What makes bidders celebrate like they are in the photo? It’s the thrill of winning a competitive bidding frenzy and the elation of being the winner!
A long time ago at a small town benefit auction, I had a figurine that I started the bidding at $200 dollars. I could not get a single bid to start. I dropped the starting bid to $150 dollars. Nothing. I dropped to $100 dollars and no one raised their paddle. I then went to $75 dollars and no one budged. I went to $60 dollars and said “I am sure someone would like a deal on this figurine.” Finally a paddle went up and we were at $60. There was no indication that it would go any higher than that one bid. I then asked for $75 and I got another paddle to raise up. I asked for $100 and another paddle went up. I kept raising the bid and bidders kept raising their paddles. I would finally say SOLD at $800 dollars. What just happened here?
I have watched this play in front of me just a few times over the hundreds of benefit auctions that I have conducted. Why didn’t the bidders and even the bid winner not like the starting bid at $250, though they would spend $800 in the end? There are times that no one wants to be the starting bidder, but they will jump in once another bidder raises their paddle to get it started.
Most of the time an item or package sells for much more over value because the item or package is original or unique. It was something that they have not seen at other auctions. Selling a Caribbean cruise is one thing, but selling a Caribbean cruise on a private yacht with a captain, crew and chef is far more unique and will raise more paddles multiple times.