How Does Someone Become A Professional Bidder

Discussion in 'Mayberry Lounge' started by PEB, Jul 31, 2016.

  1. PEB

    PEB Atomic Butt Drop Champ :)

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    I was just watching a show were the guy who was doing the bidding made 10 percent on the total. Just on the Ferrari he bid on made 125,000 dollars.

    It took him hanging around for a few hours hidden. The reason why he hides is other professional bidders raise their bids based on his appearance.

    When he bids the auctioneer calls him bidder on the right. The point is for hanging around for a few hours he made huge money.
     
  2. TeTe

    TeTe PopoZão Staff Member Senior Moderator

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    Doesn't seem like much of a profession. Wonder how much he actually makes.
     
  3. PEB

    PEB Atomic Butt Drop Champ :)

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    He takes 10 percent of the purchase price. He is known all over auction circles as being effective. Sometimes apparently he will drive up a price to force someone to pay more then they wanted.

    He is very good at finding the sweet spot and usually gets around the range the person he represents wants. In the story he told the guy he represents he needed an additional 1/2 million limit after he saw the Ferrari condition.

    He knew it was going to top 1 million but he was not going to top 1.5 million. He knew some of the people around him that where not that good at handling the situation. He also could have gone higher but he knew the guy was breaking early.
     
  4. TeTe

    TeTe PopoZão Staff Member Senior Moderator

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    Hell I run up bids on eBay sometimes. Especially on sports cards I'm trying to sell too. Nothing like creating an artificial market value.
     
  5. djacobox372

    djacobox372 Gold Belt

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    Sounds like fraud to me. I'd sue if I found out this guy worked an auction that I won.
     
  6. snakedafunky

    snakedafunky Red Belt

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    I assume he was a buyer and seller at auctions before, made a name for himself and after that made contacts with rich people or their agents.
    Worked himself up to that kind of level buy showing he can buy at auction at the right price.
     
  7. ralphc1

    ralphc1 Steel Belt Platinum Member

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    People with money don't want to hang around bidding on something so they hire people to represent them. Look at the stock market. None of the bidders on the floor are buying for themselves.

    If someone famous shows up at an auction and bids the price always goes up. Many bidders work for several different buyers at the same auction. Some people go crazy at auctions and are better off having someone else do the bidding. If you go to an auction to buy, you need to have someone watching the crowd to see if someone is actually bidding against you. Auction companies get paid on a percentage of the sale price and they'll accept phantom bids to try to run the price up.

    On an episode of Chasing Classic Cars, Wayne Carini was trying to sell a car for a client. The bids went up almost to reserve price and stopped. Wayne thought he might be able to work with the 2 bidders and the owner only to find out nobody had bid. The auctioneer took phantom bids to see if someone would jump in.
     
  8. Zipp

    Zipp Purple Belt

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    "If you're good at something, never do it for free"
     
  9. dabausplaya

    dabausplaya Brown Belt

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    you need good stealth skills
     
  10. ralphc1

    ralphc1 Steel Belt Platinum Member

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    Winning an auction is a term used by auctions to encourage competition. submitting the highest bid is referred to as winning but many times it's losing because the bidder pays too much.

    Some auctions sell brand new merchandise and often get more for it than it would cost to purchase it retail and there is no warranty.
     
  11. Lip

    Lip Brown Belt

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    1 auction a month for cars 75-300K at 10% of the price. If he makes less than a 100K/year he's a lazy fuck
     
  12. SSgt Dickweed

    SSgt Dickweed Black Belt

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    This seems like a bum-ass job and if he is making a lot of money then good for him. I was giggling while reading the description. I bet it needs years of experience and a certain natural talent to pull this gig off.
     
    punky brewster likes this.
  13. djacobox372

    djacobox372 Gold Belt

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    WTF are you going on about?

    The point is that when you participate in an auction it's implied that you will only pay slightly more than what the next highest bidder is willing to pay, which is why it seems like a fair transaction.

    Shill bidding, bidding to raise the price with no intention of buying, is banned on online auction sites and it should be illegal in live auctions as well.
     

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