I was living overseas and I had to come back to Australia to get some medical tests. I’d be back in Melbourne for one month, and my partner told me it was a good time to buy a house. She had her mind set on this one apartment in Hawthorn. It was to be auctioned on a Saturday, a couple days after I arrived back in this English-speaking realm (In rural Japan, English was rarely spoken and when it was, usually at quite a basic level: Hello, how are you? I’m fine thank you. What’s your favourite colour? Purple.). All of a sudden I found myself listening to an auctioneer rattling off English so fast it was like a machine gun to the head. Why do they have to be such motor mouths?
I got to look at the place for fifteen minutes before I had to make the decision whether or not to spend the next thirty years of my human existence paying it off with my blood, sweat, and tears. After having a bit of a look around the joint I realised I didn’t really like it, but nonetheless my lady is often ‘boss’ and she wanted me to start bidding. It was a hot summer day and people started rolling in like dogs around a freshly slaughtered buffalo carcass. There must have been close to 150 of us standing in front of the red brick complex, not including the owners of other units, vultures and wide-eyed Tawny Frog-Mouths out on their balconies watching the ‘show’.
I stood right in front of the man barking off rules and information about the property. I knew how much money we had, so I had a limit in my head that no matter what I wouldn’t go over. The flat was advertised at $300,000, and bidding was to begin at 280 grand. After the first bid, a woman yelled out 350 thousand! That took the crowd by surprise. However, that was the last we heard of her once-confident voice. I made a couple of small bids afterwards, but two other guys were in an all-out battle that culminated in the yuppie-looking bloke wiping the floor with the tradesman. The ‘tradie’ had looked so calm as he rattled off bids; I thought he must have been one of those wealthy builder types who dress like street bums, but have more money than some developing nations. However, the wealthy yuppie couple wanted this apartment and the man was going to stop at nothing to get it. It sold for $445,000; now that’s just a little higher than the asking price isn’t it? It wasn’t looking good for our dream of owning our own place (not that one really owns anything but a lifelong mortgage-joke!). Was the market truly this overblown?
Before I went out to the auctions on the next Saturday I met up with a friend who gave me some advice/words of wisdom. He’d recently bought a house down in the bay side area of Brighton East, beating out a fellow driving a brand new high-class Mercedes. He said, “Bid like your pockets are empty. Be so confident that people think you’re not going to give up under any condition. Bid strongly and in large denominations right up until you reach your limit. If you look tough, people who are only in it half-heartedly will bail out early."
That’s exactly what I did. Conditions couldn’t have been better on the day. It was the weekend just before Christmas, so most people were out shopping for presents, not houses. It was raining. Who wants to trudge around looking at houses in the wet? We checked out a few places, but then we found one unit we really liked. Half an hour later we were bidding on it. Out of fifteen or so people only two other guys even opened their mouths, and in the end it was just an Asian man versus myself. I have to admit; he wasn’t looking too sure of himself right from the start.
As each time after lengths of nervous deliberation his bids went up by $500 or a thousand dollars, I quickly shot back with $2,000, $3,000, and $5,000 retorts. Wearing an Indonesian batik shirt, I have a feeling I must have unwittingly expressed the identity of a guy who’s so wealthy he isn’t concerned about what he looks like. To my great surprise, after a short while the other fellow threw in the towel and we had ‘won’ the right to live in the humble abode in which I currently sit as I write this story. I actually got the ‘cave’ for a fair bit less than I was considering I’d have to shell out to be victor. (I won’t tell you how much we paid, but let’s just say it’s going to take a helluvalot of writing to pay this set of walls and roof off!)
The real estate agent said that it was one of the most confident displays of auction bidding that they’d ever witnessed in their whole career. I don’t know if they just wanted to make me feel good, but if not, I have to say that it was one of the best displays of acting that I’ve ever acted out. I’d only ever been to two auctions, but bystanders might’ve thought I was a hungry buyer with a huge wad of cash. However, my confidence must have come from somewhere real…this world is made up of so many illusions and ingenuous images. My only concern is that this house isn’t as inauthentic as the person I portrayed to buy it!
An auction means a public sale of properties or objects that are sold to the highest bidder. There are a whole lot of things that can be put to auction. There are auctions that are held under various categories such as antiques and art, automotive that include vintage cars, motorcycles, accessories, etc. The other popular items include clothing and accessories of film stars and sports stars, scripts of movies, sports goods. The jewellery auctions selling intricately designed precious jewels and gem jewellery are extremely popular.
There are auction houses where you can go and bid for the things of your liking. The auction houses have a calendar holding the sale on a particular theme. You need to submit details such as name, address, telephone number and banking or credit information as is specified by the salesroom where you are going to bid. A unique number, known as the Client Number, is going to be allotted to you. A paddle is a plastic card bearing a number that is registered at the auction. The paddle is raised to bid and the auctioneer calls out the paddle number of the successful bidder at the time of selling each lot. When the gavel falls the auctioneer announces the hammer price. The hammer price is the final bid price, which does not include a buyer's premium. For more details logon to www.auction-words.com. The buyer's premium is the money that is paid separately by the buyer to the auction house. It is a percentage of the final bid price.
Sotheby's and Christies are two very famous auction houses. Samuel Baker founded Sotheby's in the year 1744. However, today this premier auction house has branches on the Manhattan's York Avenue and New Bond Street, London. The New York office was opened in the year 1955. In the year 1964 Sotheby's acquired the Parke-Bernet, which was the largest art auction house of America. This acquisition helped Sotheby's gain a sizable presence across America. James Christie founded Christies in the 18th century. A man having very charming demeanor, James Christie's clientele included the British royalty as well. The auctions of Christies include some 80 categories. Their sales rooms in America are at the Rockefeller Center, New York and North Camden Drive, Los Angeles.
Auctions these days are not just limited to the auction houses. There are lots of websites that are into the business of auctioning. You can list the products you want to auction and invite bidders. You can specify the time when the bid closes as well as other terms and conditions. You need to specify that shipping and the other supply costs are to be borne by the buyer.
Click on the item of your choice and get set bidding.
Both Jesse S. Somer & Singh Manjit are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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