Keep your head down in the saleroom. Dress down. Be quiet, unassuming, unobtrusive, anonymous. Blend into the surroundings.
If at all possible, wear clothes displaying a matching pattern to the wallpaper, or attire yourself in the same fabric as the chairs. Sport shoes the colour of the carpet. Don’t stand out. Disappear. Vanish.
Personally, I always stand at the back of the room when bidding. I don’t want anyone to spot me, not my competitors nor the professional auction staff. I want to be in control in the saleroom and I abhor the idea of anyone being able to ‘figure me out’ in an attempt to manipulate my behaviour and extract that few extra grand I had no intention of spending. “Oh, look! It’s that bloke who writes about auctions. Must have spotted a bargain. Wonder what Lot he’s after? Must be onto a good thing. Maybe I’ll bid against him!”
I’ve seen it happen to others oh so many times. I know of one chap who works as a buyer for a major private property company based in London that specialises in accumulating regulated tenancies. He’s a real professional, having been in the business for years, and researches his prospects diligently. He’ll absorb documentation like you and I might soak up the sun and uses actuarial facts and figures, lists and spreadsheets to determine the opportunity and risk to his company of various Lots coming up for sale. Exceptionally dour, in both appearance and character, he doesn’t make mistakes. He’s paid, and handsomely, too, to return at least a 20% margin to his masters on every item that he purchases.
Trouble is, I know a few others who are aware of this, and they stalk him. He appears at most London auctions, and so do the ‘others’, and they’ll follow his every movement. And they buy Lots that he’s bidding on by paying just one extra increment over and above the limit he has set himself, which he never goes above, as they know for certain that it will be return 20%, or just slightly under. Because he buys so many properties, dozens a month, I’m sure he doesn’t mind losing a few, but I’m convinced he isn’t aware of what’s happening.
And I’m equally sure that the ‘others’ don’t put in the research effort that he does, because they don’t have to; it’s been done for them.
Remember, he doesn’t make mistakes, apart from having become a celebrity in the auction halls, that is. What he should do, of course, is use a plant, a friend or colleague to attend the sales and to bid on his behalf, allowing him more time back in the office to research further opportunities. He doesn’t because he probably trusts no one else to handle all the prospects he’s identified, or worries that they may take the credit, or replace him, or steal his system and take it to competitors. And he probably, also, enjoys the buzz of notoriety. Big mistake. In these celebrity crazy times, anonymity is a much underrated attribute. But I have no doubt that it will come back into fashion.
I’ve also witnessed celebrities such a Freddie Starr (remember him?) being run up at auctions, just for the fun of it. Everyone knows that these people have deep pockets and don’t want to waste their time going home empty handed. They also feel ‘on display’ at all public events and their egos often won’t allow them to be beaten by some ordinary Joe. So they get run up, by vendors, auctioneers or third parties, a bid here, a cheeky bid there, and they’ve ended up paying several thousand pounds more than they would if they’d have bid by phone.
Silly, really.
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Daniel Peacock