Primarily Petroliana Shop Talk Forums Shop Talk Petroliana Forums General Petroliana Discussion Peotone Auction

It's obvious from the insane prices realized that the 18% buyers premium had no effect on interested buyers. Can't believe some of the prices...I'm thinking Morphy Auctions have their own clients that also like gas and oil? There were some deals but very few. Auction still in progress we'll see how the rest goes. Some pieces were 25% to double retail PLUS the 18% wow!!! We'll at least all our collections just greatly increased in value.Scott B.

I was watching the live online bidding. How do you go back to item one and see what everything sold for?

I was wondering also. Im watching it now waiting for some items to come up so I can bid. I missed the Coastal and Rebel globes. Scott, did you see what they went for?

52000 or 53000 on the Harbor!!! Plus 18-20% holy cow!!
I missed a deal on one though. Computer didnt click for some reason and lost my bid!!! Life goes on though.
Mobiloil Marine can did great at 700. I was runner up but that 20% stopped me.

This for me has been the best selection of stuff for my collection that i have seen auctioned. Now if i get anything will be another part of the story.

Scott I think that this phenomenon is being seen at a lot of auctions where deep pockets who are buying trophies rather than collecting for themselves. Last weeks auction in AB had a clock face go for 14.5. I saw fantasy pieces that you can buy online for 50 sell for near 500. Sensible? Practical? Obviously not. While this drives up the value of your collection unfortunately it will make acquisition prices that much higher and certainly makes this all less affordable for the new entrants into OG whether young or old (like me). And it brings out more bad behavior from people such as outright theft, deception and fraud.

Morphy Live and Live Auctioneers bidding tools are antiquated software. You'd think they would invest some of that 18-20% buyer's premium into updating their bidding software. IMO Proxibid has the #1 online user interface for bidding. I was really disappointed when I found out the Peotone auction wasn't available on Proxibid. With the Proxibid tool you can be watching the live action and scroll back and forward through the on-line auction catalog. You can get sound from the auction if it is provided. You can also text a live person and get instant feedback. SOOO much better!!

I can't complain too much, at least the Auction is/was available via Live Auctioneers.

Interesting tidbit of info ... I was logged into both the Morphy Live bidding tool as well as Live Auctioneers bidding tool. The Live Auctioneers tool seemed update much faster with bids before you saw the same bid hit the Morphy Live tool.

I'm still holding out for a good deal on one of the globes still coming up. Based on the high selling prices that I've seen thus far, I'm not going to hold my breath.

I don't want to be negative - and I often overpay for things I like. - But I could not bring myself to bid with the 20% buyers premium.

In the long run this probably saved me a bunch of money.

Ray

I have been watching and quickly realizing that at these prices I am going to end up with a big ZERO to add to my collection. Still great to see these items. I am also not impressed with "live auctioneer" and I miss proxibid!

i bid on the supreme flange sign it went for 800 bucks plus 18% plus shipping you are looking at a grand for a flange sign how is that even possible.

IMO- effected (buyers & sellers) everybody involved...

Glad I got into it years ago...I feel bad for anyone starting new...these prices are getting insane!

Are you seeing what the salt & pepper shakers are fetching???

Could not agree more, bring back proxibid.

Yep, thats why i dont collect them!!!
I have bid on multiple things and have ended up with ONE so far.
Going to be a long afternoon...

Dan McGuffey hears me say this a lot, lol! Just wish I would have bought more of the more common pump plates as I don't want to pay the prices now. I always thought a lot of them were plentiful enough that you could buy them anytime for a bill or two....definitely no longer the case!
Darin

Proxi Rocks!!

I'm watching through the Morphy Live? I'm not a fan!! Hopefully we'll be able to go back through the auction after it's over. It sure would be nice to see what things have sold for.

Proxi Rocks!!

YEAH YEAH. I did have that privilege... I was collecting other thing!!
That Mobil truck plate hurt!!!

do you think Dan will post the results on here?..

What kills me on the LiveAuctioneers site is the commentary..
"Please bid Faster!!!"... They cant wait to take your money lol

I'm sure he will but I'll find it on my own I'm sure.

As a customer, I was just offering up my thoughts on how they could improve their customers experience. Maybe they will hear the voice of the people and improve their customer interface.

Was teetering on going but based on prices glad I didn't waste the gas.

That would be me. I started getting into signs and gas pumps about a year ago. The prices are crazy. I'm hoping that my first swap meet next weekend will lead to more reasonable prices.

Yes their software is antiquated I was not able to go back and check prices that's not professional...Falcon globe $3500 plus 18% crazy, Single Buffalo $4000?? plus 18%. Serious that's the price of a complete one! Red Hat metal nearly $13000 with the premium-I know it's rare but...Wow I guess my one piece, which I thought was worth $12000-$15000 should be worth $20000 now. Hey good for me! Worn H-C $1000 I couldn't get $500 for one in that condition...Roman pump $12000 that's fair even with the 18% added. Very few deals for anyone. Salt and peppers will shock some people...One great globe fell through the cracks and we got it. But we won't be bringing much back...Good for the hobby-Well I'm not sure??? Scott B.

