Quote:
Originally Posted by Jay Wolt
Barry, most of the bids the 1st day were bid as a goof, guys bidding in the $100-$200K range knowing
they had no chance of winning it.
Our buddy Sarno was high man at $110K, & even I was high man for a minute at $180K.
Would have got a 2nd mortgage & partners if I did land it at that, but wasn't the case.
Other bids could have been placed to scare away other bidders as the price point became higher & higher.
Still all in all it went for $1.32 million w/ the juice. I'm sure the consignor & REA are delighted & hopefully the winning bidder is too!
If not that's quite the buyers remorse he'll have.
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Jay- I know there were many placer bids at the low levels, but to reach 900K on the first day left little room for any other bidding. If the person who bid the 900K won the lot, then his strategy was a complete success. But if he didn't win it, then he accomplished nothing. I know plenty of lots did well at the end- look at the 1879 Chicago photograph and what it did after 4:00 AM. But the case of the Wagner was curious to me. We used to wait until the end to try and win something, not try to win it on the first day.