Auction mentality. (???)

[Thumper]

I've seen this time and time again and it never ceases to amaze me. On eBay, I many times don't want to take the time to run an auction and will simply come up with a price I want, then post the item as a "Buy It Now" and let 'er rip. If I say I'll take $40 for an item, somebody simply bids $40, the listing closes and it's a done deal. Generally, 90% of my "auctions" are set up as a BIN, but occasionally, if an item doesn't sell, I'll lower the price a bit and run it through as an auction. Nine times out of ten, it'll bring more at auction than I wanted for a BIN!

About 6 months ago, I picked up two identical items at an estate sale and listed one of them. I've been all over the map with pricing trying to see what the market is and have listed it a bazillion times as a BIN. It would always draw interest and would sit on people's "watch lists", but nobody ever pulled the trigger, so I'd end up re-listing. I've had it listed at $29.95 for months, but I switched to an auction with a starting price of $24.95. All of a sudden, the bidding started and went to $36.00! I prepared the item for shipment, then emailed the next highest bidder ($35.00) and told him I had a second, identical item that I would let him have for his bid of $35. Within minutes it was bought and paid for! So, for all practical purposed, what was listed for MONTHS at $59.90 as a BIN and never got a nibble, sold immediately for $71.00 at auction!

I guess it's simply a lesson in human psychology. Is it a "gambling" type affliction?

My buddy just mentioned the same thing yesterday. He had a bonzai tree listed as a BIN, but it didn't sell. He then listed it as an auction starting at $200 with a BIN $275. (If someone bids the $200, it starts an auction and the BIN option no longer exists.) The tree sold for $315.00!

I don't get it. :huh

Well, my bud will be here at 7:00 and we're gonna hit some sales. Catch youse dufes later.

[Captain]

Have fun, and don't take no wooden nickels!

[Buckrub]

Testosterone.

[HideHunter]

As I've said, we have no "estate sales" here. We have auctions. Most everything sells for MSRP or higher. My favorite story that confirms this is I was at gun and dog auction a few years ago and a guy had 3-4 dozen steel traps. Bout four guys got hot on them and they sold for $5.75 apiece - buyer took them all. I guy stepped up to the auctioneer and asked if he could use the mike. He said, "All you guys bidding on those traps please step over to my trailer. I have two gross of identical traps, three sizes, brand new for three dollars apiece." Brought down the house.

Now the one that really pissed me off was I stopped at an auction to look at several guns. Most were non-descript but there was a pretty clean Model 12. I was trap shooting at the time and I knew I could peddle it for $500. Started the bidding at two and I jumped on. Quickly it was just me and another guy. I usually have a price in mind (in this case $425) and I run it to that price pretty fast - then I'm done. I had the bid at 4, other guy went 425 - I quit. Auctioneer begged and begged and begged. Nope.. Pretty quick - here comes the auctioneer's helper and the guy I was bidding against. Turns out I was bidding against the owner. They offered me the gun at my last bid. I suggested they keep the son of a bitch. I know - I'm that way. ;)

[yellowk9]

I've attended quite a few estate auctions and general auctions since building a shop last summer. I thought I'd fill it up with some nice tools cheaply by going this route. Wrong. Most items sell for above retail, especially the ones I covet. I must have good taste. Recently my target item was a standard Lincoln stick welder (red tombstone type). I knew what I could get one for new. I figured I'd get a pretty good discount going the auction route (especially since these are very common in shops and barns). It never fails some asshole would bid against me and send it up to the new retail price. These are old welders with replaced leads, sketchy switches, etc. I finally just went and bought a new one. There are very few bargains to be found at auctions. The only exceptions are for odd items with little demand or items that most people don't recognize as valuable. The only benefit to auctions is that you can find a lot of quality older US made items. You will pay for them however.

[Thumper]

My experience has been much the same. Auctions are HUGE "up north" and I have a friend (my deer hunting partner in Ohio) who attends those things all the time. He loves them and gets some pretty good bargains. I've only attended two personally, and my experience was much the same ... I may as well buy new. Just not my cup of tea I guess. I'm sure there are some good ones ... I've just never been to one. They're rare down here except maybe some of the major equipment auctions like back hoes, bulldozers, etc.

[BarryBobPosthole]

When my FIL was alive, he was the mayor of a small little one horse town in Missouri of about 1000 people tops. He bought all of the town's equipment at those auctions for cheap.

BKB

[Buckrub]

Auctions are a lot like elections and funerals.... They're not too bad, so long as no one shows up.