[quote=mcguffeyd1]What kills me on the LiveAuctioneers site is the commentary..
"Please bid Faster!!!"... They cant wait to take your money lol
[/quote

I don't like the high fees but If you have ever been to an auctions where the auctioneer drags out every item for every $$$$, you really love that Dan moves the auction right along because it forces every one to get their bids in and it doesn't Take All Day!!!!

Got to watch quite a bit and was amazed at prices. Bid on one clock,and got blown out of the water real quick. Ah.. Well maybe next time.

Wow that Sunoco DynaFuel globe.
A decent metal body and 1 lense for $700+20%=$840.
Did those people forget there is only one lense?

I have been a S&P collector for more than 25 years. The previous high that I knew of for a set of shakers was $1250. This auction had four sets bring over $1300 without the buyers premium added in. With that said there were still some that sold at resonable prices.

Yes I sure like Proxibid better. I had refreshed my LiveAuctioneers page a few times and had no problem bidding earlier but it wouldn't take my bids!! The Dan's missed out on some monies from me. I called and talked to one of the helpers and they said they would have their IT look into the problem.

Same issue here. Missed the Sinclair EGC globe because of it.

IMO unless its your item that just sold in the auction, dont expect to get the same price. Like the stock market GM might be worth 36 bucks today but unless you sold it today, you might get 10 bucks next week.
Like the Wyneth tire sign, one week 31k the next one goes for 16k.
Speculation can be a fun thing for sure but until the hammer comes down, its just a guessing game...

Is there a link to the items that have sold with pics and prices?

I wonder whether the results at an auction like Peotone only affect the prices of rarer items, and leave the market value of more common signs and cans untouched. That being said, I have noticed at local auctions that if there is a large volume of petroliana for sale, the prices sky-rocket. You have people who all want the same thing, all in the same place, all at the same time, all with pockets sagging down to their ankles with cash. The prices are bound to rise above an isolated market value because of the competition. No one carries a book of market values around with them. Like seagulls all flocking to a single piece a bread thrown to them on the beach. If you want it desperately enough, you are going to fight for it.

Bill,
Do you think new buyer that paid $1300+ for a set of S&P will Enjoy them as much as John did for a couple of hundred?

As a seller I enjoyed the auction.. Just thought I would give a different view.. Tom

I guess if you can afford it you will get enjoyment regardless of the cost. It's all relative. I know I enjoy things more when I get them cheap.

I sure hope this doesn't effect the asking prices @ the show Sunday.

We were able to get a few pieces, few were a good deal a couple we probably paid to much for but we wanted them! I am not at all happy with live auctioneers. The very first item that I bid on I clicked on the bid bar at a price of $350, only clicked it once and a second later it popped that I had won it for $800! What!?? Ok whatever, I emailed live auctioneers about it as soon as it happened. Next up were two signs we wanted. on both of them I click away on the bid bar and nothing never took my bid closed the items to sellers on the floor, without out ever allowing me to put a bid in! Please Mattgas bring back proxibid. I hate not begin able to read a description about the item or scroll through the rest of the catalog.
Bobby

I only won one piece at what I call a fair price, got the 16.5 refiners globe. Bid on about 20 other pieces but no luck. I agree with all the above statements about morphy live and live aucioneers. They are not nearly as friendly as proxi......Oh well, if we complain enough, Dan does read all this stuff so we will see........

inside info: harbor sold for 50k + 10k buyers prem..

I have a feeling that is the same one over and over just to get some collectors to the auction to spend money. Just like the Yenko Camaro and Yenko Nova that Mecum has and is for sale at every show. I may be wrong.

I have a feeling that is the same one over and over just to get some collectors to the auction to spend money. Just like the Yenko Camaro and Yenko Nova that Mecum has and is for sale at every show. I may be wrong. [/quote]

I believe this one is the first 2 sided harbor Dan has sold..

I believe this one is the first 2 sided harbor Dan has sold.. [/quote]

Not sure. They are out of my budget so i dont follow them much.

I pre bid on Bidopia, but how in the hell do I know if I won them? No out bid emails and all it says in my Bidopia account is I will be notified if I won... Bring Back Proxi Bid because this is a Joke IMO.... Go here to do this, but then go here to do that, but you can also click here....... Way to many steps in the process....

But the Flip online Auction catalog is Cool!!!

I didnt bid & was wandering the same thing?

I feel your pain...I pre bid on an item with live auctioneers. Item shows only 1 bid..mine? shows sold for my high bid...but I cant see if I won it? Have gotten no emails or contact. I look on LA in my Q and says I have nothing won or bid on??

