I enjoy a good auction. I enjoy running one even more. Auctions are battle of wits and represents a very strong suspension of disbelief from the audience with the I’ll-pay-this-much-if-you-convince-me-it’s-worth-that-much methodology as the cornerstone of success. Normally I shoot for 50% above regular market value as my target price for a given items and there are a few ways to help this along:
1) Every item is special – it doesn’t matter if you’re selling something out of a God damn gumball machine, the what-ever you’re holding is unique the audience just needs to know why.
2) Convince the bidder that they’ll be taken down a peg in the eyes of a cruel and calculating God if they let the bid stand with someone else on an item they’ve bid where the high bid is less than the combined value of their wallet and retirement.
Anyway, I’ve set a new personal record. A patch that normally sells for $8.00 sold for $42.00. I win.