Auction psychology

[byrone]

CNBC’s Bob Pisani described his auction experience (bidding on 1970’s concert posters), with additional insight from a psychologist on why we do what we do during auctions

“Collectors will tell you that to be a successful long-term collector of anything, you must be disciplined. You must know what you are willing to pay for something, and not go over that price. You cannot be carried away by the emotion of an auction. You must be willing to walk away.”



https://www.cnbc.com/2022/10/20/bob-...investing.html

[raulus]

Words of wisdom to live by!

I can attest that while that's my goal, I sometimes fail, particularly when the item in question is high on my list of items I can't live without.

But at the same time, I'm usually pretty good about controlling myself and letting items go. If for no other reason than eventually the price just gets so high that my resources are no longer sufficient.

That and I'm not going to borrow and/or tap my retirement funds to get it. And 99.99% of my collection is not for sale, so selling something to cover the cost is also not going to get me there. Although for a lot of people, these may be possible strategies to expand our means.

[BioCRN]

I tell others that if I wanted everything I wanted in my collection I could get it done in less than a month throwing money at everything and be done with it (outside of some very rare things).

Part of the chase is waiting for my price, which also leaves open opportunities to overspend a bit for stuff that doesn't come around too often.

Given how many people spend years building a set/collection only to sell it and move onto something else, there's some respect due for the chase, itself.

[Peter_Spaeth]

The problem with this philosophy is that others don't live by it, and most of the time you will lose to one of them. And worse still, the giddy price will become the new baseline.

[G1911]

Sometimes I am amazed that some idiot is willing to pay so much for an obscure old cardboard picture that they outbid my stupid bid. Then I have to do some soul searching.

[raulus]

Originally Posted by G1911

Sometimes I am amazed that some idiot is willing to pay so much for an obscure old cardboard picture that they outbid my stupid bid. Then I have to do some soul searching.

Who are those idiots!!!??

I vote we kick them off the island.

[G1911]

Originally Posted by raulus

Who are those idiots!!!??

I vote we kick them off the island.

Finally, someone else gets just how wrong it is for other people to have the audacity to outbid me! Crimes against humanity are real.

[raulus]

Originally Posted by Peter_Spaeth

The problem with this philosophy is that others don't live by it, and most of the time you will lose to one of them. And worse still, the giddy price will become the new baseline.

I’ll agree with that, at least when it comes to items that are desired by a large number of collectors, particularly if they ar hard to find, and especially during frothy times in the market, like now.

It’s always going to be a question of how comfortable you are with losing. Some of us don’t like losing, so we tend to throw caution to the wind to avoid that negative outcome, even if it turns out to be a Pyrrhic victory, with the cost of the item making a big dent in our resources.

[mrreality68]

Originally Posted by byrone

CNBC’s Bob Pisani described his auction experience (bidding on 1970’s concert posters), with additional insight from a psychologist on why we do what we do during auctions

“Collectors will tell you that to be a successful long-term collector of anything, you must be disciplined. You must know what you are willing to pay for something, and not go over that price. You cannot be carried away by the emotion of an auction. You must be willing to walk away.”



https://www.cnbc.com/2022/10/20/bob-...investing.html

Great wisdom but it is hard to always be disciplined especially with the rarer cards and the frequency or lack there of them coming up for auction.

All you can do is the best you can to stay fixed on your collection preferences and you Mr budget and still plan to also not be focused by other items sometimes

Just enjoy the hunt and enjoy your collection (and share pictures of New pickups in our monthly pickups thread. Lol