tell me about auctions

[Bob Riefer]

I'm going to my first auction next week. I believe it's either a retired or passed away cabinet maker's shop being auctioned. For sake of not being depressed about it, let's say retired. In any case, I researched whatever I could based on very poor auction details, and fairly poor pictures. There's definitely some items that would be great for a guy like me to pick up.

But, what's an auction like? What kind of pricing can one hope for? Is there pro-like auction attendees that are going to make it difficult for me to score? Any advice or comments?

Thanks!

[Steve Schoene]

Auction pros are not the guys that will make it difficult to score, it's the other actual woodworkers that can run up the bidding. The pros have to buy at a wholesale price so they can make money reselling the item. Only if they already have a "fish" customer lined up will they bid too much. They will keep you from absolutely stealing things.

But folks buying for their own use can get into the "got ta win this item" mode. That can bid prices to crazy levels. So, to avoid that research fair prices for the things you are interested in, set a level you are willing to pay, and when the bid reaches that level just stop. Period.

Make sure you get their as early as the doors open so you can thoroughly and dispassionately examine the things you might want to buy.

[Gary Hodgin]

Auction pros are not the guys that will make it difficult to score, it's the other actual woodworkers that can run up the bidding. The pros have to buy at a wholesale price so they can make money reselling the item. Only if they already have a "fish" customer lined up will they bid too much. They will keep you from absolutely stealing things.

But folks buying for their own use can get into the "got ta win this item" mode. That can bid prices to crazy levels. So, to avoid that research fair prices for the things you are interested in, set a level you are willing to pay, and when the bid reaches that level just stop. Period.

Make sure you get their as early as the doors open so you can thoroughly and dispassionately examine the things you might want to buy.

Good advice. I've not been to many auctions, probably 10 or so, but I know you need to get there early to look around and think about what you're willing to pay for something and stick to it. As bids go up, it's easy to start thinking like "well if I offered $100, I'll go to $110 because I'd hate to lose this thing over a few bucks." And, don't think of it as "winning" and "losing." You haven't won anything if you paid too much for something, nor have you lost anything if you didn't pay too much for something.

Good Luck!

[Bill LaPointe]

Auction pros are not the guys that will make it difficult to score, it's the other actual woodworkers that can run up the bidding. The pros have to buy at a wholesale price so they can make money reselling the item. Only if they already have a "fish" customer lined up will they bid too much. They will keep you from absolutely stealing things.

But folks buying for their own use can get into the "got ta win this item" mode. That can bid prices to crazy levels. So, to avoid that research fair prices for the things you are interested in, set a level you are willing to pay, and when the bid reaches that level just stop. Period.

Make sure you get their as early as the doors open so you can thoroughly and dispassionately examine the things you might want to buy.

Very true!! I made my living for 20 years buying at auctions. Prices will run from ridiculously cheap to stupid high, depending on the demand by the bidders. Most auctions now have a "buyers premium" of 10 to 20% that will be added to your bid price. Don't forget to add that in to the top price you are willing to pay. If you do not have a sales tax number, sales tax will be added to your bid price plus the "buyers premium". Also keep in mind that you may have to load heavy equipment without any assistance from either the auction company or the seller. Many times the goods must be removed the same day as the sale so pay close attention to the auctioneers terms of sale at the start of the auction. Your bid is a legally enforceable contract. Buyers remorse is not allowed. All that being said, you can get some great buys if you watch what you're doing. Good luck and buy some bargains!

[Dan Hintz]

Bob,

You should join Mike and me at an auction some time... a couple of weeks ago Mike picked up a Powermatic PM95 lathe for $300 (I estimate it was a $3k machine when new). If it hadn't been for one other guy, he would have had it for $50. You never know what can happen.

Of course, the beast weighed in at probably 600+ pounds, so it wasn't an easy thing to move.

[Tom Hammond]

And, don't think of it as "winning" and "losing."

Along with the "research the prices prior to going to the auction" advice, getting away from this "You've won the auction" garbage is THE most important thing to learn going on. The concept of "winning" has no place at an auction. This is not a negotiation, where one party may get a deal "at the expense of" the guy across the desk, and sometimes where that guy is someone you have come to not care for so much... and you want to "win" if only to make that guy "lose". You are making an offer of buy... and your focus should be on the item only, NOT a competitive bidder. Set a number, don't exceed it and DON'T feel regret if you don't end up buying a certain item. What's the worst case scenario? You go home with your money still in your pocket? Nothing wrong with that.

