I was recently at an Auction with a very experienced auctioneer and a “Buyers Advocate” The bidding opened at $640k and then the Auctioneer suggested a bid of $700k which he got. the next bid was $705 and then went up in increments of $5k but all the time the Auctioneer was suggesting rises of $15k. i.e at $725, he suggested $740k. The bidding was under the reserve and the 2 bidders (a couple and a buyers advocate) were getting confused as it was going so quickly and the auctioneer was creating the confusion. At $755k, the auctioneer suggested the next bid should be $775k just as the couple were nodding their heads for a 5K bid, the auctioneer suggested $780k to the BA who also nodded his head, the couple only then realised their mistake and withdrew.
The confusion was created by an experienced auctioneer who does auctions every weekend, an inexperienced couple and a BA that had too much money in his pocket and didn’t know how to spend it wisely.
The Auctioneer can always try and control the increments but you should always bid clearly with the amount of your increment or fall into the trap of nodding your head which plays right into the hand of the auctioneer…..it can be fast and intimadating and if you are not used to bidding at auction, a nod can be very expensive!
If it is all too intimidating, and if you are unsure, then get an experienced professional to help you.
A nod can cost tens of thousands of $$.
Jenni Wright – 0419 343 482
Advocate – Domain Property Advocates






