My first auction experience

[Matt Day]

I attended my first auction today after finding the listing on craigslist - listed as something like "quality power tools at auction". It was also listed on auctionzip. The main draw for me was a performax shoppro 25 drum sander. I've been looking for a good deal on a hobbiest level drum sander for over a year and thought I might get lucky.

Leaving my wife to watch our 19 mo daughter and 2 mo son (I'm a stay at home dad so leaving for half a day is a big deal to me), I made the 45 minute drive and found a lot of people had showed up.

I learned that the auctioneers hold the nicer stuff until the end to keep people around while the smalls (and junk) get sold. After about 3 hours of standing while mainly sub $20 lots were being auctioned, and a lot painfully selling for $2-5, the larger equipment came out. I had decided that I'd set my limit for the sander at $650. I know that would be a good deal for me, and was hoping most of the people were more handyman type of buyers and wouldn't be interested in a specialized ww'ing tool. I didn't even get a bid in and it sold for about $1500!!! The auction listing even said that the previous owner bought it for $1600, which was probably 10+ years ago. I Couldn't believe these guys.

I did see a couple good deals that were had on tools, but mainly things I already had or didn't need. But I also saw guys pay more than retail for used items. I took home a PC 6" ROS which I think I got a pretty good price on so I didn't leave empty handed.

In the end I had a good time and enjoyed the experience. If anything it's cheap entertainment and good people watching, and I like searching for a deal.

I will attend more in the future for sure but will have reasonable expectations on scoring a gloat worthy deal.

[Shane Copps]

We have lots of auctions around here and you are right on. If you know what you "should" spend on something you can get really good deals and some good laughs at people paying more than new retail for an old item. I think that just going and realizing what you did, along with not getting "fleeced" is a gloat in itself!!!

[Jim Andrew]

Where I live in Kansas, there are not a lot of industrial grade woodworking tools and equipment. A door shop got in trouble, and the bank had IRS auctions sell their stuff online. I remember when I was just out of college, the lumberyard in the small town where I grew up sold out. It was an old yard, and they had some antique equipment. Several machines that ran off a single shaft. But they also had a 9" sears radial arm saw. That saw brought 200$ more than you could buy a new one from Sears at that time. So I figured out that usually auctions are not the right place to buy woodworking equipment. But sometimes you can get a deal if you know what prices are, and don't fall into the trap of having to have something, and bidding till you get it.

[Peter Keen]

I find auctions are hit and miss. If there are lots of people interested in an item, someone always seems to overpay. On the other hand, the right items can sell for peanuts. At one auction I bought a prospectors tent (value $700), for $10 - the aution house had labelled it as 'tarps'. At another, I missed a $700 drill press, which went for about $80.....because I didn't recognize what it was.

[Dale Murray]

My grandfather in retirement started buying/selling antique tools. After hearing many war stories of wins and losses at the auctions I have learned the best deal are in those boxes that go for $10-20.

Often he would have on thing in the box he wanted and several other people would want something else from that box too. Frequently he would recoup his costs before he got back to the car by selling the bits to the other bidders.

[Keith Weber]

I always laugh when I hear somebody say that they "won" something at auction. They didn't actually win anything -- they paid more for the item than anyone else at the auction was willing to pay for it. If you're the only one interested in an item, you'll get a good deal on it -- but, all it takes is one other bidder and it's a whole other ballgame. There's a lot of psychology to auctions. People get caught up in bidding frenzies and often bid more than they intended, especially if the bid increments are small. People will also be more likely to bid against you if they're at their set limit, but you show weakness or hesitation in your bid. They figure that you're probably pretty close to stopping. I'll set my upper limit and stick to it. If I'm thinking I'll pay $2000 for something, and the bids are around $400 and going up in $50 increments with a lot of bidders, I'll often yell out a bid of, say, $1200 to speed it up. If someone counters at $1300, I'll jump in immediately at $1500. Often, that's enough to make others think that this guy is serious, and stop them from bidding against you.

