Auctions good or bad?

[MushCreek]

I used to love auctions, but I find less and less deals these days. Machinery auctions around here get TOP dollar- business must be good. The other thing that has spoiled it for me is the 'buyers premium'. WTF? When I first started attending auctions around 1980, buyer's premiums didn't even exist. They started creeping into some of the high-end antique auctions. Now, they get as much as 18% at some local auctions. Throw in a fee for credit cards, plus the sales tax, and you're paying 25% more! What about the commission? Isn't that how auctioneers make their money, without tacking on 18% 'juice'? When I decide how much to bid, I always subtract all of that ****.f course, I don't win very often.

I looked for a milling machine for long time. I finally found one on CL for $2000. Good shape for it's age, and I bought it and hauled it home. At auction, they usually bring a lot more, but let's see what happens if I win the bid at $2000. By the time you add the juice, credit card or online fee, and sales tax, you're at $2576, and you haven't paid the mandatory rigger yet. Ummm- no thanks.

 

[zendriver]

I used to love auctions, but I find less and less deals these days. Machinery auctions around here get TOP dollar- business must be good. The other thing that has spoiled it for me is the 'buyers premium'. WTF? When I first started attending auctions around 1980, buyer's premiums didn't even exist. They started creeping into some of the high-end antique auctions. Now, they get as much as 18% at some local auctions. Throw in a fee for credit cards, plus the sales tax, and you're paying 25% more! What about the commission? Isn't that how auctioneers make their money, without tacking on 18% 'juice'? When I decide how much to bid, I always subtract all of that ****.f course, I don't win very often.

I looked for a milling machine for long time. I finally found one on CL for $2000. Good shape for it's age, and I bought it and hauled it home. At auction, they usually bring a lot more, but let's see what happens if I win the bid at $2000. By the time you add the juice, credit card or online fee, and sales tax, you're at $2576, and you haven't paid the mandatory rigger yet. Ummm- no thanks.

Unfortunately for auction buyers, it's "welcome to the new and improved economy!",

Buyers now have lots of money and want to spend it.

Auctioneers charge buyers commissions, because they can, because they know, it's pretty hard to "take your business elsewhere" and if we don't like it, we can go to garage sales and craigslist, where prices are going up as well.

Just like any point in history, it's better to have money, than not.

Attended an estate auction yesterday, of very wealthy people, with a lot of stuff (3 rings running), plus online. It was pointless, for me to even pick up the collectibles catalog, since I try for bargains. Most stuff sold way over auction estimates. A collector car sold for $175,000.

Luckily they had a barn full of "stuff", out back, for us peasants.