Auction bidding

“ The average value of a rubber at auction is about 400 points. Any much larger figure shows bad bidding. In straight bridge the average is about 180. In settling at the end of the rubber, it is usual for each losing player to pay his right-hand adversary.
MAKING THE TRUMP. In auction, the dealer begins by naming any one of the four suits, or no trumps, for any number of tricks he pleases. Each player in turn to the left then has the privilege of passing, bidding higher, or doubling. When three players pass a bid, it is the highest made and is known as the Winning Declaration or Contract. ”

“ It has an appeal all its own. But for the young enthusiast it is often a costly and dangerous game. It is wiser to begin your bidding under the guidance of an experienced agent. There are several collectors and owners of great private libraries in this country whose names are entirely unknown in the auction room. They may enter the salesroom incognito, to enjoy watching their agent at battle with others, but they are careful not to run any risks themselves through careless, inexperienced bidding. One of the greatest book collectors in the world, Mr. Henry E. Huntington, [Pg 83] never bid. ”

“ For, though puffing or by-bidding, as it is often called, will, under both systems alike, render an auction sale voidable at the option of a purchaser when it amounts to fraud, the weight of authority in the United States is in favour of the view that an owner may, without notice, employ a person to bid for him, if he does so with no other purpose than to prevent a sacrifice of the property under a given price. ”

“ Puffing is unlawful. Unless a right to bid is expressly reserved on behalf of the vendor, he must neither bid himself nor employ any one else to bid. When a right to bid has been expressly reserved, the seller or any one person (but no more) on his behalf may bid at the auction. If it is simply announced that the sale is to be subject to a reserved or upset price, no bidding by or on behalf of the seller is permissible: it is only lawful to declare by some appropriate terms that the property is withdrawn. ”

“ Then all these things are tied up in packages and auctioned off to the highest bidder. There is a whole lot of money in it, for people often try to outbid each other, and the fun of the thing is that no one knows what he or she is bidding on."
"Marian Barber," exclaimed Grace, "that's a positive inspiration! You clever, clever girl!"
"Oh, don't think for a minute that I originated the idea," said Marian hastily. "A cousin of mine wrote me about it last winter. They had a 'Mystery Auction' at a bazaar that was held in the town she lives." ”

“ Article 34
⁠A bidder may take part in bidding by himself or authorize his agent to participate in it.
Article 35
⁠A bidder shall have the right to be informed of defects of the objects of auction and the right to inspect them and to have access to information pertaining to them.
Article 36
⁠Once a bidder bids for a price, it shall be irrevocable, and it shall lose its binding force as soon as another bidder offers a higher price. ”

“ Another disinterested party whispers in the buyer’s ear that the horse will be sold at auction. Sure enough, the animal is led to the auction stables, and care is taken that the buyer sees it passing.
The auctioneer and ringman are posted, and they wait for the sucker. The horseman starts the animal at pretty [34] near his value. The bidding is rapid. The sucker gets in, and under excitement bids two or three times. Perhaps one of the regular eastern shippers bids once, but as a rule, the sucker, the auctioneer, and the scalper are the only bidders. ”

“ When playing against a bidder who has the habit of overbidding, full advantage should be taken of his weakness, and whenever possible he should be forced to a high contract he may be unable to fulfil.
When a dealer who has opened with one Spade, or any other player who has passed the first round, subsequently enters the bidding, he gives unmistakable evidence of length but not strength. This is a secondary declaration, and the maker plainly announces, "I will take many more tricks with this suit Trump than any other; indeed, I may not win a trick with any other Trump." ”

“ Thus an amateur can have a good deal of sport by bidding for a book till it reaches its proper value, and by then leaving in the lurch the professionals who combine to "run him up." The amusement has its obvious perils, but the presence of gentlemen in an auction-room is a relief to the auctioneer and to the owner of the books. A bidder must be able to command his temper, both that he may be able to keep his head cool when tempted to bid recklessly, and that he may disregard the not very carefully concealed sneers of the professionals. ”

“ And to make doubly sure that future bids will be completely transparent, the government will resort to electronic public bidding, or the so-called reverse auction method, where bids from all suppliers and contractors will be posted on a website, watched by the whole world, and where each bid can be improved upon by other bidders, this brings transparency to a new dimension. ”

“ To complete a sale by auction there must be a bidding by, or on behalf of, a person capable of making a contract, and an acceptance thereof by the auctioneer, and until the bidding is accepted both vendor and bidder are free, and may retract if they choose. ”

“ It seemed of particular importance on expensive items, such as large farm machinery, that the bidders maintain secrecy.
[94]
“They don’t want the other bidders to know who their competition is,” explained the colonel to Jim. “Everybody knows everybody else and about how much money he has. If a man knows who’s bucking him at an auction, he knows just about how high the other fellow is willing to go. That’s bad at a sale. For example, if a good milk cow was being sold and everybody knew old man Wilkins was bidding, they might get discouraged because they know he’s wealthy and stubborn. ”

“ Suppose a dealer possesses a very mediocre picture of little value and wishes to have documentary proof that the work has cost him a good price, instead of a low sum, he has only to send the painting to the auction room and ask his comrades to run the bidding up to a certain figure, then by buying in his own property and paying the percentage due to the auctioneer he withdraws the picture with the receipt, the document he desired. ”

“ Anxious to render this Almanack of as much use as possible to the man of business, the editor has, at the last moment, found room for this document:—
CONDITIONS OF SALE BY AUCTION IN IRELAND. I. The highest bidder to be the purchaser, unless some gentleman bids more.
II. If any dispute arises as to who was the highest bidder, the sale is to stop until the parties have fought it out: but if either combatant is killed, he shall be allowed to amend his bidding for the sake of his bereaved family. ”

