Primarily Petroliana Shop Talk Forums Shop Talk Petroliana Forums General Petroliana Discussion SIgn of the times?

Went to a large farm auction this morning in the next county where a farmer who worked 10,000 acres died and had a practically brand new line of large John Deere equipment including 2 of the largest turbo 4 wheel drives built. In the corner of one of the Morton buildings was a pristine unrestored Wayne 519 with all the gallonage stops intact, hose, nozzle, and excellent glass. There were over 275 bidders as I had number 274. Long story short, after I bought one of the 07 four wheelers, I was about to leave and one of the auctioneers walking through the crowd said "Aren't you staying for the pump"? I knew it was there but had one already, but thought what the heck. An hour later they got inside and the bidding stopped on this pump at $350! Now realize this site was very close to a major city in N Il., not out in no where and to buy any of this large Deere equipment with one years use brings a hefty young or old crowd with good credit or deep pockets. So when the pump came up,stopped at $350 I jumped in and one man (that is all) ran me to $500 and it was gaveled from the auction truck sold. I couldn't believe what had happened. No one came around me after I bought it - asked about buying it - nothing. I loaded it in my diesel, went to the university where I work, got a couple guys to ride with me and we dropped it off in my machinist buddies driveway as a gift. He has made some impossible parts for me over the years for my race cars, pumps (when there were no repro parts being made), ect. He has always wanted one but is not in the oil and gas game.
But this bothers me people ,as this is the first time with a large crowd at an auction of all places where people had money, that they basically gave a pristine piece away. On the other side of the coin, Earl Cheeses auction brought heavy money in Peotone last Sunday on signs, several of us thought. With the stock market hitting record lows after the unemployment index came out today and all the other possible bad scenarios waiting in the wings IS THIS A SIGN OF THE TIMES? Most of the people that were at Earls auction were somewhat grey haired as Iam. Very few young people. Several professional "pickers" whom I will not name were buying up signs for resale at any price. Is the common guy slowly getting squeezed out due to economics and is an age barrier starting to take hold? Something is amiss as I bought pumps like this in the late 80s for nothing less than $800 and yet at professional auctions signs are being bought for incredible dollars and then resold as I personally know one of the "pickers" and whom he represents. I also know that Earls pumps did not bring what they should have. Maybe pumps in general are down. Am I missing something here? Leave it to you guys, is it a sign of the times or are things changing due to age, money or both?

the times may have something to do with it, But it was a farm Auction, and the pump was just an item on the farm, Most Farmers who have the money to buy those big dollar tractors for Farming don't give a rats *** about a Gas Pump, they spend their money wisely on things they need. If the pump was a highlight of the auction, more people would have known it was there

Well...I would say that obviously things might be pressured to the down-side, it would be silly to think otherwise.....BUT, I was at a little country auction last Saturday and saw extremely common & cheap pump signs & cans & globes going thru the roof. I don't think there's any real continuity to pricing right now, it's just all over the map. I can assure you, I'm buying anything I can get my hands on.

I think KZ hit the nail on the head. Auctions are kinda' wierd sometimes. I've been at numerous auctions where two or three bidders just go into a bidding frenzy, and run a price up way too high.... For junk!!! Other items, which should bring a higher price, comes in under the radar, just because there is no buyer for it. I've picked up a few cool pieces, just because no "Petro" buyers were there. Consider it as a gift. After all, you did give it to a friend...

KZ: Thank you for making me feel my day was wiseley spent buying "one of those high dollar tractors" for the family farming operations I own and the pump. Since you live in MASS you probably would not believe that within 15 miles of here there are over 25 restored visibles on farms for decorative purposes and the farmers are nuts over collecting old farm memoribilia. A John Deere Neon at Earls auction brought an incredible amount of money compared to some of the oil and gas signs. Right now there is an abundant amount of money in large scale farming but that could change and is not a topic for here. I think KZ if you lived around here you would find there are a lot of farmers that give a rats --- about collecting memoriblia as I have gone up against them many times. Seth ,I agree and don't pass much up but still wonder where the youth is in this hobby. At 55 yrs old I want to see things preserved for the next generation and hopefully like car collecting we can get them interested. Oh and KZ the pump was pictured next to two Deere 16 row combines on the sale bill that brought $200,000 each so I think people saw it, just no interest. Thanks for your interest guys.

