Cautionary Notes for Auction Bidders

[lycan]

SECOND: Always remember: you have NO IDEA who you are bidding against! Not EVER.


Most auction houses reserve the right to shill/house/chandelier bid up to the reserve price (you already knew that, right?). How about after the reserve is off ... surely, all the house shills are "out" by then, right? Not so fast ... how do we know the seller, or seller's proxy, is not continuing to juice the auction? If the seller (or proxy) wins, he just pays himself and you'll find the same car at another auction within a year.


What should a bidder do?
1. You've done your research on the car itself. Before the auction, your next task is to research the "market value" of equivalent cars. Auction history, internet sales, and this very forum are great places to look
2. Then, you must add your own "personal passion premium" to the market value. This will determine your MAXIMUM, happy-to-walk-away BID.
3. Disclose your maximum bid to NO ONE. Not your best friend, not your wife or mother, and certainly to NO ONE connected with the auction house!