$500 knee mill. . .zero bids. . .Lockport, LA

Looking at the rest of the auction, there is a lot of equipment there that doesn't have any bids.
 
It looks like the auction ends tomorrow. In my experience, the bidding doesn't usually start till the last day, on these kind of auctions.
 
I have no experience with these sort of auctions, but I was looking at one of the other ones, one in MA, and several Kurt vises went for around $100 each.

What got me on the one in Lockport was the number of lots that had no bids whatsoever.
 
I've never bid in an auction like that but I've seen a few nice pieces I was tempted.
 
You need to read the fine print about buyers fees for auctions.
I was looking at a local auction for a couple items. The fees you had to pay were crazy.
Joe
 
Liljoebrshooter said:
You need to read the fine print about buyers fees for auctions.
I was looking at a local auction for a couple items. The fees you had to pay were crazy.
Joe
Click to expand...

Yes, that's what keeps me away. I read all the particulars and get a bad feeling about it. Why is it we seem to find something we like at a decent "price" but it's always at least 2 hours away. :confused 3:
 
Still trying to get an idea of how the game is played, I've been looking at the past auctions. Trying to determine what I can I expect as far a what stuff actually goes for. But, all of them are marked with "Auctioneer has chosen not to share", or something like that. Wondering if I can just throw some low balls out there and see if anything sticks, or if that would just be wasting my time.
 
You have to spend alot of time in the auctions, seeing what happens. The pre-bids that you see online before the day are at most used to set the opening bid offered, often they're completely ignored. The actual bidding happens on the day in response to what the auctioneer is saying. You do have to be careful not to get overcommitted and you absolutely have to remember the fees, they typically add ~25% to the hammer price. I've never bid on large machinery that would require a rigger, so for a mill or the like you need to contact the auctioneer ahead of time and/ or call around the local area for insured riggers, then factor that price into what you're willing to bid.

I have a hit rate (winning something in an auction that I register for) of 1 in 3, maybe less. Some I've "attended" leave me baffled and suspecting money laundering, based on the crazy prices people are paying. Others are bargain central. I have a fairly good feel for which way it'll go ahead of time now, but I still listen in on the ones that look like they're going crazy, sometimes you can still snag a good deal.
 
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