“Anticipation” and “emotion” are two words which are significant to the auction process. There is anticipation among buyers when they are bidding on an item they covet. Both anticipation and emotion build as auction day draws near for many buyers. Emotion is often clear to see during auction bidding.
Of course, we love excited emotional bidders. When there are two or more of these bidders, they push the value of an item higher and higher. We know how much the under-bidder (the runner-up) is willing to pay, but we never know how much the winning bidder would have been willing to pay.
Anticipation and emotion are a real part of the allure and draw of auctions. I call this collectively, the “power of auction”.
From another perspective, I feel “anticipation” when helping a new estate or down-sizing client as well as seeing the next wonderful items we have the opportunity to offer. “Emotion” is also present when a family is dealing with an estate or down-sizing from the home where they raised their family.
A Trust Officer referred me a very interesting estate they were handling as the Executor. It included art, furniture, rugs, decorative items, and what turned out to be the most exciting part of the estate to offer… an extensive wine collection.
One bidder at this auction exemplified the “power of auction” I described. She and her husband stopped in on a Saturday auction day to pick up some items they had purchased at a prior auction. They decided to walk through our gallery and see what was being sold. The bidding at this auction was very lively with many bidders participating on-site, via phone with a staff member, and through our online bidding platforms.
She saw the wonderful wine and performed the bidding with her husband right beside her. The anticipation showed as she was often standing tall with her auction paddle held in the ready position, especially as one of her prized wine lots was drawing near. It was fascinating to watch her excitement when she won and clear disappointment when she was outbid. Her open display of enthusiasm was beyond what we normally see. She was the winning bidder or underbidder on almost every lot she was interested in, consistently pushing the bidding higher and higher. Her unplanned participation showed the “power of auction” in action as others were actively bidding as well.
As the auction progressed, her husband’s emotions dramatically shifted. The enthusiasm he displayed every time she won changed to relief every time she lost and you could see it in his body language. The results of the wine auction were beyond our expectations that day, thanks to many active bidders, including that couple, and the power of auction.
When I was leaving our auction house, I saw a Mercedes almost filled top to bottom with wine and a man concentrating as he attempted to load another dozen bottles by placing them one by one in the few open spaces remaining.
“I am impressed with your packing efforts,” I told him.
He smiled and said “We did not come prepared for this pick-up today but she,” he glanced towards his wife, “is very excited and would like to take the wine now”.
At most auctions, it takes several weeks and often considerably longer until the auction items purchased are paid for and picked up by our buyers. This time, that was absolutely not the case as all the wine purchased was paid for and picked up within just a few days.