I've been to hundreds of auctions of all types... I've been there when it was nothing but $1 box lots, and one where the first item we walked in on was a Tiffany lamp that went for over $150,000. The auctions, in the end, all work pretty much the same... the UNemotional bidders get the best deals. Good luck and have fun!!

[Jerome Stanek]

The biggest thing like other people have said set a price and do not go over it. I hear all the time I could have had that for just a little more than I bid the trouble with that is you do not know what the other bidders limit is.

[Myk Rian]

When you register, ask questions. Such as any charges tacked on to the sale, charge card charges. They'll happily answer your questions since they get them all the time.

I passed on a metal/wood Delta BS with lamp when it got to $275. 2 others were bidding it up.

The pros may be wearing dirty coveralls or a suit jacket. They know when to quit, and you can pick them out after a couple items. When they quit bidding, it's getting nearer the top price.

Auctions are a lot of fun to attend.
You can actually understand the Auctioneer.

[Ellen Benkin]

Go early to really check out the equipment. I've found that the "kids" of the deceased usually take the good stuff and leave lots of crap for the auction. You also want to check the quality of what is there. Do set a "highest" price in mind but don't worry about going a little over that. Don't ever stop on an even number like $200. Always be willing to to to $220 to get an item. Watch the other bidders and have fun! I love auctions.

[Steve Wurster]

Bob, where is this auction? I live in the Philadelphia area and might be interested in checking this out. Thanks!

[Lee Schierer]

Good advice so far. I went to an auction a number of years ago where several woodworking items were up for bid. At the time I was interested in a table saw. They had a Craftsman saw and I bid a couple of times on the item and was always out bid by another fellow. After I dropped out two other guys bid the item up quite high. They ended up buying it for more than the saw cost new in the store. I know I had the Sears tool catalog in my pocket. One of the other bidders said that it was a nice saw and that I should have bid more. I showed him the catalog and all he could do was shake his head as he didn't know what a new one cost.

[Mike Cruz]

Oh, I WON baby, I WON!!!!!!! Heheheheheheheheheheehheehhhheheheheeheheheheheheh eheheheheheheehe.

Okay, I'm over that...no I'm not. I WON! Woooooohooooooooooo!!!!!!!!!! Heheheheheheheheheheheheehehehheheehehehehehehehe.

Seriouly, though. I've only been to two auctions. The first was an estate type where it seemed as though either the husband just passed, or the wife just passed and now ith was time to get rid of everything. There were a TON of older tools. Man, the crowd was ALL OVER this stuff. Old planes, drill bits, so much stuff (in very nice condition, I might add) but it wasn't stuff for me. Before even getting a number, I ended up leaving...nothing to bid on. With all those wwers and folks that new they could flip stuff if they got it low enough, I doubt there was a deal to be had...

HOWEVER, at the auction that I got my PM90 lathe, it was in a corn field with pick ups, and tractors, and dump trucks, and dirt bikes, and a trike (the 3 wheel atv kind...yeah, haven't seen one of those in a while). There were only a handfull of wwing tools, and believe me, 98% of the folks that showed weren't there for those! That's why I got a good deal. I'm hooked though. I want to go to more...

[Jerome Stanek]

Bob, where is this auction? I live in the Philadelphia area and might be interested in checking this out. Thanks!

And bid against you

[Mike Cruz]

Jerome, we were all thinking it, but ya had to say it didn't ya...

I'm sure Steve is an upstanding Creeker that just wants to join a fellow Creeker at an auction, talk tools and have a good time. He wouldn't bid against his fellow Creeker for something that he knew that fellow Creeker really wanted. He would stand right beside him and give him confidence and support.

Just like Dan did for me. He stood beside me, well, actully he stood behind me, but I knew he was there, rooting me on. Everytime the bid went up, I nodded. I never saw anyone else nod or bid, but someone must have been. But knowing that Dan was right behind me, gave me courage and I just kept bidding higher. With Dan behind me...wait a minute...

DAAAAAAAANN!!!!!!

[Steve Wurster]

You guys are so unfair!