Bid Increments
I'm frequently asked by bidders before the auction: "What will
be the bid increments?" At first I was caught off guard, so I wrote
it down this way.
I don't predetermine the bid increments, such as: 5-10-15-20 or
150-200-250-300. Rather, the bidders determine what the next bid
increment will be by:
- The number of bidders indicating a willingness to bid again, i.e.,
the more hands in the air the larger the bid increment.
- The pace of the bidding, i.e., two bidders who keep bidding will
soon find the increments getting larger and larger.
- The expectations of the seller and the need to maximize the value
of the item being sold, i.e. An opening bid of $100 on an $800 item
will not result in $5 bid increments but rather $100.
As a general practice, the pattern I will follow, starting with
$1-2.50-4-5-7.50-10-15-20-25-35-45-55-65-75-100-150-200-250-350-450 and
so forth. When I sold a Northcoast Indian button blanket for $16,000,
after $5,000 the bids were in $1,000 increments.
As I was taught at the Missouri Auction School, my job as an
auctioneer was to get the highest price in the shortest amount
of time. |
Fergus Prestbye
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Auctions are the only way for you to realize
more money than your asking price! |
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