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Everything You Could Ever Need to Make a Killing at Auctions | Part 8
Original Article by GAUK Auctions
It’s All a Game
Being at an auction is all one big game. If you want to win this game, you have to know and be able to be good, if not better, than the other players. Prior to bidding, the auctioneer may subtly suggest to the dealers in the room what the reserve price is.
For example if the reserve price is say £200 he may very well say: “well ladies and gentlemen, where shall we start today, how about £200 — no, okay then let’s start at £150 — you tell me”.
If the auctioneer considers the reserve price too high he may deduct almost 50% of the price and suggest that as a starting bid. If too low he may say: “it’s here to be sold”. When the bidding is gone above the reserve, he may suggest this and say: “the goods are on the floor now folks” or: “I’ll take a chance and put it on sale”.
When the bidding commences change tack from your earlier strategy, try and keep a low profile, and not let any opponents see who they are bidding against. Otherwise, they may be able to psyche you out. Mingle with the crowd and don’t stand apart.
Don’t throw your hand in the air and shout like a maniac to attract the attention of the auctioneer. Attracting his attention through eye…