What should I bid on this HLV?

I used to go to machine tool auctions.
I saw alot of shenanigans when it was done in person with everyone watching, cant imagine it has become more honest.
I have been played a couple times as well, if I go to a private seller or HGR I feel I have a better chance of getting a decent shake
 
Agree, hence my post about the unit for sale by a private seller.
 
Last edited:
Auctions have never impressed me. Not only have I seen shady actions by the auctioneers and their shills, I have also seen bidders with no comprehension of the actual value of the item they're bidding on, and with little or no self control. I have seen items go for 20% to 30% over the cost to buy that exact same item new. Why someone would pay a higher than retail price for a used item with no warranty or return policy is beyond me.
 
Cadillac said:
I do auctions a lot through bidspotter. Unfortunately a lot of businesses are leaving going under around here so it’s fortunate for me lots of auctions. I’ve thought that and told my wife that many times “ I think the house is just upbidding themselves. I haven’t any proof but multiple times I’ve gotten place another Bid one was just placed warning or someone bid on something you know nobody had bid on just by the past bid history. Idk but I do think the auction house upbid s their listing.
Click to expand...

Read the fine print. There is language in the terms of the auction permitting shills.


Sent from my iPhone using Tapatalk
 
Way back in the good old days in SoCal, I attended auctions regularly and came to the realization that the only shill-less auctions were the bankruptcy and small shop sales. The big companies were pretty much guaranteed a high return and hence, a bigger payday for the auction Co. Bankruptcy auctions were basically pro bono affairs for the state with limited advertising in Sunday's LA Times business section.
 
I have been buying at auctions most of my life. IMHO, they can be the best or the worst way to buy something. I depends on a many variables but mainly on the buyers, skills. I have gotten great deals and I have learned some tough lessons...

The number one rule: Carefully set your maximum bid and never, ever bid over it. It's very easy to get sucked into the "heat of battle" that preys on your competitiveness, the bidding becomes more about winning and ego, than the actual cost of the item. Fall into that trap and your are done, your wallet will be picked clean.
Carefully inspect the item. It's best done in person but if only by photos, be carful not to be swayed by secondary information. EG. Let's say the lot item is a cabinet full of tooling, you can see various tools but there's also box that is labeled "X valuable tool" Don't assume tool x is in the box, only consider what you actually see. Add up the maximum real value of the item(s) subtract the sum of all premiums, fees, taxes, etc. That is your maximum bid amount. Also don't forget to consider the cost of travel expenses, rigging, etc.

Patience is key, if you didn't win at this auction you might at the next. Play the long game, eventually you'll score.
 
Eddyde said:
Patience is key, if you didn't win at this auction you might at the next. Play the long game, eventually you'll score.
Click to expand...
Kinda like fishing?
 
Auctions, both in-person and virtual, are funny things. One thing I like to keep in mind is that if you win, it means that you are the only one in the room (or in the world, if on Ebay) who thinks something is worth that much. It means that if you turn around and try to sell it, no one will pay the asking price because moments before, you proved that only you thought it was worth what you paid.

On Ebay, I set a limit bid and walk away. If I get a notice that I won, great, and if not, the search continues. That completely removes me from getting sucked into the one-ups-man-ship that can happen.
 
You must log in or register to reply here.
Back
Top