[AT] Antique tractors that are too expensive

[Phil Auten]

At the auctions I have been to, it seems to me that there are a lot of 
"shill" bidders and even "ghost bidders present. I usually stand near 
the back and watch for this kind of activity. If I see it, I leave.

Phil in TX


On 12/22/2019 11:42 AM, Cecil Bearden wrote:
>
> My experience is that if I find something that no one wants at an 
> auction, there will always be someone who bids against me.  I bought 
> my swather trailer at an auction for $750.  Only one other bidder.  I 
> had to move the 2 swathers that I had bought at the same auction.  I 
> asked the guy if he wanted to buy it when I got my swathers hauled.  
> His reply was that he would give me $500 for it if I would haul it a 
> hundred miles south to his lot.   I won't print what I told him to 
> do.  I would have liked to return the favor when he was bidding again, 
> but I refuse to lower myself to that level.
> This is the reason I do not like auctions.
>
> Cecil
>
> On 12/22/2019 10:40 AM, Bill Brueck wrote:
>>
>> While I didn’t have a name for this, either, I have wondered about my 
>> own sense of the value of something at auctions.  I found myself 
>> willing to buy something at a price and then being aware that I 
>> wouldn’t part with it for that price, or sometime quite a bit more, 
>> even factoring in when I was maxed out on the bidding price.  Having 
>> become aware of this, I am more inclined than I used to be to accept 
>> offers at the auction for part of a lot that I just bought.
>>
>> Indeed, “know thyself” is good and reading about endowment effect 
>> helps with that!
>>
>> Bill Brueck
>>
>>    Pine Island, MN  USA
>>
>> *From:* AT <at-bounces at lists.antique-tractor.com> *On Behalf Of 
>> *Spencer Yost
>> *Sent:* Saturday, December 21, 2019 11:13 PM
>> *To:* at at lists.antique-tractor.com
>> *Subject:* [AT] Antique tractors that are too expensive
>>
>> 
>>
>> We have all seen it:  the tractor the seller is asking way too much 
>> for.  Or conversely; why buyers don’t show up for our obviously 
>> wonderful tractor that we post in EBay/Craigslist/whatever.
>>
>> So listening to podcasts tonight, I ran across a podcast that was 
>> discussing many things, including a discussion with a psychologist 
>> from Berkeley who was explaining the “endowment effect”. I was 
>> unaware of this. Though I had intuited it many times I did not know 
>> it was a “thing”.
>>
>>
>>
>> Long story short it explains why people often seem to ask way more 
>> for a tractor that I’m willing to pay.
>>
>> https://en.m.wikipedia.org/wiki/Endowment_effect
>>
>> https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+
>>
>> Interestingly, this is true regardless of how long they owned it or 
>> whether it had any other type (e.g. nostalgia) of value.
>>
>> Unfortunately, the podcast did not describe how I, the buyer, could 
>> negotiate my way around this.
>>
>> PS:   I will be that seller if I ever sell the Pacer. (-;
>>
>> Spencer
>>
>> Sent from my iPhone
>>
>>
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>
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