For my last installment in this three-part series on antique tractor auctions, I’d like to share my best tips on exactly when and how to place your bids. As a professional auctioneer and a frequent buyer at tractor auctions, I’ve had plenty of time on both sides of the auction block. Here’s how to get the best deal at an antique tractor auction.
The auctioneer will often start things off by asking for a high opening bid – don’t take the bait. It is in your best interest for the bidding to start low and go slowly. If I’m placing the first bid, I usually start things out at about half of the tractor’s value. A bid like this is low enough to be a good starting point, but not so low that it would be an insult or a waste of time.
Auctioneers are in the business of selling things quickly, so they will usually try to drive the bidding in large increments. Do what you can to avoid this. You can get the auctioneer to take smaller increments by gesturing for “half,” or calling out or signaling the amount you are willing to bid. Bottom line: don’t let the auctioneer pressure you into moving too quickly.
For this reason, I find it helpful to stand right in front of the auctioneer or one of the bid spotters. I don’t see any reason to be shy about bidding – winks and nods are difficult for the auctioneer to interpret and make it hard for the auctioneer to work with me. I also think it’s a good thing for the people I’m bidding against to see me bid – the competition can often be scared off by a confident buyer.
Bidding openly can also be a protection against schilling. Schilling is a dishonest practice where auctioneers or their employees will place false bids to artificially drive up prices. Whenever possible, I like to know that I’m bidding against a real person. By bidding openly, I extend this same courtesy to others.
Pay attention to the pace of the other bidders, especially once things get down to just you and one or two others. People generally set a price in their head that they aren’t willing to cross, and are likely to stop bidding on that number. This stopping number is almost always predictable – something round and even, like $2,500 or $5,000. By being aware of these invisible thresholds, I’ve set my maximum bid just a little bit higher and purchased plenty of tractors for $2,600 or $5,100. This strategy works for sealed bid sales, too.
Finally, be aware that bids are legally considered a binding contract. Your winning bid will immediately be recorded by a clerk, and the auctioneer usually has some sort of a voice or video recorder running as a backup. When you win, be sure to hold your bidder number so that it can be clearly read aloud in order to prevent any errors.
Buying an antique tractor at an auction sale is a really fun experience. I hope that you get to experience the thrill for yourself soon!
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