[AT] Antique tractors that are too expensive

[Cecil Bearden]

I have accused some auctioneers of pulling bids out of the air and have 
stopped some of those things when I could tell what was happening.   I 
have found that some people will bid just to have something to do and 
when they get stuck with an item will try to sell it to someone in the 
crowd.  The stupidity of folks at an auction is amazing.
Cecil

On 12/22/2019 11:53 AM, Phil Auten wrote:
>
> 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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