Here's my future generation. He's not even 1 1/2 old and already collecting. He's on the lookout for a good cheap pump too.
Mike

Let's all take a look at our motives. First of all there are those who regardless of price keep buying to be able to say they have 1000 (globes, pumps cans, signs) because they want to collect them. They are collectors, they don't care about the price, they just want to collect, and then let their heirs worry about the stuff after they pass.
Then there those of us who look at all this petro stuff as a good investment. At any time we have a great display. But...if you are young, buying a sign for $100 today that you know will be worth $500 five year from now, is the same as putting money in the bank for your childrens college fund. I have always said, give me $100 today, and I will guarantee you I will give you $110 one year from today. Where else can you get this guarantee. I'll tell you where. First, buy every book that has been written for this hobby, Scotts globe book, my gas pump, my air book, any of the two can books, etc. become the most knowledgable person at that auction. Buy smart, put the stuff up in the rafters, and you will have no problem putting your children through college.
This may sound silly, but at age 73 I still beat most of my opponents in darts, not because I am better, but because they have an ego that says they will beat this old man. Don't let your ego get a hold of you, when you are putting your hard earned money out for things in this hobby, make sure you are spending it wisely.
I have a vidio of the 1988 auction at Iowa Gas (20 years ago) and you will be amaized at the prices. At that time, I was amazied at the high prices. Looking at the vidio, I wish I had the money at time I would have bought every thing that was in the auction.
As many of us have said, first buy smart, buy the best quality, don't worry about it being $50 or $100 over what you think it is worth, two years from now it will be worth $100 to $200 more than you paid for it, show me any bank that will give you that kind of return.
Well enough of my rambling, as I said in my last post, "This is a great hobby."

Jack Sim

7 SEC SS says;
KZ: Thank you for making me feel my day was wiseley spent buying "one of those high dollar tractors" for the family farming operations I own and the pump. Since you live in MASS you probably would not believe that within 15 miles of here there are over 25 restored visibles on farms for decorative purposes and the farmers are nuts over collecting old farm memoribilia. A John Deere Neon at Earls auction brought an incredible amount of money compared to some of the oil and gas signs. Right now there is an abundant amount of money in large scale farming but that could change and is not a topic for here. I think KZ if you lived around here you would find there are a lot of farmers that give a rats --- about collecting memoriblia as I have gone up against them many times. Seth ,I agree and don't pass much up but still wonder where the youth is in this hobby. At 55 yrs old I want to see things preserved for the next generation and hopefully like car collecting we can get them interested. Oh and KZ the pump was pictured next to two Deere 16 row combines on the sale bill that brought $200,000 each so I think people saw it, just no interest. Thanks for your interest guys.


I am so sorry, after 25 years of collecting, I thought only us from MASS collectd this stuff, Silly Me


You missed the point, If ALL the Farmers that were there collected this stuff, It would have went for more money, It sounds like only 2 people wanted it

Consider it a good buy and you most likely made your friend happy and you were happy too.

Auctions can be funny. Was the pump advertised as a part of the auction?

Right now people are putting their money in other things besides the stock market for obvious reasons. Investments you can put your hands on are seeing an increase in sales. Look at results from the latest gun auctions and sporting collectibles auctions. They are seeing record prices in this downturn in the stock market. The petro market is included in this as well. Earl Cheese's auction results should say something about that.

If an auction is well advertised, reaches the right market, has QUALITY items, attracts the right bidders, then prices should be strong. The key word should be quality. Buying quality not quanity will most always bring you a good return on your investment.

