3rd MTH Warehouse Auction - Weds Nov. 18th and Others!

Auctions ending in a few hours.  Out of the 42 items that I bid on I am still the high bidder on 6 of them.  I wouldn't be surprised if I don't win any, although, I did win 2 items on the second auction.

Nothing but good things to say about how these auctions have been run.  There are a few harder-to-find items that I hope will appear on future auctions.

Well, I ended up winning 1 Overton coach.  All of the other 41 items that I bid on went for reasonably more than I was willing to pay.

I think a lot of the items went for really crazy money.  Some of the items I see regularly on eBay go for a lot less.  Very weird.

Considering that no one seems to be commenting on this auction I can only ascertain that it was YOU who bid crazy money!

Just for curiosity sake I'd like to know how much Mr Wolf is going to clear when this is all said and done.  Looks to me about 500k.  Can't image having that kind of inventory just laying around.

I think everyone who bid had some plan for what they bid on. So it's hard to say why some items commanded higher prices. I got burned on an item in the past, so I have to learn from it. Stating facts about an item, then saying there's no promise of anything, keeps me leary of bidding full price, even it's rare.

I don't blame the auction house, or MTH, I just have to learn, it is what it is.

Now looking at the whole auction's approx. value or what MTH may have earned, is well beyond my scope of being a buyer. I think you'd have to factor in the cost to them of manufacturing the items, and storing them, eating up any profit down the road. They have to keep some items for warranty work. They also may have just gotten stuck with some items. All we can do is guess about this.

I was bidding on three items.  I lost two of the three items, which while they went for reasonable prices, did go higher than I wanted them for.  The item I won, came in right around where I expected it to.

@Engineer-Joe posted:

...Stating facts about an item, then saying there's no promise of anything, keeps me leary of bidding full price, even it's rare.

I don't blame the auction house, or MTH, I just have to learn, it is what it is...

Similar experience with an item at another company's upcoming auction.  Item is new in box, never unwrapped.  However, that item has a history of paint problems.  I emailed the auction house to ask if that lot has the problems common to that item.  They replied that "we're not unwrapping it".  Depending on whether or not the paint issue exists, there could be a value difference of $300 or more.  I'm going to bid under the assumption that the problem exists, but I'm betting that someone else will bet as if the item is known to be perfect.  It's frustrating.  That's why I like to buy in person, with no buyer's premium or shipping hassles.

Frank/Engineer Joe,

Is it easy to register to bid? Never have bid on an auction - is there a premium or % the house takes? And what about shipping?

Thanks.

There was a John Deere AC6000 engine with the box I think it went for over $410 ($399 original MSRP). I saw one just like it sell on the "popular auction site" last year for just shy of $1000. To me that's a good deal if the engine is in working condition.

@OC Patrick posted:

Frank/Engineer Joe,

Is it easy to register to bid? Never have bid on an auction - is there a premium or % the house takes? And what about shipping?

Thanks.

Yes, yes 15%?

shipping is on top of all.

@Mallard4468 posted:

Similar experience with an item at another company's upcoming auction.  Item is new in box, never unwrapped.  However, that item has a history of paint problems.  I emailed the auction house to ask if that lot has the problems common to that item.  They replied that "we're not unwrapping it".  Depending on whether or not the paint issue exists, there could be a value difference of $300 or more.  I'm going to bid under the assumption that the problem exists, but I'm betting that someone else will bet as if the item is known to be perfect.  It's frustrating.  That's why I like to buy in person, with no buyer's premium or shipping hassles.

In person doesn't always eliminate that problem.

I've seen many seller at a meet declare "It's brand new, it's mint!".  Which really means it's unknown.

The people sitting on things hoping to sell them don't want to take the risk on an inspection if they don't have to, because then they take the loss on price if it's in a degraded condition.  They are better off not knowing and still being able to claim "mint".  The buyer of course doesn't want to buy not knowing the condition.

Problem is there are enough people out there who will still accept the "It's not unwrapped, it must be mint!" mantra that sellers can hold out until one comes along.

Not all sellers mind you.  I'm just pointing out it's not necessarily always better.

Some sellers may be willing to open something for inspection if they sense you are an actual interested buyer (and not just a tire kicker - "oh, yeah that's a really nice piece... thanks..." and then just walk away after opening it without buying it, even if it's in perfect shape)

-Dave

@Dave45681 posted:

In person doesn't always eliminate that problem.

I've seen many seller at a meet declare "It's brand new, it's mint!".  Which really means it's unknown.

The people sitting on things hoping to sell them don't want to take the risk on an inspection if they don't have to, because then they take the loss on price if it's in a degraded condition.  They are better off not knowing and still being able to claim "mint".  The buyer of course doesn't want to buy not knowing the condition.

Problem is there are enough people out there who will still accept the "It's not unwrapped, it must be mint!" mantra that sellers can hold out until one comes along.

Not all sellers mind you.  I'm just pointing out it's not necessarily always better.

Some sellers may be willing to open something for inspection if they sense you are an actual interested buyer (and not just a tire kicker - "oh, yeah that's a really nice piece... thanks..." and then just walk away after opening it without buying it, even if it's in perfect shape)

-Dave

My way to work around that (if I'm seriously interested) is to negotiate a price under the assumption that it's really mint, with the understanding that I won't hold to it if the item is less than perfect.  Arrive at an agreeable price, open it up, and pay the man if it's as advertised.  I've had some luck doing that at TCA meets.

However, sealed-in-carton postwar items are a different animal.  As an operator, I'm not interested in paying a premium for something that loses value just by taking it out of the box.

@Dave45681 posted:

Also 6% PA tax, unless you have a re-sale number for your business, I believe.  Certainly true within PA, but I think they hit all states now if you don't have the tax number stating you are a business.

So add 21.9% to your high bid, then add shipping.  Shipping is not stated, but they arrange with you when you win.  (I've picked up, not shipped, so can't comment on shipping details)

-Dave

I live outside of PA and there was no additional tax charged on my invoices, just the 15% buyers premium.

To clarify for additions to the bids - There is a 15% buyers premium on all sales.  This gives the subtotal and is the taxable amount if tax applies for you.  Per the terms, AT THIS TIME, PA sales tax is applied to any PA resident or anyone picking up goods in PA unless you hold a valid resale tax license in PA OR your state of residence.  Thanks!

Jared

Sorry for posting my incorrect assumption.  I deleted my earlier post since it now adds nothing with Jared describing the full details.

-Dave