Live and Internet Auction Strategy

[Stocker Steve]

Most farm auctions here have both types of bidders. Seems like it works in the sellers favor and there are no "great deals."
- Most of the pre sale internet bids seem to be a waste of time - - often a couple dollars on small items, and 50 to 70% of value on large equipment. What is the thinking here? Messing with the auctioneers rhythm, or just killing time?
- During the live auction - - I have seen the auctioneer running a live bidder using an phantom internet bidder, and then doing a private party deal later if they get stuck with the item. Is there any protection from this?

 

[Chevy]

I can't go to auctions. I get in bidding wars either have to run up the bid stick it to them or show them who's boss and over pay for a piece of crap. Hey at least I'm honest!! If I don't do it somebody will. At least have fun and hope you don't get stuck.

 

[Dave]

Figure out exactly what you are willing to pay ahead of the bidding for that idem. It doesn't matter who is bidding against you. Take the bid up to that predetermined amount and quit. Do hem and haw for your last couple bids. That sends the message that you are about to quit. If when you quit the auctioneer gets stuck with it that is his problem. He just bought it. If he comes around later trying to make a deal, tell him to go pound sand. Do that and I guarantee you he wont run you up after that.