Job lot of classics lightweights

[bikeworkshop]

They are on sale from the same address as the auction house, and the pics are from the same auction house too, so yes, they did not sell, but were pulled back by the auctioneer, now trying some other ways to sell them again. Perhaps Mr X is the auctioneer himself?

Auction houses usually take dim view of strong reserve prices - their commission of say 20% of £500 is more than 0% of £1000

Additionally they have the info on how high the bidding went previously...

I'm with you on the "who is mrX" @Foreigner

 

[LondonClassic]

Additionally they have the info on how high the bidding went previously...

That information is also available to bidders if you sign up to the price guide service Easylive offer (thesaleroom.com have a similar service).

Having worked in the auciton industry previously I'd be extremely selective about auctions and auctioneers. These guys are the OGs in extracting every penny from punters. The auctioneer having a 'house account' and artificially bidding up lots seems to be an accepted practice. And like banking, gambling etc the house always wins. Bidders beware!

 

[bikeworkshop]

That information is also available to bidders if you sign up to the price guide service Easylive offer (thesalerom.com have a similar service).

Having worked in the auciton industry previously I'd be extremely selective about auctions and auctioneers. These guys are the OGs in extracting every penny from punters. The auctioneer having a 'house account' and artificially bidding up lots seems to be an accepted practice by the main online bidding platforms. And like banking, gambling etc the house always wins. Bidders beware!

I quickly totted up the highest bid and I dont think it made half the new asking price...

The vendor might have taken them Home unsold from the auction house, but using the same photos on fb marketplace?
As the auction houses make you pay for the photos, they must technically be yours to use elsewhere?

Nice bikes, strong prices
- my dream world
()

 

[LondonClassic]

Image use is a grey area. Somewhere in the online auction Ts & Cs its written the pictures are owned by the auctioneer and not for use elsewhere...but an auctioneer will use the same pics on different bidding platforms and that seems ok. Vendor using the pics themselves? Hmmm. I don't think anybody in their right mind buys anything for £5K off facebook marketplace.

I think that ad is some kind of stalking horse - maybe for the auctioneer to prove to the vendor their reserves are unrealistic when they get no bites. The idea that discerning retrobike buyers (which is everyone here) are going to trot down there and lay five big ones down for these is a stretch - and I'd bet the auctioneer knows this.

And auctioneers hate having unsold lots! Gums the whole game up.

 

[Gtpulse]

One of our local auctions often sells items to someone with the same initials as the auction, everyone else seems to have a number, make of that what you will!

There’s some really nice bikes there, I’m not surprised they don’t want them to go cheap. That said it’s a buyers market right now.

 

[bikeworkshop]

They call it
"Bidding against reserve"
Not all houses do it, but it's legal if its in their ts&cs

As a result, they don't like valuable items up for sale with no reserve - as they are confident if there's a single buyer, they can bid them up.

 

[Foreigner]

edit - in new post

 

[cat1]

Have spoken to seller who has owned these bikes for 3 months having bought them from the auction

 

[chickendrumsticks]

Well that's cleared things up. Good work.

 

[sjcprojects]

Looking at the amounts they sold for, plus 25% commission would make the total around £3k. Trying to sell them all together for £5k seems a slightly strange strategy to me, but I guess the market will decide that. I don't see them going for that.