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<blockquote data-quote="Frankie" data-source="post: 601132" data-attributes="member: 13"><p>Not a stupid question at all.</p><p></p><p>I guess the main difference is that the "minimum bid" is known by everyone, but the "floor" bid is usually between the buyer and the auctioneer. </p><p></p><p>When we take an animal to a consignment sale, we figure what it would be worth to us to haul it back home and we give that figure to the auctioneer as a "floor" or the least we'll accept for her. </p><p></p><p>With the "floor", the auctioneer can start the animal where he wants and let the bidding go where it may. If buyers aren't willing to pay as much as we want for the animal, the auctioneer may announce she was "sold" to a fake bidder or just pass her own through the ring. (Different auctioneers handle this in different ways.) And it's not that unusual after sales to see owners trying to track down that last bidder on his cattle, even if the bid was below the floor. <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /> You gotta be realistic with "floors."</p><p></p><p>At this sale, the "mimimum bid" was established in the catalog as being where the bidding would <strong>start</strong> on the bulls.</p><p></p><p>IMO, with the "minimum bid, you tie the auctioneer's hands because he won't accept a bid below the minimum amount. But this was the first sale at this ranch; it was probably a learning experience. They're already planning next year's sale.</p></blockquote><p></p>
[QUOTE="Frankie, post: 601132, member: 13"] Not a stupid question at all. I guess the main difference is that the "minimum bid" is known by everyone, but the "floor" bid is usually between the buyer and the auctioneer. When we take an animal to a consignment sale, we figure what it would be worth to us to haul it back home and we give that figure to the auctioneer as a "floor" or the least we'll accept for her. With the "floor", the auctioneer can start the animal where he wants and let the bidding go where it may. If buyers aren't willing to pay as much as we want for the animal, the auctioneer may announce she was "sold" to a fake bidder or just pass her own through the ring. (Different auctioneers handle this in different ways.) And it's not that unusual after sales to see owners trying to track down that last bidder on his cattle, even if the bid was below the floor. :) You gotta be realistic with "floors." At this sale, the "mimimum bid" was established in the catalog as being where the bidding would [b]start[/b] on the bulls. IMO, with the "minimum bid, you tie the auctioneer's hands because he won't accept a bid below the minimum amount. But this was the first sale at this ranch; it was probably a learning experience. They're already planning next year's sale. [/QUOTE]
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