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SE IL | No, I understand it just fine. But I don't like going to an auction where I have to "calculate" my final bid. When I go to an auction, I bid what the item is worth to me - not 6% less just to cover the premium. Is it just me or does it all net out in the end? I mean, wouldn't the auctioneer and seller get the same amount if they would use traditional methods, and let the market dictate price/commission - rather than realizing buyers will probably adjust their bids down to cover the premium? Or are they hoping that the buyers forget to adjust down?
Maybe you're right. I should have clarified that my main beef with the auctioneer that I mentioned, is that he tells the seller that there is no cost to him, that the buyers premium covers all the costs. That just seems dishonest to me. I feel like he tells the sellers that to get them locked in, but the average Joe doesn't realize the ramifications of buyers not bidding for the items true worth... I realize that auctioneering is a tough business, and I respect and patronize heavily the HONEST auctioneers, but I just think that to use the buyers premium is a "lazy" way to lock in sellers. Make any sense? | |
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Had our Land Auction yesterday
