Auctioneers are a strange beast. If you have ever been to an auction you will know exactly what I mean. They have an incredible awareness of the slightest shifts in the room. If someone scratches a nose they know a bid has been made. They are able to cover a large room on their own and they dictate the pace of an auction with incredible dexterity, often appearing as if they are speaking another language. Why do auctioneers speak so quickly?
If you ask most people they will surmise that auctioneers speak quickly because it means they can move on to the next sale quickly. However, this theory doesn’t really stack up. There is not an endless line of auctions needed to get through so there is no real rush. Also if this was the case should we expect bankers to speak at the same speed when the lines are so long at lunchtime? It doesn’t happen so I don’t think this answer makes sense.
Instead, after talking to some auctioneers, the reason appears a lot more simple and a lot less surreptitious. You must imagine that auctioneers are like the hype man at a concert. It is their job not only to track bids but to encourage them. They must create an atmosphere of excitement and drama in a room so that people get caught up in the flurry of bids.
Imagine you are biding for a piece of art. You have a budget in mind of $100. Everything is looking good you have the first bid at $20, but it quickly grows, $30, $50, you bid $75 to take control again but suddenly it is at your limit and before you can say $100 someone else has. What do you do? Most people get caught in the moment will bid a little higher than they had previously planned as they want the item, are further encouraged by how much everyone else seems to want it and believe they can get it by going a little higher.
The lesson is simple. Be careful at your next auction as you are likely putty in the auctioneer’s hands, go there with a clear plan and stick to it.
