Quite obviously you are not attending many auctions with intention to buy. You are just an onlooker.
When I go to an auction (for properties that is), I go with the intention to buy, not to fill space and keep a chair warm.
If during the process of the auction I find out that the price I am prepared to pay is not sufficient and that the other bidder has got more money than sense, the I make sure that he pays well for it.
Not so long ago, I went to an auction and I made pay the other bidder $800k more that the property was worth. Once he hit the price I thought that would rock him and he was getting a bit unsure on his bids, I pulled out of the action and I told him that it was his to keep for good.
My agent was getting a bit concerned while all this was going on, but my son told him to let it go, and watch. Didn't he laugh the, lol.
You should have seen his face (the buyer's) and, everyone laughed.
So Andrewe, live and learn mate.
Food for thoughts.
Buddy
AGM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
