- 6,063
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They split hairs and don't consider a minimum opening bid to be a reserve. Obviously it's another way to accomplish the same thing.The odd thing about the high starting bid prices is according to the wiki entry for Ritchie Bros. Auctioneers, they are really big into no reserve auctions.
https://en.wikipedia.org/wiki/Ritchie_Bros._Auctioneers
Wonder if they spent too much buying Iron Planet and are trying to recover the costs? Still think they can't sit on the stuff too long or the piles will exceed storage area.
Mostly what I'm seeing is opening prices best described as retail, but they're willing to let someone else pay more to take it away from you.
Then they occasionally throw something out with a low opening price to gauge the market and also for marketing purposes. Those few with the low opener are the ones that scroll on their banner ads. (These serve the same purpose as loss leaders at the supermarket or bait cars at the dealership.)
Thing is, without at least the occasional deal to be had people like me get out of the habit of watching the auctions. Maybe the idea is that I'm not profitable to them, but I've paid more than anyone else for any M129A4 and I've been outbid by one bid multiple times on many items. So having me in the game has certainly made a difference in prices...
I'm actually funded at the moment (sold three welders this spring), but I haven't been watching the auctions lately.