I whiled away my Saturday afternoon with a very new experience. I visited my first auction. About a week ago I saw a flier in the mail announcing an IRS seized property auction. I’ve seen similar announcements but I always dismissed them because they were inconvenient to attend. This time though the auction was being held at a hotel that was a mere five minute drive, so I could hardly resist. I kept tight lipped about it this week because, frankly, I was worried I would jinx it. What if I overslept? What if some work emergency came up and I couldn’t go? I was way too excited to risk missing this.
Fortunately everything was fine today. I arrived with friends at about noon, in time for the pre-auction preview. I had never been inside this hotel, but I believe it underwent a renovation about three years ago. It’s across the street from a Wendy’s I visit every so often. The hotel management must not have renovated the meeting rooms because the whole area looked very tired. It wasn’t filthy or dingy. Rather, the materials simply showed their age. The popcorn ceiling had some stains. The paint looked faded. The halls were very dim. ‘Shabby’ conveys it all. But who cares! I wasn’t there for the amenities. I wanted to see some bargains!
I wasn’t totally sure what sort of merchandise to expect at auction. The ad was clearly geared towards jewelry and watches, but it did picture other items like electronics. I guess I expected a mix; Maybe a handful of electronics and miscellaneous items, but mostly jewelry and watches. I didn’t seriously expect to find the drug boat of my dreams. I arrived to find the auction was almost entirely about jewelry. The handful of watches they had were all Rolexes, and only half were men’s.
The items were displayed in the standard glass display cabinets you see in any department store. They were chockfull of rings, necklaces, bracelets, earrings and the few Rolexes they had. For an hour we circled tables, looking over the items and checking their descriptions in our auction book (really just a stapled printout). The vast majority of items were so gaudy. The most hideous item was a ring made of different colored sapphires that looked like a rainbow version of the Cadillac crest. It had to be 2 inches across at a minimum. I can’t believe someone would wear that.
The items chosen for auction actually depended on people showing interest. The auction company didn’t bring every single item up to the podium. During the preview, you had to request items be brought up. A staffer would affix a green sticker to items people weren’t interested in. After the preview, those items were brought up.
Most of the people there looked as shabby as the hotel. Like the Cadillac ring, there was one couple that really stood out. To start with, they were elderly. I feel very sure the man was German. Something about his face told me so. He was short at around 5’6″ with a potbelly and gray hair. He wore a stained t-shirt that was a size too small, and the sleeves looked like those on a football jersey. He also worse some nylon athletic shorts that did a poor job of hiding his bright blue underwear. His wife was in a similar disheveled state but instead of looking at her clothes, I spent most of my time trying to figure out if she was Asian. I still don’t know. Clearly, as a friend whispered to me, these were trailer park people. No one else really stood out as much as these people. Sitting in front of me there was a middle aged couple. I suspect the woman was a bit of a golddigger. The man, who I suspect was from Eastern Europe, said nothing that I ever heard. The woman though sounded rather aggressive when she spoke to him. She also sounded pretty demanding when I stood near her at the preview tables.
The auction itself started out fine. The auctioneer, Julian, was a funny guy. He told some good stories and kept everyone very entertained. This was at the beginning when he was auctioning the loose gemstones. Then we got on to the set piece jewelry. Things went downhill there. He started off with the Rolex watches. I never realized how ugly Rolexes are. The most hideous one at the preview was a gold watch with a red face. By the way, having diamonds in the wrist band is tacky. Also at the preview I noticed a black guy, probably in his 20s, admiring a different Rolex. I’m pretty sure he put one into the auction. I guess he was as surprised as me to find that the minimum bid for a men’s Rolex was $14,000. I suppose when you consider a new Rolex can be $50,000 or more, you can argue it’s a bargain, but i was expecting a bargain under $10,000. I remember not too long ago I watched an episode of the Suze Orman show where one guy called in asking if he could afford a $5000 Rolex. What does a $5000 Rolex look like?
I guess that was the first sign this crowd was not full of big spenders. One Rolex didn’t sell. Then a second didn’t sell. When the third one up for bidding elicited no response from the crowd, the auctioneer put three together in the auction and said the winner would have their choice of them. Still no response. This seemed to leave the auctioneer slightly shaken. He said this was the first auction he’s held where he hasn’t sold at least one Rolex. If that’s true, I’m pretty damn surprised. Every auction actually has one person willing to spend over $10,000 on a watch?
I think another two pieces went by without a bidder when Julian brought out a really exquisite piece. It was a diamond and ruby tennis bracelet. It was really beautiful jewelry. The diamonds and rubies sparkled so brightly. I don’t care much for rubies but I was really taken with this. Well with a starting price of $30,000 of course no one bid. Soon after, three necklace/bracelet sets of emerald, ruby and sapphire were brought out. Julian combined these into a single auction, lowered the start bid to $8000 and still got no response from the crowd. His annoyance was pretty clear. No one bid on these sets, so he takes out the sapphire set to show us “how to break down jewelry”. As he said, the necklace is long so he could easily remove a link containing one sapphire and turn the stone into a ring. How much would you pay for a sapphire ring? $1000 would be cheap, while the bracelet alone had eight stones. Eight stones could make eight rings which should cost $8000. That would make the necklace practically free. Well no one bought that argument or a jewelry set.
It was painfully obvious no one was buying today, so Julian decided to cut to the chase and have people call out the item numbers they were really interested in. Also, that trailer park couple had left and he said they must have put stickers on half the stuff they had up for auction. I guess he was hoping the silence was a problem of demand. People weren’t interested in what was being offered. As it turns out it was a problem of sticker shock. I guess no one in the crowd expected jewelry at these prices. I sure didn’t. Even the item numbers called out didn’t sell. One really nice diamond ring came up for $20,000. Someone shouted out $5000, but of course Julian wouldn’t take that.
Finally the one item my friend was waiting for came up. This was a “Cartier-style” (whatever that means) ring with diamonds, amethyst and aquamarine. The diamonds were collectively only a half carat so we were hoping this would be a relatively cheap ring. Our max bid would have been $500, but the item started at $1500. No one bid and we left after that.
I know it sounds like a disappointing day, but it wasn’t. It was tremendous fun! Everything you hear about the auction atmosphere is true. It’s exciting and thrilling. Even today when no one was buying, you could still sit there and talk about how no one was buying. I had no intention of bidding on anything but it was still a great experience. I will definitely be on the lookout for more auctions coming to this area. It’s a fantastic way to spend a day!