Machinery dealers are a PITA in my area. They'll pay ridiculous prices just to buy up all the big machinery and control the market. They'll overpay, but then you see them advertising the item soon after for twice what they paid. Then you'll get to look at the listing for the next two years while they wait for a sucker that desperately needs the item now, and can't find one at a private sale. I once spotted a machinery dealer at an auction. I knew that he was going to win everything anyway, so I'd wait until no one else was bidding against him, and then I'd drive up the price to make him pay. I went home empty handed, buy I cost the dealer about $5-6000 that day. Cheap entertainment for a sick mind! LOL!

[Rich Enders]

Are we overlooking shills?

[Charles Wiggins]

...it sold for about $1500!!! The auction listing even said that the previous owner bought it for $1600, which was probably 10+ years ago. I Couldn't believe these guys.

...I also saw guys pay more than retail for used items.

I've been to a few auctions around here and I see the same thing. I call it auction fever. It destroys one's ability to think rationally. I've dropped out of the bidding so many times at what turned out to be about the halfway mark. The best deal I ever got was a Fein Multimaster for $27.50. I wasn't even planning to bid on it, but it was about to go for $25 and I just couldn't let it go that cheap. I don't think anyone knew what it was because the first bid took forever and no one bid against me, not even the guy who bid $25.

You're right though, it is cheap entertainment if you can deal with the frustration.

[Moses Yoder]

There are a lot of bargains to be had at auctions if you are patient. Oh sorry, I mis-spoke; auctions suck, there is no sense in going to any of them. All you guys might as well stay at home, I will report back if it was worth going.

[Ronald Blue]

That has been my experience pretty much. "Auction fever" is a good term. My father says a fool and his money shall soon part. I am like you and if I go I have a number in my head on what I am willing to pay. I have had items start higher than that and all you can do is shake your head and walk away. I have often wondered what people were thinking when they paid new or almost new price for something still being made and maybe even improved upon. I don't waste much time going to auctions anymore. My time is worth more than that to me. For those who have time to go to auction after auction good for them. I just value the time I have above the time wasted and often returning empty handed.

[Keith Bohn]

The first rule is never go with the intention of buying a specific thing/machine/tool, unless you intend/are able to outbid everyone there.

Years back I watched a Delta standard-duty lathe with a missing tailstock sell for over $200. Up next was a complete Oliver No. 159. It sold for $35.

I didn't need a lathe, but I couldn't watch it go to anyone else, at least not for $35.

[glenn bradley]

Auctions can be very profitable. Like Las Vegas or horse Racing, the occasional sensational win keeps those only interested in winnning coming back. I'm sorry that it wasn't your day. When looking for a deal on a specific item, things can become tedious. As my father often said "money or time, one way or the other, ya gotta spend". Good luck on your search.

[johnny means]

Often the buyers at auctions are not actually there to get stuff they need, auctions are sort of their hobby. They're their to particaipate and compete. Not much different from flea market shoppers (of which I am one). I enjoy the hunt and then the haggle. If you want to get machinery cheap at auction, visit the online industrial auctions. Machinery usually goes for a fraction of retail on these sites because the buyers are actually looking for ROI as opposed to a casual Saturday morning event.

[Bill Orbine]

Machinery dealers are a PITA in my area. They'll pay ridiculous prices just to buy up all the big machinery and control the market. They'll overpay, but then you see them advertising the item soon after for twice what they paid. Then you'll get to look at the listing for the next two years while they wait for a sucker that desperately needs the item now, and can't find one at a private sale. I once spotted a machinery dealer at an auction. I knew that he was going to win everything anyway, so I'd wait until no one else was bidding against him, and then I'd drive up the price to make him pay. I went home empty handed, buy I cost the dealer about $5-6000 that day. Cheap entertainment for a sick mind! LOL![/QUOTE]

Keith Weber,
This may not be quite what you think.....Often times, I believe the machinery dealer you are bidding against are in it together with the auctioneer. Like a consignment. You THINK you are bidding against the dealer. But the dealer is running up the cost on you. If the dealer sees you are hot and bidding fast, he'll keep upping up the bidding for better profit. Usually, I find a particular dealer paired together with the same auctioneer in several auctions. I think when a shop goes down, it is often sold cheap (to dealer or auctioneer) and then brought up for auction so the machinery can be sold and moved by others such as the winner (or the loser as you put it)!

