The problem with auctions is that you need at LEAST TWO bidders and 3 or 4 is even better... an auction with ONE bidder isn't an auction.
Doesn't matter if it's eBay or BJ.
The pros in the biz arrange some "phantom" bids with their buddies... to help things along. Good auctioneers - at a busy venue - can also 'help' the bid along but they're not risking that at a slow venue or for a single/newbie seller...
But I don't think the auction house can Phantom bid after the reserve is met? Correct?
There would be no reason to do that... IF the reserve is met -- or is even close enough to get the seller to release the reserve.
Some people think that having phantom bids is akin to cheating. I don't think that way. Here's why.
If you only have one bidder - he's not going to buy the car because regardless of what he is WILLING to pay - he can't get there without someone to bid against (you can't raise your own bid).. thereby not hitting the reserve. So a friend in the pit - bumping along (to a point) is good - and the buyer CHOOSES to bid higher or not. Some say - "well he might have bought the car cheaper" - NO that isn't true - because if it doesn't break reserve - it isn't selling. I would NEVER advocate "running up" the bid... that's wrong. Once it's near the reserve or at it - no more bumping.
Except, if I was the only bidder and it didn't hit reserve I'd wheel and deal down the road with the seller. I'm sure there is a clause in the Mecum contract but the Wife could buy it.
Probably to have the appearance that they actually sell cars. That would be one boring TV show if all the cars sold after the fact. And at that point you might as well just open a Consignment store.
I'm thinking about selling the pickup at the Monterey event this August.
Because you never know who's going to bid - and what they're waiting for - and or - what they're willing to bid to... and bidding creates activity... a single bidder or one or two bids LOW early... doesn't get the auction going. People love "action" on a car (or whatever) because it validates what they're doing.
Frankly - my feelings have always been - if the item doesn't bid well - there's LOTS of reasons for that... but mostly - it's just a lack of interest in the item for sale. Regardless of the time -- if I want to bid on something - I'm going to be there when it's rolling - or I'll arrange for someone to be there and proxy bid for me or whatever. So to me -- if the item isn't that hot - then nobody bothers. But that's a different argument.
The good sellers spend lots of time PRE AUCTION pimping their stuff -- talking to prospects - really "selling" - and if the time is an issue - making people really aware of when it's going across etc. I'm NOT SAYING TellyV didn't do this - I'm saying that you've got to do more than just arrange for the item to be auctioned... it takes a bunch of effort and time... and even then there is no guarantee.
The big regular sellers are going to get all the prime time slots... unless you've got something that is really hot or rare or whatever... That's why eBay is so good for "us" regular guys... you can put on a reserve - you can run it a zillion times - you can negotiate via emails etc. and it costs FAR less even if you have to run it 10 times. Even there - it takes some effort. Great photos and lots of them - lots of description - a good attitude - honesty in the description and a sincere effort to present the item so people can form a good opinion on the value. In the end - the price is set by the item and not the seller... it's only worth what others are willing to pay.
This is exactly why I always welcome a low ball offer on a property I'm listing. If there is any other offers subsequent it normally nets the seller a Highest and Best offer that is way higher than needed. Would I lie and say I have another frivolous offer? No, if I got caught.... I understand the sellers side of the equation. If I was bidding and smelled a snake I'd be pissed. False demand and TV ratings at my expense. I guess it's a practice that is accepted by most or they wouldn't show up and bid. At the end of the day, if you're happy with the price you paid then then that's all that really matters. If you have my prick is bigger than yours syndrom, then it just cost you some change.
I'm thinking about selling the pickup at the Monterey event this August...
If you do Rodger,email either myself or the Pozzi's...we'll show you some local hospitality.
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