Recently, an article appeared regarding the speed in which livestock is sold — the theory stated was essentially,
“The faster you sell them, the better prices are.”
It seems valid that during an auction, the faster the pace — the better — for several reasons.
Less time …
Gives buyers less time to think about their prospective purchase in a negative light
Gives sellers and others less time to talk about the property being sold, and possibly shed any negative light upon it
Allows for less time for the overall auction, permitting many lots of property to be sold in a time-efficient manner — requiring less time commitment from buyers
One interested in this topic would not have to talk to many auctioneers to hear stories of sellers interrupting an auction to call attention to a particular item — and calling attention to a immaterial defect or issue unnecessarily.
Too, these same auctioneers would be able to reflect on auctions where the auctioneer took too long to sell an item, and bidders seemed to have too much time to think — then having opportunity to consider negative aspects of the prospective purchase.
And, almost every auctioneer can tell the story of attending another auctioneer’s auction where items were being sold at a very slow pace, and bidders grew weary and left early.
Yes, the faster you sell them … the better prices are.
Mike Brandly, Auctioneer, CAI, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, Keller Williams Auctions and Goodwill Columbus Car Auction. His Facebook page is: www.facebook.com/mbauctioneer. He serves as Adjunct Faculty at Columbus State Community College and is Executive Director of The Ohio Auction School.
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