Estate Auction question

[checkmate19]

Who puts in shill bidders? Its my friends auction and we have none nor plan to have any in place, do the auction houses do these kinds of things? If I bid will I be considered one, I I just hope things go for a fair price, I find it hard to think they will as I would not bid on most of it as its as with hardly any inspection. The SS is sweet and runs great last I rode in it. Does it still? I would not want to find out it doesnt after paying big money. I rode in the big military trucks a few years ago but they have just been sitting. I guess we will know sSaturday

[KnickKnack]

Shill bidders do come from auction houses and friends of the sellers. You'll only know if the auction house is using shill bidders if you attend a number of their auctions. After awhile, you will start to recognize items that "sold" to the shill bidders being brought back up in later auctions. If the auction house is really smart, they will pass those items off somewhere else and you won't know they are using shill bidders.

If a seller asks a friend to place a bid whenever he feels the item can bring more money, he runs the risk of the friend winning the bid and having to pay for the item. Of course, the seller gets some of that money back, minus the auction house fees. Then he is faced with having to dispose of the item another way.

If your friends collection is large and valuable, he may not want to use a local auction house. There are several regional and national auction houses that may get him better money, even though it may take awhile to get his items on the block and the fees may be higher. The regional and national houses do a better job of advertising and get a larger group of bidders.

[checkmate19]

Thanks for the advice guys, the auction was a few weeks ago now . I felt it was poorly set up, the auction house said it would take two days but went ahead and dumped every thing in one day. If I was in control of the estate I would have been very upset. The Military trucks were sold with out option to start so they went for a 1,000.00 each and at end of the day they all started up drove through two feet of mud ( way cool) and out the gate. Everything went for pennies on the dollar. The only thing that went near fair value were the guns as I labeled them with reserves. His 70 Super Sport went for 7K , all around sucked . Tom

[timshufflin]

Thanks for the advice guys, the auction was a few weeks ago now . I felt it was poorly set up, the auction house said it would take two days but went ahead and dumped every thing in one day. If I was in control of the estate I would have been very upset. The Military trucks were sold with out option to start so they went for a 1,000.00 each and at end of the day they all started up drove through two feet of mud ( way cool) and out the gate. Everything went for pennies on the dollar. The only thing that went near fair value were the guns as I labeled them with reserves. His 70 Super Sport went for 7K , all around sucked . Tom

That's too bad, it really is. I don't know what the situation is with your friend (why the auction happened) but I was hoping your friend and his family could raise as much money as possible from the auction.

[musketjon]

That's too bad, it really is. I don't know what the situation is with your friend (why the auction happened) but I was hoping your friend and his family could raise as much money as possible from the auction.

That did raise as much as possible. You can only get what the people spend.
Jon

[timshufflin]

That did raise as much as possible. You can only get what the people spend.
Jon

Jon, it sounded as if the auction house didn't quite handle the auction well thus impacting the sales price of the goodies.

[jak]

Jon, it sounded as if the auction house didn't quite handle the auction well thus impacting the sales price of the goodies.

100% correct. You would think that the auction house would want to maximize their profits/commission. The higher the selling price, the higher the commission.
It sounds like the auction house just didn't want to be bothered or was very ignorant about the items being sold.

[musketjon]

It sounds like the auction house just didn't want to be bothered or was very ignorant about the items being sold.

Or both.
Jon

[Old Guard]

Or both.
Jon

Okay, then someone got a really good deal on that Supersport, unless it was a rusted hulk...Because they are scarce and highly prized by a lot of folks..Sounds like it was definitely not Advertized right or they would have Called in bids??JMHO..