Hello fellow collectors,

O.k. - I've been to live auctions and I'm still confused. I'm looking at the prices realized for the NYINC Lanz auction from yesterday (man, they get those done fast!)

http://sixbid.com/nav.php?p=pr&sid=98

As per the link, "Unsold lots are available for sale at 80% of the estimate (plus buyer's premium)."

What I don't get is the fact that there are numerous examples where the winning bid is less than 80% of the estimate. What gives? Does the auctioneer just decide that if there is a warm body in the audience that offers less than 80%, they will take it?

Examples:

Lot 43: Estimate $5,000 - Realized $3,800 (76% of estimate)

http://sixbid.com/nav.php?p=viewlot&sid=98&lot=43

Lot 44: Estimate $30,000 - Realized $18,000 (60% of estimate!)

http://sixbid.com/nav.php?p=viewlot&sid=98&lot=44

Lot 83: Estimate $5,000 - Realized $3,000 (60% of estimate!)

http://sixbid.com/nav.php?p=viewlot&sid=98&lot=83

There are a bunch more like that. So, I guess the lesson is that attending the auctions in person or having an agent there can make all the difference in the world if you are looking for potential bargains!

--Beast

O.k. - I've been to live auctions and I'm still confused. I'm looking at the prices realized for the NYINC Lanz auction from yesterday (man, they get those done fast!)

http://sixbid.com/nav.php?p=pr&sid=98

As per the link, "Unsold lots are available for sale at 80% of the estimate (plus buyer's premium)."

What I don't get is the fact that there are numerous examples where the winning bid is less than 80% of the estimate. What gives? Does the auctioneer just decide that if there is a warm body in the audience that offers less than 80%, they will take it?

Examples:

Lot 43: Estimate $5,000 - Realized $3,800 (76% of estimate)

http://sixbid.com/nav.php?p=viewlot&sid=98&lot=43

Lot 44: Estimate $30,000 - Realized $18,000 (60% of estimate!)

http://sixbid.com/nav.php?p=viewlot&sid=98&lot=44

Lot 83: Estimate $5,000 - Realized $3,000 (60% of estimate!)

http://sixbid.com/nav.php?p=viewlot&sid=98&lot=83

There are a bunch more like that. So, I guess the lesson is that attending the auctions in person or having an agent there can make all the difference in the world if you are looking for potential bargains!

--Beast

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