I just went to a local auction that had 6 investment quality signs. I paid good money for a rare one and some more common signs in really nice shape brought strong money. These were mixed in with antiques, junk, and anything else you could imagine.

Personally I am starting to put my money in these areas. If I can get a good buy here and there so be it. Some stuff I'll hang on to, some stuff I may resell down the road. Right now it's better than putting money in my mutual funds and I can enjoy them. Like any market there will be fluctuations and the occasional "find" like you came across in that pump.

So I guess after expressing my two pennies worth, I feel the market is strong, but for qaulity items in all areas. Buy what you like because you like it, not always for a quick return on your buck and you'll be happy.

Good question, and good topic.

One last thought crossed my mind, pumps are sometimes heavy and not the easiest thing to move around at times.

Maybe this had something do to with the price and maybe the prices of pumps at Earl's auction??

I don't know. I guess we can keep an eye on upcomng auctions that offer pumps and see what happens.

I was at an auction here in town 2 weeks ago and you wouldn't know there was any kind of recession. There was a decent 42" Pontiac Service sign that brought $1750 plus 10% buyers premium. There was also a rough Gilbarco 1006 that brought $330 plus buyers premium. All the other items went real high, no deals and people were letting their money flow! It all just depends on who shows up. I think the visible was just a lucky deal.

KZ and all: I am sorry if I got anyone upset as I think the world of this hobby. I am in my 50s and have been active in car collecting all my life with my father and petroleum collecting since I was 23. I want nothing but the best for this hobby and I too have a large investment after this many yrs with signs, pumps for example like my NOS Simplex and two Duplexes. I am the last guy that wants to see anything happen to the value of pumps, signs or the participation in this hobby. I go way back in collecting when I was young, the hobby was brand new, when the Jackie Knotts, Kyle Moores and the Iowa Gas folk of the world were trying to start this great area of collecting.
My friend is estatic and to be honest, so is his wife with his new pump. He was very emotional his wife said when he came home last night from the shop and saw a real Gulf globe on top of the pump. His father ran a Gulf station many years ago and is now deceased as is mine. His machine shop has been a little down so Iam sure this was an uplifter. Knowing him, it will be nearly perfect or over restored when done and that makes me feel good.
One of my secretaries husbands is dying right now of lung disease 52 yrs old, and 3 of my young employees are just about to lose their homes due to bad decisions on mortgages. I am very thankful this time of year for my children all healthy and educated and that they had a hand in collecting things when they were young, still appreciate all it, remember certain pieces and stories as we have went our way through life together. My buddies and son that comprise my race team are still in awe of the articles I bring home and hang on the walls ect. I wish all of you Happy Holidays from DeKalb, Il. and Jack I just got your book. Awesome. What I would have given for that in the early 80S when there was no information or parts out there at all. Have a good one guys and thanks so much for your honest comments.

From a personal standpoint, I buy for myself. From a business stand point, I'll buy some rarer stuff for resale but the run of the mill stuff I'm not buying right now unless its dirt cheap.... The last 2 years business has dropped off drastically on the run of the mill stuff and restored pumps. I still have a good stock or pumps to restore, but I'm doing by order only; not doing any on speculation. On a good year I would do 10 restorations a year and sell them right away; last year I did one. As far as auctions go, all it takes is one guy against you and may the best man (or the guy who wants it the worst) win. I have scored big on some auctions, even ones that had tons of guys looking at the item. Luck of the draw. I love this hobby and love auctions!!!!

My $.02 worth.....happy motoring!!!

gaspumpchas

auctions are funny and are always exciting for me.......i always pray for rain, i seem to get the best deals when its raining.....i think it keeps the fair weather birds away.

As an Auctioneer, "Auctions are funny" can sometimes be an understatement. 30 years in the business and I get fooled all the time. An item will bring $500.00 today at my auction and next week the same exact item in better condition brings $75.00 with the same folks there that watched me sell the one for $500.00 last week. Go figure.
An old time Auctioneer summed it up saying " people go to an auction for a bargain and, sometimes they get one"