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WONDERING ABOUT SOME EQUIPMENT AUCTION PRACTICES
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Posted by Alarmed Al At Auctions on October 26, 2000 at 19:16:35 from (205.188.195.27):
I have gone to several equipment auctions this past summer particularly consignment auctions. In these auctions, the bidding would start at some high price and go up from there. I wouldn't see anyone bidding, but the auctioneer would accept the bid and bump it up some increment. Afterwards the auctioneer would say "sold to bidder #### and go on to the next item. That number would often get the winning bid and I suspect the auctioneer was buying it himself or to one of his cronies. Sometimes an auctioneer would put up for example a tractor. He would get a bid for let's say $500 and it would go up from there to maybe $2000. I wouldn't see people bidding on it, and on a few occassions he would stop and ask the owner if he "wanted to put it on the money". Then he would start all over again maybe at $100. He just admitted that he didn't have any bid or he would have identified the person or started back again at $2000. After all, that's what he had a "bid" for. I think this is dishonest. Also, auctioneers, have to be licensed to auction property and assets "in favor of the state of ....". I wouldn't mind calling them down on this practice if I knew the rules. Is there anyone who could direct me to the law or rules of auctioneering. I know business is "buyer beware" and I wouldn't mine making everyone "aware" at these auctions and do some exposing. I think the bidding should be open and forthright. If an item doesn't get any bids, go on to next item the owner has take it back home. Also, at some of these consignment auctions, the seller can bid on it himself and if he buys it back, there is a token fee. Are there rules about allowing this and letting potential bidders know they are bidding against the owner. I'm tired of going to auctions where nothing is up for sale except at some minimum. I see the same tractors and equipment go each time the consignment auction is held and sold for some phoney price to some phoney buyer. I think the auctioneer should announce it didn't sell and go on to the next item. Doing it their way is lying! Just your thoughts. Alarmed Al At Auctions
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