[78-L] Auctions vs. "Make offer"

[Taylor Bowie]

> Here I beg to differ! I grew up in central Illinois, and during the early
> 70's
> I attended a "farm auction" virtually every week-end. These are/were "real
> auctions," and the winning high bidder paid whatever his winning bid was!
> At one in particular, there was a 1938 State Farm road atlas which I 
> really
> wanted...so when it came up I bid ten bucks right off the top! Nobody
> wanted to beat that (or they figured there was no point in trying to 
> out-bid
> me?!)...so I bought it for my $10!

> ...stevenc


Right,  Steve,  but the difference there was that you the bidder got to set 
your own  terms while also being privy to what the other bidders were doing. 
So if you wanted to bid $20 when the last bid was $5 to shut it down and 
scare off other bidders,  you could do that.

Not the same as a paper "auction/make offer sale"  where you have no idea 
what the other bidders are doing.  In the latter case you might bid $20 in 
hopes of winning,  but you have no idea if the other bid is $25,  $15,  or a 
buck.

Taylor