Mecum auction/reserve prices

[AzPete]

Been catching a few of the Mecum auctions on Velocity TV over the past few weeks. Many cars have a reserve, which is normal. But....the bidding on some tend to slow down just before the reserve is met (or so the announcers indicate).

Then, the seller chooses to remove the reserve and suddenly the bidding picks up for an additional $2000 or more in bids. Just seems odd that more would bid higher once the reserve is off vs just bidding what you would pay in the first place.

Also seems like there are more GM products shown on TV than any other brand.

Just observations made while resting from the retirement hassles...........

 

[Horseplay]

Never been to a Mecum auction. Do the bidders know the reserve prices? If not, it makes sense the bidding gets going again as they are told the reserve is off since that might make people feel they can get a car under-value. Right?

 

[70 StangMan]

If not, it makes sense the bidding gets going again as they are told the reserve is off since that might make people feel they can get a car under-value. Right?

Right...the bidding falls off when the bidders feel like they are pissing in the wind...reserve comes off..now a buyable car. And the bids do not always go up. I've seen more than a few sell for the same price that it stopped at before the reserve came off, the seller is just gambling that it will rise.
On a related note I see that Barrett-Jackson starts at 7:00 tonite on Speed

 

[AzPete]

Guess my thought is bid to where I would be at my max for the car and stop.....If I win, fine, if not, removing the reserve would not make me spend more money.

And I too have seen many not change once the reserve is lifted...

Hmmmm....the BJ auction again.....