Discuss our on-site auctions and other slot machine auctions.
brianh
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Re: Elephant House Auctions

Postby brianh » Wed Jun 05, 2019 10:23 pm

treefrog wrote:
Mon Jun 03, 2019 11:53 pm
...the R&W Fill Em Up hitting an incredible £1000 !PUZZLED! Very odd I would have been dancing as a seller...
Curiously, treefrog, this is now no longer showing in the results so presume was not sold yet I was there and it definitely hit £1,000 (which was admittedly a mad bid as I had picked up a similar (but better) one at earlier auction for under 600). Being a bit naive with auctions would that mean buyer pulled out? Bit unfair if so, on people who had bid lower. I must admit I'm learning a lot about these auctions, what with this and the very odd Top Hat situation and none of it is good !!GRUMP!! Maybe answer is to go to Coventry one(s) instead. :cool:

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coppinpr
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Re: Elephant House Auctions

Postby coppinpr » Thu Jun 06, 2019 7:20 am

I agree, as I said earlier, the lot I bid on sold for £10 over my highest bid but now also shows as not sold, but then this is EH, "expect the unexpected". dirtdog

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brigham
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Re: Elephant House Auctions

Postby brigham » Thu Jun 06, 2019 7:44 am

Those are either 'off-the-wall' bids, or floor bids by the item's owner.
You generally have a fee to pay if you buy your own item!

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treefrog
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Re: Elephant House Auctions

Postby treefrog » Thu Jun 06, 2019 8:52 am

brianh wrote:
Wed Jun 05, 2019 10:23 pm
Curiously, treefrog, this is now no longer showing in the results so presume was not sold yet I was there and it definitely hit £1,000...
You may have misunderstood my post. My point was it did not reach reserve, yet it reached a grand... which is crazy, as obviously it had a silly reserve on it... The seller may regret this as it's unlikely to get there a second time round... Auctions can be lotteries.

In terms of other comments, you did not beat reserve. Most auction houses start bidding well below reserve. Floor bids from sellers on their items seems to happen more often than you realise. I have seen it done at Coventry and Elephant when I know the owner of the items and watched them doing it. I sort of understand if you never left a reserve on your item and it is going for a song, you panic and bid it up - worthwhile if you win and not take a big hit. I cannot see this in the rules of a few mainstream auction houses, so it must be accepted as long as you pay commission.

Always seems to be odd suspicion with EH I have never understood... I have sold many times there and my lots never start at the reserve price and the book bids always start below my reserve.

I guess the answer is, turn up at the auction if really keen ;-)

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coppinpr
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Re: Elephant House Auctions

Postby coppinpr » Thu Jun 06, 2019 12:39 pm

treefrog wrote:
Thu Jun 06, 2019 8:52 am
Always seems to be odd suspicion with EH I have never understood... I have sold many times there and my lots never start at the reserve price and the book bids always start below my
I believe that is considered good practice at auctions. It's aimed at getting floor bids competing against each other on the way up to the reserve in an attempt to tempt the floor bidders to continue on as the reserve is passed rather than crush bidders who MIGHT continue but won't get started if the first bid is the reserve. Coventry also never starts at the reserve of a lot.

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brigham
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Re: Elephant House Auctions

Postby brigham » Thu Jun 06, 2019 3:08 pm

I only know motor auctions, but we generally set the first bid from the floor. The auctioneer asks "What have we got", and someone signals a derisory amount (two or three hundred quid, on a book price of a grand).
It leads to quick-fire bidding, and, if it stalls AFTER the reserve is reached, we are told "I'm selling this car". This naturally baffled my junior self, and I had to ask the grown-ups what he meant, seeing as I thought selling it was what he'd been doing all along!
Happy days. I used to go twice a week, but after a couple of years they stopped me going on Wednesdays. I was sent to school instead.

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treefrog
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Re: Elephant House Auctions

Postby treefrog » Thu Jun 06, 2019 3:56 pm

Ha ha yes car auctions are crazy, don’t hang around they don’t, I have bought a few vehicles at them, god knows how, as they are like demons...

Reserves are an odd one and I often wish they did start at them. At least you know whether you're wasting your time or not. Also I don’t believe knowledgeable auctioneers should allow any machine to be listed with silly reserves - wastes their time and ours... I am a natural gambler and either go no reserve or set low ones. Think I took one machine home in last Coventry auction, which had a low reserve.......


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