Storage Auctions

What was he thinking?

Offline Alias

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What was he thinking?
« on: January 24, 2012, 11:28:32 PM »
Wasn't planning on attending today but was a few blocks away, had a couple hours and $200 in my pocket. Figured it was an auction or go wonder the book store.....might get lucky.
Anyway....

10x20. Looked like a painter or constuction guy used as warehouse.
Saw 7-8 ladders, well used and not all that safe looking. Few air compressors, again well used, one looked taken apart and all sell new for about $200.  A bin like thing that you could see various power tools but clear that some had been taken apart (assumed this bin was for broken tools).  The rest was piles of paint  tubs, drop cloth, odd-an-ends of boards, roofing.....

So....starts at $100. Guy shouts "HERE!!!"  while everyone else is checking their email or what ever. Another guy walks up, stares, sighs and takes the $150.
The first guy screams "FIVE HUNDRED!!!!"

Now everyone, including myself, come forward. Like, what the he'll did we miss?!

I saw nothing! Everyone was looking at each other.

NO idea what this guy was thinking. There had to be 5-6 truck loads of trash. Lots of heavy, dirty, lifting and cleaning.  It was open, viewable, nothing really hidden and searching the net you could get all the stuff used in GOOD condition for under $1000 and most looked broken....

Not to mention that no one wanted it! Why did he jump from $150 to $500?! 

I'm not sitting here thinking he is a moron. I'm trying to go over it and figure out what I missed! LOL

Offline money4nothing

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Re: What was he thinking?
« Reply #1 on: January 25, 2012, 06:26:19 AM »
Maybe it was his. $500 being cheaper than what he owed in rent and fees and $500 being cheaper than him replacing what was in there.

My only guess, otherwise makes no sense to me. ???

Offline Cobia

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Re: What was he thinking?
« Reply #2 on: January 25, 2012, 08:02:20 AM »
No, your first impression is right, he's a moron! Most of these newbies do zero research into the resale business in general, zero research into there own local market, and their only base of knowledge around the stuff we see in storage units is the new retail price of these items.

I truly think when a door goes up on a unit, us regulars are counting of what we see like "thats $5, thats $25, thats $50, so on, alright I see about $250 worth of resale items. The newbies are saying "thats $26.99 at Walmart, thats $119.99 at Target, thats $459 at Sports Authority,  alright I see $1000 worth of stuff in there!

Re: What was he thinking?
« Reply #3 on: January 25, 2012, 08:33:10 AM »
Maybe he was still high from watching Storage Wars the night before. 

Re: What was he thinking?
« Reply #4 on: January 25, 2012, 09:50:22 AM »
Hmm - from what you described he wasn't thinking.  Or he figured it would get that high if was a bidding war and thus jumped the bid to scare poeple off.  Yet still, he didn't want it to be a long day drawing out $5 and $10 bids on $200+ lockers and jumped the bid.

It happens - one of our regulars in last caravan opened up with $150 on a locker to get the ball started.  Wanted to stop people starting at $10 - $20 and then going up in $10s till price is like $400+.  He got stuck with the locker.  Had a nice tool chest in the front and the rest furniture.  I was going to open at $50 (what chest was worth).  He got the locker and lost $120 as the furniture was just parts and pieces.  No complete sets or even like a complete table.

Offline Alias

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Re: What was he thinking?
« Reply #5 on: January 25, 2012, 10:17:00 AM »
The only thing I can think of is he's a guy that fixes tools or in construction and he saw something I missed. For all I know, that "scrap wood junk" coulda been rare  bamboo hard wood, hand grown by monks in the 15th century......

He saw money, I saw a lot of work and dump fee's.   

Like I said elsewhere. We all view lockers different. Y'all are hoping for gold&guns and I'd sh*t myself for a nice lazy boy! If it was sitting next to a matching sofa they might have to call the paramedics for the heart attack I would have....    lol

Offline MovieMan

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Re: What was he thinking?
« Reply #6 on: January 25, 2012, 10:36:37 AM »
The only thing I can think of is he's a guy that fixes tools or in construction and he saw something I missed. For all I know, that "scrap wood junk" coulda been rare  bamboo hard wood, hand grown by monks in the 15th century......


I liked your wood "guess" because it brings to mind one of my pet peeves in this business.

It is an expression used (mostly by newbies I think, but sometimes by old-timers) and that expression is "You never know".  Here is a definition of the word "never":

Definition of NEVER

1: not ever : at no time <I never met her>


2: not in any degree : not under any condition <never the wiser for his experience>


The fact is that even a newbie should know that the word "never" is very exclusive and therefore can't be applied to the storage scene.

I believe that the "not under any condition" applies here. If you see a 5 x 10 lkr that is piled up soft-looking black bags with loose clothing or blankets, soiled mattress covers, etc sitting on top, etc. it's a pretty safe bet to say "There are no gold bars (or other things of value) in there."  To say "You can never tell" about a lkr like that (or other lkrs of similar persuasion) is just plain ignorance...in my humble opinion...based on what I have seen over the years.

The likelihood of that wood being anything special is next to none of course and the more plausible explanations for this bidder's performance are many, but then..."you never know". (gag)

Re: What was he thinking?
« Reply #7 on: January 30, 2012, 08:27:32 AM »
hes an idiot.


when i go to storage auction, i see what I like, not the resell value. 


If i see nice clean furnture and I think i ll use it here or there.  fine.

If i see some potential in the locker, i ll try to get it for cheap if possible.

Otherwise, im not going to be bidding on a huge wave of black trashbag all piled up. 


thats why its important to take a flash light to see any metal or mirror hiding behind the trashbags otherwise your bidding on dead lockers.


Re: What was he thinking?
« Reply #8 on: April 03, 2012, 10:38:24 PM »

The first guy screams "FIVE HUNDRED!!!!"


Well if your going to have a newbie at a storage auction, this is exactly he type you want. After moving all that crap and making nothing he will not be going to another  auction any time soon. 


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