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PostPosted: Sat Feb 23, 2013 2:29 pm 
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Joined: Sun Sep 16, 2007 5:51 am
Posts: 2409
Location: Adrian, Mi.
I agree the auctioneer blew it a bit. Somebody should have gotten the item for the $500.00.

We ask for specific bidding instructions and also seek permission to go one bid over the high bid just in case someone else ends up with that high bid.

Lyn Liechty, Auctioneer
www.arealauction.com


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PostPosted: Sun Feb 24, 2013 11:23 pm 
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Joined: Sun Sep 16, 2007 5:54 am
Posts: 537
Location: Hamilton, Ohio
Shawn Dostie wrote:
James Ford wrote:
J Silverman wrote:
Just for fun - and as frustrating for me as Mike's experience was for him -- one of the reasons I don't bid absentee any more -- I left a $500 absentee bid on an auction lot. After the auction ended, I checked results and saw the lot sold for $450. I happily phoned the auctioneer to discuss my winning bid and was told I did not win. The auctioneer said another person had left an absentee bid, for the same $500 as I had, but their bid had been taken several days before. (NOTE, this was not internet bidding.) The earlier bid of course takes precedence and while I wasn't happy I accepted that explanation -- but why was the final hammer price $50 less than two higher competing bids (our two $500 maximum absentee amounts) ? I would fully expect the auctioneer should have awarded it to the earlier absentee, but for $500, in order to eliminate my competing bid. I would not have liked to be the consignor of this item, it wasn't much but in my humble opinion the hammer price should have been $500, a few more bucks in the consignor's pocket.

I also find it erroneous in the way the auctioneer handled this. It sounds like he took the first absentee bid, which is appropriate, but then started the bidding from the floor and used the absentee bid in competition against the floor bids.

Multiple absentee bids on an item is still competitive bidding and only the highest bid should be accepted. If you have two absentee bids, the lower bid (or later bid, if the same amount) should be discarded, as the other was outbid. The absentee bid should then be used to start the bidding no lower than the second highest absentee bid, if a higher start bid is not offered from the floor bidders. Otherwise the auctioneer is not appropriately exercising their fiduciary duty to their Seller.

So, in your case, with two absentee bids for the same amount, the $500 bid should have been the minimum starting bid for the item.

Jim Ford
Professional Auctioneer & Auction Marketing for the 21st Century


Being new to this end of it, this is what I come to the forum to read, to pick up nuggets like this. I had 2 Lionel train sets with 2 absentee bids. 1 was 25.00 each, the other was 50.00 each. I started the bidding at the 25.00 and it ended on the 50.00 on the button. Thankfully I had some other pieces the bidder got for less than his exact bids and one item he missed completely. He was impressed with my honesty and brought me consignments for the next sale as he picked up theses items.

Shawn

Shawn if you ever have another absentee land right on the money and they question you on it quickly explain to them what happened and be done with it. Do not over explain it makes you look guilty.

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Wymers Auctions
Phone (513)477-9295
Location Hamilton, Ohio


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