Every year, there is a HUGE consignment farm auction in our area. Thousands of people gather to buy and sell. Its fast, it's fun, it's frustrating and its exciting! This year was our first year attending as not only buyers but sellers. We did decent and our sales covered most of our purchases so that was a nice exchange.
This auction almost always seems to be a seller's auction though. We have been attending this auction every year for the last hmmmmm, 8+ years. Last year, with the rising cost materials along with them being hard to come by due to supply shortages, there was some crazy bidding going on that exceeded the price of retail on all kinds of building materials. It was insane! We did luck out though on 2 purchases. There happened to be 2 smaller sized sheds that were roofed and sided with pro panel that we got for a KILLER deal. It caught me off guard that we actually scored it for the price we did. Considering, stacks of old, used, roughed up and rusted piles of this sheet metal were going for 2x-3x the cost of brand-new sheet metal yet everyone around seem to lack the ability to think outside of the box with these sheds. Lumber AND sheet metal for a crazy low price! But hey, I don't mind when things work out in our favor like that
So, let's talk a little auction etiquette and how to be successful with attending one as a buyer.
Successful doesn't necessarily mean being the highest bidder and getting your item either. There is success in knowing when to walk away too!
First and foremost, one of the MOST important lessons in auctioneering is clarification on the spot. We learned this one the hard way LOL.
If you're in a bidding war and win the bid but you are confused at the terms called out, it is perfectly OK and EXPECTED to ask on the spot. You cannot resolve the issue after the bidding is done and moved on. Your bid is your verbal contract, and you are expected to and will pay for the item when the deal is closed and done. So, if you are confused, do not be afraid to speak up and ask the auctioneer. He would much rather you ask and have no problem with restarting the bid again if need be.
THE BACK STORY TO THIS: We were at this very auction for the first time around 8 years ago. We were bidding on a lot of 3 hay feeders for our goats. We thought the auctioneer had stated one money at the start of the bidding (one price for all 3 feeders). We were the highest bidder and he then announced that we bought them at said price x3 (the cost of one x3 because we bought all 3 lol). We were so confused and thought it would be best to let him move on because there were so many people and thousands of items to be sold still. We talked about it between us and then decided we better go talk to them about that. They always have several helpers with them so when we were telling him that we misunderstood and thought it was one money, he said we HAVE to stop it right there and ask. Once we agreed and allowed them to move on, they cannot go back. So, kindly, learn from our mistake HAHA
Now, tips for going to an auction to help you come out successful, with or without items you were hoping to buy...
If possible, do a walk around and scope out the items that are for auction a few days before it starts. Make your list of any items you are hoping/wishing to buy. Then, go home and do your research! Keeping in mind the condition of the item, search out how much it retails for in brand new condition. This will give you an idea of the maximum price YOU are WILLING to pay for it (or them).
Set your budget for how much total you are wanting to spend at that auction. Add up all your items and your max amount you are willing to pay so that you know how much money everything will cost and if that amount is within your spending budget (this is vital for homesteaders. You don't want to go over your budget, acquiring debt on auction items isn't always the best idea. Some things such as machinery and tools you never really know how they were cared for and how much it was used, effecting how much life may be left in them, if any at all. There is a risk but if you set maximum price you wont be set back much if it turns out to be a dud.
Keep your item list with prices on you on auction day. It's sort of like grocery shopping. If you go with a list planned out, your less likely to impulse buy. It also helps you to keep focused and not forget an item you were really needing.
If it's an auction where there are multiple auctioneers hosting bids at the same time and in separate areas of the grounds, bring a buddy. We always end up having items we are hoping to purchase that are scattered throughout all of their rows. They do not typically organize in categories. So, because we can't be in 2 places at the same time, try to have someone with you with your list and money limit to help on bidding when they are dividing and conquering.
Those are just a few tips that I feel are important to know when attending. Of course, over time you will find more tricks that will work for you and your needs.
Do you have an auction story that will stick with you forever? Leave it in the comments below and share. You never know if it will help someone else out, including me!
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