bid everything up to prices the company wanted in the store.
          Flea markets are sometimes the best when it comes to deals, but you need to be able to dicker with the owners to get what you are willing to pay.
          I dickered on a piece for a friends car at a flea market one time, he had set a budget on what he was willing to pay and the owner of the part wanted twice that, I found it and made an offer on it the owner laughed at me, I told him see you later, and he would be hauling the part home, I stopped at his stand at the end of the last day and got it for what my friend was willing to pay. I can not blame the guy for wanting to hold out for a higher price then I was willing to pay, but he was not bullheaded enough to stick to his price when I was the only person to make an offer on the part over the whole weekend.
          Dan.

          Comment


          • #6
            Go to a police auction if you want to see real ridiculous prices for stuff.

            Bikes and guns often go for more than retail.
            Guaranteed not to rust, bust, collect dust, bend, chip, crack or peel

            Comment


            • #7
              Originally posted by Carld
              When it sells for near new price or more it's usually because the bidders don't know the actual retail price or want that article real bad.

              When I go to auctions I try to know what I want and what it's worth and I put a limit on it and stop there.

              On ebay I decide what my top bid is and make that bid and let the site do my bidding up to my max and I am out if it goes higher. I just don't understand the logic of waiting to the last minute and bidding. Either you know what you will pay or you don't and you just like to bid.
              I snipe on ebay because you wouldn't believe how many people just bid the opening amount. I as you do bid the most I'll pay, I just do it in the last seconds so as not to get in a bidding war like a live auction.
              "Let me recommend the best medicine in the
              world: a long journey, at a mild season, through a pleasant
              country, in easy stages."
              ~ James Madison

              Comment


              • #8
                Originally posted by Carld
                On ebay I decide what my top bid is and make that bid and let the site do my bidding up to my max and I am out if it goes higher. I just don't understand the logic of waiting to the last minute and bidding.
                Because you're playing poker with all your cards showing. If you throw a bid in early in an Ebay auction, I can pretty much guarantee you're not going to win, not matter what your bid is
                Human nature dictates that other bidders will nip at your high bid, trying to figure out how much you actually bid on it. That's why Ebay's motto, quoted by countless sellers, is:
                "Bid early, bid often!"

                Then there's the issue that many auctions, both live and Ebay, are not completely fair and honest. Shills, "buyback" deals with the auction house, ...
                "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

                Comment


                • #9
                  Originally posted by flylo
                  I snipe on ebay because you wouldn't believe how many people just bid the opening amount. I as you do bid the most I'll pay, I just do it in the last seconds so as not to get in a bidding war like a live auction.

                  I also snipe everything because of what you said, and... because there are other snipers

                  Comment


                  • #10
                    I was at an estate auction not too long ago, everything went for new price or more. Could not imagine that the people buying this stuff knew what they were doing.

                    In order to be a good deal for me, it has to be well BELOW retail. If I am going to get above half, then I am going to figure it would be better to buy new instead.

                    Comment


                    • #11
                      Originally posted by Carld
                      On ebay I decide what my top bid is and make that bid and let the site do my bidding up to my max and I am out if it goes higher. I just don't understand the logic of waiting to the last minute and bidding. Either you know what you will pay or you don't and you just like to bid.

                      That is a VERY smart way to do it. If it is worth $10 to you, then that should be your maximum bid, not a penny more or less. Auctions depend on the second guessing that happens when there is competition. When you are outbid the normal reaction is to try to "win" by bidding a little higher.

                      The last moment bid works very well. It lets you offer what YOU think is a good price without triggering the "I have to win" reaction in your competition.

                      eBay does not like sniping. It tends to keep the purchase price down. That impacts their cut of the action.

                      Dan
                      At the end of the project, there is a profound difference between spare parts and extra parts.

                      Comment


                      • #12
                        Originally posted by danlb
                        Auctions depend on the second guessing that happens when there is competition. When you are outbid the normal reaction is to try to "win" by bidding a little higher.
                        Game Theory -- equally applicable to nuclear war and auction bidding . Google "the Prisoner's Dilemma" -- it's a great explanation of sniping.

                        eBay does not like sniping. It tends to keep the purchase price down. That impacts their cut of the action.
                        Where do you work again Dan?
                        "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

                        Comment


                        • #13
                          Ebay says "big early and big high". LOL...

                          Comment


                          • #14
                            Originally posted by lazlo
                            Game Theory -- equally applicable to nuclear war and auction bidding . Google "the Prisoner's Dilemma" -- it's a great explanation of sniping.



                            Where do you work again Dan?

                            Yes, you almost caught me, but as of yesterday, I'm FREEEEEEEEE.

                            Ebay had changed a bit too much for my tastes, so I got out.

                            I don't think that the prisoner's dilemma matches sniping. Sniping is the practice where you CAN decide on your price without regard for what you think others will bid. You don't have a chance to place a second bid and neither does your competition. That means you are not tempted to outbid them.


                            Dan
                            At the end of the project, there is a profound difference between spare parts and extra parts.

                            Comment


                            • #15
                              Originally posted by danlb
                              I don't think that the prisoner's dilemma matches sniping.

                              Shubik's Dollar Auction
                              "Shubik's dollar auction demonstrates the difficulty of using von Neumann and Morgenstern's game theory in certain situations. The dollar auction game is conceptually simple and contains no surprise features or hidden information. It ought to be a "textbook case" of game theory.

                              It ought to be a profitable game, too. The game dangles a potential profit of up to a dollar in front of the bidders, and that profit is no illusion. Besides, no one is forced to make a bid. Surely a rational player can't lose. The players who bid up a dollar to many times its value must be acting "irrationally."

                              It is more difficult to decide where they go wrong. Maybe the problem is that there is no obvious place to draw the line between a rational bid and an irrational one.
                              Shubik wrote of the dollar auction that "a game theory analysis alone will probably never be adequate to explain such a process."

                              William Poundstone, Prisoner's Dilemma, Doubleday, NY 1992, pp. 280-282."
                              Last edited by lazlo; 06-16-2012, 04:10 PM.
                              "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

                              Comment

                              Working...
                              X