The Psychology of Bidding.......

[Stonepony]

Any thoughts on bidding incements in the larger auctions? Specifically the 10% increment rule. I wonder at times if this hurts the consignor and final gavel price. For instance in Goodwins last auction an item went to "X" amount and closed there. I was willing to up the bid a couple hundred dollars but the 10% required increment ( plus the 20% buyers premium) was more than I wanted to go. If I had been allowed to up the bid at a lower increment its possible the eventual buyer would have outbid me again. Either way- consignor and aution house lost out on $ because 10% was too big a jump for me personally. Is there data showing that higher increments of bidding = higher gavel prices?