“ And now stand on one side: the auction company—it is nearly four o’clock—stream forth from Debenham’s. I spoke of the amateurs of auctions—the people who persist in attending them, but who rarely appear to become purchasers of anything. There is not much difficulty, however, in discerning who the people are who are really bidding and really buying. ”

“ The by-bidding deceives, and involves a falsehood, and is, therefore, bad. It violates, too, a leading condition of the contract of sales at auction, which is that the article shall be knocked off to the highest real bidder, without puffing. 2 Kent Com., 538, 539. It does not answer to apologize and say that by-bidding is common. For, observed Lord Mansfield, 'Gaming, stockjobbing, and swindling are frequent. ”

“ I actually thought I would hae drapped through the earth wi’ perfect shame, though I was a little relieved when I saw he was set down for an idiot, and heard the gentlemen freely crack their jokes on him. Weel, the auction commenced, and when twa or three bids were gi’en, he looks up at the cant-master so innocently, and says, in his ain style, ‘Ho, ho, may I gie a bid?’ ‘To be sure, my fine fellow,’ says the man, laughing doon at him; ‘bid up, and nae doot ye’ll get the property.’ The bidding was up to £150. ‘£200,’ cries Jack, the roars o’ the company. ”

“ The battle between the auctioneer, acting as the representative of the out-of-town bidder, and some ardent book lover personally attending the sale, for the possession of a particularly coveted work, often provokes genuine enthusiasm. It is finally knocked down to the highest bidder at the point where competition ceases, and this is often much below the limit named by the buyer. The wise purchaser at auction, when assured of the honorable standing of the house with which he deals, will not hesitate in sending liberal bids, for by so doing he will gain much and lose little. ”

“ This description of auction is not carried on at a fixed place, for the auctioneer, bawling out the price last bid, presses through the crowd of human beings, and runs from place to place until an advance is made, whereupon he is obliged to return to the former bidder, and inform him that his offer has been superseded. It is very remarkable that these criers can always accurately find out the man who has made a bid for the article in question, and thus expressed a wished to become a purchaser, in the immense crowd. ”

“ Some of them regarded the sale with perfect indifference, never making a motion, save to turn from one side to the other at the word of the dapper Mr. Bryan, that all the crowd might have a fair view of their proportions, and then, when the sale was accomplished, stepped down from the block without caring to cast even a look at the buyer, who now held all their happiness in his hands. Others, again, strained their eyes with eager glances from one buyer to another as the bidding went on, trying with earnest attention to follow the rapid voice of the auctioneer. ”

“ As there are no fixed rates in the great cities, a bargain must be struck every time, which begins by the man demanding twice or thrice the proper price, and ends in your paying it if you are not familiar with accepted standards and distances, and in selling yourself at open-air auction to the lowest bidder, acting as your own auctioneer, in case you are conversant with matters in general. ”

“ The auctioneers are given a monopoly of selling for ten years, on binding themselves to pay to the city a sum equal to two per cent on the total annual sales. The minimum is fixed at $1,930 for one stand or $5,650 for four stands, to be paid to the municipal treasury. Two per cent is added to the purchase price of every payment made by buyers at auction, and if this does not amount to $1,930 per stand for the year, the auctioneer has to make up the difference. The poorer classes benefit largely by these sales, banding together to buy wholesale and then dividing their purchases. ”

“ Therefore an auctioneer cannot bid for himself. This rule may not be very applicable in this case, because the auctioneer does not say that he intended to purchase the property for himself.
6. The owner of real estate, put up at auction, may protect himself in one of two ways.
1st. He may fix a minimum or starting point. If no bid is made for this amount, then it is no sale. This mode appears to have been pursued here. The minimum was fixed at $14,500, and this fact was made known to the purchasers at the sale. This fact is highly important. ”

“ Even if the auctioneer promises that he will accept the highest offer, that is, that he will sell to the highest bidder, his promise to accept the highest bid, not being paid for, would not be binding upon him were it not for a statute in some States which, in the sale of goods, would make an auctioneer bound to keep a promise to sell without reserve, that is, to the highest bidder, if he made such a promise. ”

“ They farther state, that daring men are known to combine, attend real sales, and by various means, drive respectable purchasers away, purchase at their own price, and afterwards privately sell, under a form of public sale, among themselves, at Knock Out auctions, as they are called.
The committee recommended an entire revision of the auction laws—an increase of the license—heavier penalties for violation—no sale, without previous exposure of the goods for twenty-four hours, or printed catalogue—name and address of the auctioneer to be published—severe penalty, for using a fictitious name, &c. ”

“ When the law requires a sale of property, real or personal, to be made at public auction, after due notice, it is for the purpose of inviting competition among bidders that the highest price may be obtained for what is sold. To make a private bargain beforehand between the party who wishes to buy and the person authorized to sell, as to the price and other incidents of the contract, and then invoke the forms of a public sale with competition to give effect to the private bargain is a course of procedure well calculated to defeat the purpose for which the public sale is required. ”

“ Who’ll be the lucky man? Do I hear a bid?”
“Fifty pounds,” said Tom Lewis.
“That’ll do to start on, but it won’t do to take. Fifty pounds I am offered. Who says a hundred?”
A German miner offered a hundred, and Tom Lewis raised ten pounds.
A Scotch miner, Aleck Graham, offered a hundred and twenty-five.
[140] From that time the bids rose slowly. Obed showed himself an excellent auctioneer—indeed he had had some experience at home—and by his dry and droll remarks stimulated the bidding when it became dull, and did not declare the claim sold till it was clear no higher bid could be obtained. ”