Joan and I went to our first auction today. A small farm house on 4 acres was being auctioned off along with everything on the piece of property. We wanted a second refrigerator for guest drinks and overflow. So we went and joined in the fun. The auctioneer sits in a truck that is driven along the trailers with all of the prearranged items. Joan ended up getting a few needed things and dishes, a great pair of field binoculars and finally the refrigerator for $20. She played it cool. He started at 50, no takers, then 25, no takers, it got to 5 when Joan opened the bidding, it got back up to 20 in 2.50 intervals and Joan persevered. An older than me gentleman allowed me to load the refrigerator on his truck and ride back into town with him. It was a nice day in the sun.
The property was being sold for 65,000. The highest bid was 30,000. It was interesting sensing the economic realities of life as the bid took place. The owner reserves last bid which means he has the final OK on the selling price. He passed. I talked with another man who was going to meet with him privately and offer him 50,000. It had just a small sense of the depression era auction of the family farm. Just a picture, nothing even close in reality.