So I went to my first auction. It was for 3 seperate estates (owners deceased).
I noticed a few things about how people behave when they bid. Anyone play poker? Wow, talk about people not having a poker face. I also noticed that all the small fishes bid in the beginning, then all of a sudden, WHAM! The big gun starts bidding just as the auctioneer says, going once, going twice, go- NEW BID!
People twitching and all sorts of stuff.
Anyhoot, I was wondering about what people thought about on here, in regards to auctions and the like.
Only been to one real estate auction and that as a bystander.
However, I raise Registered cattle and have bought and sold many bulls at auction. I have never understood why someone bids at the beginning. I just bought a bull for $9500. The bidding started at $3000 and went hot and heavy with a lot of people bidding and then it thinned out and stopped at $9000. I was willing to go to 10k, I waited and then bid. If the bidding had shot right on past, then it wouldn’t have mattered if I had bid or not. Until I know it might sell in my range, I don’t need to be feeding the frenzy with more bids. Creating the rush at the beginning is what the auctioneer loves because in many people, the excitement causes them to bid higher then they should. Most experienced bidders/investors will only come at the end and then only if the number is still right.
By the way, I still have some good bulls for sale, if anyone is interested.