[Matt Day]

Bill, that sounds devious! And illegal maybe? Wouldn't surprise me though.

[Cary Falk]

I took a chance and went to an auction about a year ago. There was a drill press pictured in the add and it looked like a PM1200. It turned out to be 3 phase so I thought I had a chance. The chuck had a hand ring welded to it. The depth stop was missing and it was completely cover with dirt and grease. There was a guy there that was buying a lot of stuff and I think he was a tool dealer. The bidding stalled at $600 with him on top. I jumped in. My bidding didn't phase him. I remember thinking "WTH this thing isn't even complete" I cost him another $600.:eek:. I see all these online auctions where these go for $500-800. Every one that I bid on goes well over $1200. It can get discouraging.

[David Weaver]

Not illegal unless he's working for the auctioneer (which he would've said if he was). It's not illegal because he stands a chance of running one of those items up out of spite and ending up with it.

I have pushed razor auctions a couple of times, but it was a case of where I didn't want the razor that bad, but I'd take it if the price was what it was. A couple of times I've ended up with them after the price went up some, only to think "I'm not sure why I just bought that".

Far as tool auctions go, last one I went to was in 1995 or so in littlestown, pa. It was in the top of a barn, and it seemed more like a dump of refurbished and used tools (before there was a way to dump them on the internet), and the average age there was about 65 or more, vs me at age 20 thinking I'd get a deal and get started with a few decent power tools.

I didn't get much of anything, but did get a lesson in watching a lot of 70 year old guys with deep pockets paying a lot more than new cost for tools.

[jack forsberg]

The first rule is never go with the intention of buying a specific thing/machine/tool, unless you intend/are able to outbid everyone there.

Years back I watched a Delta standard-duty lathe with a missing tailstock sell for over $200. Up next was a complete Oliver No. 159. It sold for $35.

I didn't need a lathe, but I couldn't watch it go to anyone else, at least not for $35.

wow and there goes a delta lathe for less than 2 Franklin with a100 in the bidding. good to see you know what a tool is worth. just saying

[Curt Stivison]

Went auction this afternoon and got a new 50"Bessy k body clamp for 17.50, an awesome piece of apple pie and got to visit with the neighbors. Not a bad Sunday afternoon.
Curt

[Moses Yoder]

The auctioneer was bidding me up on a very nice quick release vice one time. I would bid and then he would call a bid from another guy so I bid again. I stopped at $20 and the auctioneer says "Oh come on, just one more bid". Well I had reached my limit, no more bid. The auctioneer told his helper to put it on the pile out back. The guy I thought I was bidding against happened to be my brother; the auctioneer didn't know that. I went over and asked my brother if he was bidding on that vise, of course he wasn't. If that ever happens to me again I am calling the police and having the auctioneer arrested. Of course that happens all the time and people don't find out.

[Bill Orbine]

The auctioneer was bidding me up on a very nice quick release vice one time. I would bid and then he would call a bid from another guy so I bid again. I stopped at $20 and the auctioneer says "Oh come on, just one more bid". Well I had reached my limit, no more bid. The auctioneer told his helper to put it on the pile out back. The guy I thought I was bidding against happened to be my brother; the auctioneer didn't know that. I went over and asked my brother if he was bidding on that vise, of course he wasn't. If that ever happens to me again I am calling the police and having the auctioneer arrested. Of course that happens all the time and people don't find out.


That's usually what's called "taking bids off the wall". That happens fairly often. There are ways to keep the auctioneer honest but not always.

[Keith Bohn]

good to see you know what a tool is worth.
Delta? I bought the Oliver, for $35.

That's 1% of what Eagle sells them for.