Coin Slot

Coin Slot Magazine - #013 - 1975 - November [International Arcade Museum]
There is also a phenomenon called "command decision" where there is no
time to think. When we attend a large antique show or flea market, we see
thousands of items and we can take our time and make up our minds at
our leisure. There's no pressure to buy. On the other hand, when we att
end an auction, we are "served"one item at a time and we must decide
"right now" if we want it or not. This puts considerable stress and pressure
on everyone and the thought of losing a choice item often generates impul
sive, irrational action.
Auctioneers are very good judges of human nature.
Further, they are very
good poker players and are able to spot the glazed excitement in the bid
ders eyes and know when to "pour it on". Some people are so eager to bid
that they "raise" themselves. Also, some auctioneers help them along by
pulling "phantom" bids out of thin air. Sometimes they get "stuck" when
a bidder unexpectedly quits. Usually, when a lot of confusion results as to
who had the last bid, itTs a good bet that the auctioneer wants to get out
from under it. Also, if an item goes cheap enough, most auctioneers have
several numbers they use to buy the item themselves. Shills are some
times used and many times these people "appraise" certain items to all
who will listen before the sale to be sure that a high valuation is establi
shed. I don !t mean to imply that all auctioneers resort to chicanery, but
enough of them do that it behooves the buyer to beware. Also, all that
glitters is not gravy. If you sell a slot at an auction for $500, you can
figure that at least 2% will be spent for advertising, and another 20% for
the auctioneer, plus another 2% for misc. expense such as electricity,
clean up, repair to damages, ect. The consignor now realizes $500 minus
$120, or a net of $380. Anyone who is thinking of getting big prices at an
auction should consider the expenses involved. Many times it is more
realistic to reduce expected prices and sell direct.
One of the big factors at an auction is what the consignor is willing to let
the item go for. If I consign a slot machine and felt that it was worth $500,
I'm not about to stand around and let someone "steal" it for $25. I will
arrange a "deal" with
the auctioneer ahead regarding "buy-back" privi
leges. Further, I, or my representative, will be there "running" the bid
up.
Pages could be written about sales psychology and what motivates people
to attend and buy at auctions, but, like the carnival and the hoochee koot-
chee tent, the atmosphere plays an important part. The noise, the crowds,
the smell of pop-corn, and the basic hope to get something for nothing all
play an important part to stimulate excitement.
Another factor that influences price is "Expense Justification".
People who
travel vast distances feel that they have to buy something to justify their
trip cost. I understand that at the Reno auction there was a buyer from
Japan. You can imagine what his expenses were.
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There have been two Slot
auctions d this
The 1st one brought fantastic
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oa more .a realistic.
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prices. The 2nd one,
Why ? The quantity available theory,
r
n
ow there's
w a barn full, they tend to become more rational
when people D
think
w don't
w
/
/
in bidding. I personally
think ther'll ever be a barn full of slots avail
:
able and I expect
http a considerable "dry" spell before another auction of this
type is re-generated. See you all in the $1 tent.
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