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<blockquote data-quote="novatech" data-source="post: 601099" data-attributes="member: 5494"><p>With a floor usually no one knows where the minimum is. So the auctioneer can start low, get people bidding and try and work up past the floor. If it does not reach the floor/minimum the auctioneer may announce no sale or may give a fictitious buyer number.</p><p>With a minimum bid everyone knows where the starting point is.</p><p>I have seen auctioneers start an animal high, or about what the animal should bring, and receive no bid. They then drop the starting bid to what ever someone will start at. Once bidding starts the price will often go above the auctioneers original starting price.</p><p>This is probably some sort of mental thing. The auctioneers starting price sets a value up for the buyers. Anything below that is a steel. Once the bidding is in motion it almost becomes a competition between buyers.</p></blockquote><p></p>
[QUOTE="novatech, post: 601099, member: 5494"] With a floor usually no one knows where the minimum is. So the auctioneer can start low, get people bidding and try and work up past the floor. If it does not reach the floor/minimum the auctioneer may announce no sale or may give a fictitious buyer number. With a minimum bid everyone knows where the starting point is. I have seen auctioneers start an animal high, or about what the animal should bring, and receive no bid. They then drop the starting bid to what ever someone will start at. Once bidding starts the price will often go above the auctioneers original starting price. This is probably some sort of mental thing. The auctioneers starting price sets a value up for the buyers. Anything below that is a steel. Once the bidding is in motion it almost becomes a competition between buyers. [/QUOTE]
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