Hands up if you don’t have a clue about auctions

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Many bidders attend auctions without a proper plan of attack, often at great cost.

The bidding has reached the $790,000 mark when the auctioneer lets the 30 or so people gathered in the street “in on a little secret” — the property is on the market. In the space of 10 seconds, the bidding rises in increments of $10,000 seven times.

The auctioneer paces back and forth. He pitches to the bidders with the intonation of a horse-racing commentator. Murmurs in the throng are hushed.

Bidders stoop into mini-conferences with their allies and continue to pop up raised fingers. – Click here for the rest of the article (The Age Domain Section)

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