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Video of Auction items and action with some prices
- Thread starter tommy1010
- Start date
- Replies 11
- Views 3,236
Bucket
Aluminum
- Joined
- Feb 4, 2018
- Location
- Altoona PA
Abom is one of my favorite Youtube machinists.
That auction wasn't like my experience up here in PA. Swarms of resellers.
That auction wasn't like my experience up here in PA. Swarms of resellers.
I cried a little when the hammer dropped on the Sheldon 15" for just $625. That woulda been $2k+ around here. Either Abom got super lucky and found a deserted auction, or prices down south are alot cheaper. I've seen lots of random worn out end-mills go for hundreds of dollars around here
I wonder if such a popular video showing such great deals is going to cause an uptick at auctions nationwide.
I wonder if such a popular video showing such great deals is going to cause an uptick at auctions nationwide.
dalmatiangirl61
Diamond
- Joined
- Jan 31, 2011
- Location
- BFE Nevada/San Marcos Tx
From camera perspective, it looks like a lightly attended auction, my favorite kind! I've done auctions for past 40 years and can say there is no telling where prices will go. I've seen stuff sell for top dollar one day, and same thing sell for next to nothing a few days/weeks later, it all depends on who shows up.
Important to note when auction hunting, the house take (auctioneer) is typically 15-20% on top of the winning bid. Usually 15% is customary if you bid on site, 18% on the internet.
Can be important in the case you win sometching for $1,000 and then have to pay $1180. Cant remember if you also are subject to local sales tax...I think yes unless the item is exempt from sales tax e.g. machine tools and welders.
My experience is a direct party purchase can often be better than many deals at auction. Reselling in Adam’s case can also be dfficult if you attempt to sell on eBay, where you can expect to pay a fee on the sale.
With that said there are still deals to be had as long as you also consider costs of rigging, logistics, fees, and your own time.
Can be important in the case you win sometching for $1,000 and then have to pay $1180. Cant remember if you also are subject to local sales tax...I think yes unless the item is exempt from sales tax e.g. machine tools and welders.
My experience is a direct party purchase can often be better than many deals at auction. Reselling in Adam’s case can also be dfficult if you attempt to sell on eBay, where you can expect to pay a fee on the sale.
With that said there are still deals to be had as long as you also consider costs of rigging, logistics, fees, and your own time.
danil
Cast Iron
- Joined
- Feb 8, 2008
- Location
- Mishawaka, IN
Thanks for sharing-- I would have LOVED to be there that day.... that Vidmar shelving rack is something I've wanted for some time now.
I haven't see those kind of prices around here.... part of it is location and part is auction advertising.
I haven't see those kind of prices around here.... part of it is location and part is auction advertising.
TimH
Hot Rolled
- Joined
- Oct 12, 2004
- Location
- Upstate NY
The upside with resellers is they won't pay what a machine is worth because they need to turn a profit. Of course they also drive up the price
That was a great deal. But I think it is more like Dalmationgirl said - it is more about who is participating, and can vary day to day in the same locale. I have seen great auction deals in Jersey, NYC and Boston, but I wasn't close enough.
Worse is when you invest time into an auction and then the prices are just stupid high. The online aspect makes it harder to predict which way it will go, but sometimes you get an idea.
And some auctioneers employ shills to drive prices up. It is easier for them to do this in "online only live auctions".
Some are really notorious and obvious about this, and they will regularly re-auction items when they get burned doing it. You'll see them bid an item up to $850, and then re-auction it and only get $150. Sometimes they re-auction it immediately, other times they wait a bit.
Mebfab.... interesting to see and hear Lance again ! We used to attend probably every Asset Sales auction that was within a 300 mile radius of Burlington, NC during the dot com bust era. (Asset Sales is based near Charlotte, NC) I planned to attent an AS auction about ten months ago just for old times sake but damned if it wasn't canceled....oh well, maybe eventually..
Which ones like to do that?
trevj
Titanium
- Joined
- May 17, 2005
- Location
- Interior British Columbia
Go to enough auction sales and you eventually be the 'lucky' guy.
Then you sit back and add up all the hours, gas money, and time spent....
Christ, I wouldn't want to be the shop's owner, and watch all that stuff sell for next to nothing, let alone have to field questions from friends that saw the video.
Then you sit back and add up all the hours, gas money, and time spent....
Christ, I wouldn't want to be the shop's owner, and watch all that stuff sell for next to nothing, let alone have to field questions from friends that saw the video.
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