On Line Auctions

[grainboy]

Seen it happen by a certain auctioneer of Howkins and Harrison’s,
He ends up starting again, as no one went with him, embarrassing and probably not ethnically correct.
But you have to be savvy at any auction,

 

[grainboy]

Running up is fine, but disclosing that the next bid will clear the book/absentee bids is questionable though.

Why, it’s giving you a chance, your choice !!

 

[TheTallGuy]

Why, it’s giving you a chance, your choice !!

Because by letting bidders know that the next bid clears the book they are giving those bidding in person an advantage that wouldn't happen if the absentee bidder was bidding in person. I've often seen it in action where a bidder is clearly walking away, but on being told the next bid clears the book bid they throw in another bid & secure the lot.

It's an example of where there's a conflict of interest - the auctioneer is expected to use best endeavours on behalf of the vendor to obtain the best sale price, but by accepting absentee bids, they are expected to obtain the lot at the lowest price on behalf of the absentee bidder!

 

[grainboy]

Because by letting bidders know that the next bid clears the book they are giving those bidding in person an advantage that wouldn't happen if the absentee bidder was bidding in person. I've often seen it in action where a bidder is clearly walking away, but on being told the next bid clears the book bid they throw in another bid & secure the lot.

It's an example of where there's a conflict of interest - the auctioneer is expected to use best endeavours on behalf of the vendor to obtain the best sale price, but by accepting absentee bids, they are expected to obtain the lot at the lowest price on behalf of the absentee bidder!

The whole idea of an auction, is to obtain the highest price on the day for the vendor,
Don’t think someone trying to get a bargain comes into consideration,
You want to bid, you should be there on the day, !! Or accept the outcome,

 

[two-cylinder]

There are plusses and minuses with online bidding.
But having ibidder oe similar in attendance at traditional infield auctions certainly increases prices.
Also having a central bidding area with televised proceedings adds transparency, it's good to see what the next asking bid is and stops the auctioneer accelerating the bidding unannounced, and also allows those in attendance to see the bids coming in online are genuine.

 

[Suffolksucklers]

What are you saying being run up by the auctioneers actually happens?

Yes. Livestock auctioneers are the worst. Regularly seen one start some cattle off picking bids out of mid air to only then end up with egg on his face and have to start lower when noone takes the bait

 

[TheTallGuy]

The whole idea of an auction, is to obtain the highest price on the day for the vendor,
Don’t think someone trying to get a bargain comes into consideration,
You want to bid, you should be there on the day, !! Or accept the outcome,

I disagree, if an auctioneer accepts absentee bids then they should be executed in good faith & disclosing that top figure is a breach of that.

 

[Willie adie]

Yes. Livestock auctioneers are the worst. Regularly seen one start some cattle off picking bids out of mid air to only then end up with egg on his face and have to start lower when noone takes the bait

I was being sarcastic

 

[Willie adie]

But as you say it's perfectly fine under the reserve

Well it isn't illegal up to the reserve, whether one thinks its correct is ip to them

 

[Dave W]

Well it isn't illegal up to the reserve, whether one thinks its correct is ip to them

Of course it's correct. Read the example I posted earlier.

I was bidding on a machine last week. Ended up being the high bidder at £750 but was under reserve. I asked auctioneer after and the reserve was £3000. So I asked why they hadn't run it up close to that. He said they can't do it as there's too much of a paper trail.
in which case it's just a total waste of everyone's time.