I went to my first auction today...

[phonophan79]

Hey Guys...

I had never been to an in-person auction before, and I thought it would be fun to check it out.

I was bidder #109 when I arrived 30 mins into the auction. I stayed for a little over 3 hours, but the auction was going on all day. I would say maybe there were 150-200 people overall.

I found it very surprising the way the bidding went... since it was my first auction I don't know if this is typical, but I would guess that it is? Say item A went up to the auctioneer. He opened at $100. No one. Down to $75, $50, $25.. OK a bid! Then it would quickly rocket up and past $100. This was the forumula for ALMOST EVERY auction, auctioneer would give an opening bid, no one would bid and then the bids would jump past the opening bid.

So, there wasn't much in terms of phonographs.. a VV-VI sold for $150. A nice Regina Stella music box with 1 disc sold for $3,000. ...and 3 discs for the Regina sold for $200.

I would go to another auction in the future, but I probably wouldn't drive a little over an hour as I did today.

[richardh]

Yep, sounds typical of auctions I have attended too. Great fun, and as Shane says you can come away with some great bargains too....sometimes!

Its been a while since I have been to any though...most of the auctions that go on around where I live only have "junk" as lots

But there really is nothing quite like the thrill of being there in person.

RJ

[larryh]

Worse yet is when people who don't understand an auctioneers tactics and jump in a say 50.00 when if they had held their hand down it might have dropped to 5.00. Often they end up being the only bidder and paid way more than they might have.
I normally never get in until the price has bottomed and began to go up. That way you know you got a bargain. Once in a great while the auctioneer will take a very low bid and the say "sold". I don't know if he is tired of trying to get a bid or just helping a friend get a bargain. You kind of have to know the auction house. One thing I usually do when I know something will be popular and sure to get bids, I wait till the item goes up and the auctioneer starts to have to work at getting it to move. Then I usually jump in and people have a tendency sometimes to not go too much farther thinking that I must be willing to pay nearly any thing to get the item. Sometimes it won't work because the other person is determined to get it too and you can easily overpay in the heat of the chase. I see people, especially relatives triple the real price of something because it was in the family and a couple family members are bidding against each other. All you can do is hold your breath on those and just let them fight it out, not bargain to be had there.
Recently I went to a sale that had a nice, but beat up brunswick large console. I wanted the tone arm which was good. One of the daughters jumped in early before it dropped much thinking that someone would have to pay at least that much for it, but no one including me was willing to bid then and he owned it. I don't think she wanted it, they had been playing that game all day.

[Phonolair]

Good job, it sounds like your learning quick. Be patent and don't start bidding until the auctioneer drops his opening bid or someone else starts to bid. You won't always get to buy at a auction but the first time you get a steal on a phonograph because no one else was interested in it, you will be hooked. It doesn't happen often but it does happen. Not to mention you may meet someone who has a phonograph at home that they want to sell. Just remember to stop bidding when things get to high. Don't get caught up in the idea that you have to have something because there is always another day and another auction.
Best regards, Larry

[AZ*]

And don't forget that most auction houses tack on a charge called a buyer's premium (often 15-20%). So when you see that Edison Standard 2 minute machine sell for $350, it will cost the buyer $420.

[richardh]

And don't forget that most auction houses tack on a charge called a buyer's premium (often 15-20%). So when you see that Edison Standard 2 minute machine sell for $350, it will cost the buyer $420.

Yes, I've always thought that was such a rip off! (and I know i'm not alone there!)

RJ

[ColoradoPhonograf]

Auctions are fun to attend in person, you just never know what will happen. I've seen crazy prices for average stuff but then again if you hit an auction in the midst of a snowstorm of near a holiday, there may not be many people there.
A friend advised me about being the "intimidator" as a bidder. I went to a local auction at a big auction house and there was a Vic VI with spearpoint horn. I quickly scanned the room to see if I could spot any other phono collectors I knew. I decided to use his advise for the first time. The auctioneer started it off at $2500, no bids, then down to 2000, then 1500. Still no bids. He said $500 and I held my paddle straight up in the air, WITHOUT lowering it. Of course, there is always someone who wants to bid against you so it went like a Chinese ping pong match. I never lowered my paddle with $50 increments. The other guy got intimidated then started slowing down his bids. I just held holding my paddle straight in the air and it ended with me getting it for $1700 with a 5% buyers premium.
Everyone in the room was staring, and then they applauded. The auctioneer then said "Now folks, THAT'S the way to bid !"

I knew my limits, but I decided not to be wishy washy with what I wanted.

[Brad]

Auctions are fun to attend in person, you just never know what will happen. ....
A friend advised me about being the "intimidator" as a bidder. ..... I decided to use his advise for the first time. .... I held my paddle straight up in the air, WITHOUT lowering it. Of course, there is always someone who wants to bid against you so it went like a Chinese ping pong match. I never lowered my paddle with $50 increments. The other guy got intimidated then started slowing down his bids. I just held holding my paddle straight in the air and it ended with me getting it for $1700 with a 5% buyers premium.
Everyone in the room was staring, and then they applauded. The auctioneer then said "Now folks, THAT'S the way to bid !"

I knew my limits, but I decided not to be wishy washy with what I wanted.

Careful with this approach as it can backfire. An auctioneer, seeing that you intend on winning, may fake seeing another bidder on the other side of the room and run the price up. It is difficult to watch both the auctioneer and the remainder of the room. Not all will do it, but you have to pay attention.

Another trick that can be pulled on you is your competition knows you will be bidding against him/her and will quietly position themselves right behind you. The auctioneer will appear to be looking at you as the lead bidder and looking around the room for a counter bid and you think it is you only to find out it was your competition. I have seen this happen several times and it usually gets ugly right after the hammer falls. A good auctioneer will make sure the person sitting closer will know if they are the lead bidder or not.

Auctions are fun and you will see (and smell ) a real cross section of society. You do have to be careful and pay attention.