Link to Peotone auction prices

http://www.liveauctioneers.com/catalog/50857_2014-spring-peotone-auction/page1

Something else to complain about. You have to be a registored bidder to see the resulting prices. Mitch

Registration is free, do it once and you have access to all auction results.

I was on Morphy Live,half the time I bid the item was closed before it went thru,gave up before they started the S&P. Stupid $$ for common Texaco PP. Bring back Proxi Bid,but I know it's Not Dan's SHow anymore so probably Not Going to Happen.

Couldn't agree more with Kim's comments!

IMO many people took the 18% into consideration, there were a lot of good buys for collectors. Everyone wants to make a big deal out of the Harbor and Bruin when those signs brought right were most people expected. Let's not forget a SINGLE SIDED Harbor sold for $52,500 plus bp in 2008!!! Many of the pump signs were soft and so were the globes. It's just like any auction their were a few high prices and a few low prices and the majority of the prices were right in line.

I would also agree that the online bidding format is one of the worst around, you expect some enhancements when your fees almost double.

I was thinking I may bid but upon looking at the terms, to agree or not to agree; I did not agree. I felt 20% was more than I wanted to pay as a off sight bidder. Others did not seam to mind and the prices lots sold for show how the hobby has changed since the great recession.

Let me get this straight... you didn't sign up because you didn't agree on the buyers premium?
Why not just decide what your top dollar is and subtract 20% and bid?
Do what ever you want but i don't see the logic behind not signing up.

I guess i don't see why anyone is complaining about buyers premium's.
I wasn't happy with all the different bidding sites but now that i know what is what... i am ok with it. I feel like i am somewhat knowledgeable with a computer but someone older might be confused?

Best thing to do is call Dan Morphy and tell him your complaints. It won't do much good here complaining unless you just want to vent? LOL

I didn't sign up because of the buyers premium and I did come here and vent (that's what people do on the internet). If Dan wants to ignore people like me and Rich who voted with our dollars that's fine... Sorry, but I'm not going to take my time to call him, its just not a big deal to me.

Ray

Exactly! Lower your bid to compensate for the 4 or 5 extra percentage, it's cutting off your nose to spite your face. If you guys are right the prices will lower enough to make up for it anyway.

If I am interested in a sign, I will decide what my top doller is I want to spend on it. Say that number is $1000. If there is zero % buyers premium, I can bid $1000 on it. If there is a 10% premium, I would only bid $900. At 20%, bid $825. In the end, my top bid plus premium would be right at the $1000. If I do not get the sign, it is not because the premium was to high. It would only be because someone else was willing to spend more money on it than I am. Even with a 50% premium, just bid $650. What difference as a buyer does it make where the money goes when you bid? If you are willing to spend $1K on a sign, does it matter how much the auction house makes? I can see if the auction company did not say in advance the terms of the sale then tried to tack on an extra 20% but it was well advertised in advance. Just adjust your bid down to end up with your same top end price. If you get outbid, the other guy was willing to spend more than you were.

Well said Wes

Exactly what I've been saying for years,,, every time I go to a sale it's the same guys saying the same ole thing, chewing about the buyers premium...Well said Wes Maxwell.... It's not rocket science ...

I believe this is rocket science for some of people.

It's amazing to me how people can totally miss the point! There will always be a buyer's premium and personally I believe there should be. However what's hard for a lot of people to understand is how THAT FEE IS RAISED by 80% and you get no additional benefits. So before you go on with your call so and so to complain or adjust the amount you bid think of it like this:

You pay $100 per month for cable tv, starting tomorrow you now pay $180 per month for THE EXACT SAME SERVICE. That's an increase of 80%.....When you go from a bp of 10% to 18% that's an increase of 80%. Now how many of you would be complaining about that!

I like Dan Matthews and think he's done a lot of good for our hobby, I don't know Dan Morphy, but I think he's done and will do a lot of great things for our hobby. So this is in no way an attack on them, I'm just trying to explain to some people why many people are upset over the rise in the fee. In the long run, the reach that Morphy's has is tremendous and it will be a great thing for this hobby. As with any change their will always be resistance, some of that resistance needs to be met with understanding.

When they bump up the BP and everybody adjusts- the consignor is the one that ends up losing in the end . The auctioneers sure dont. They're rolling when the hobby is so hot and are cashing in on it, which is understandable IMO. Its up to the individual as to where he gets /finds his stuff. Who he/she is comfortable with. I buy lots of stuff from auctions but you have to admit they and a few others are the ones that are making most of the money in this hobby. And people bring them the stuff!!!

John,
I agree to your statement. Need to compare it more to car dealers versus cable companies.

Local mom and pop auction companies are like your gas station style car lots. Small... do a good job and deal on lower end stuff. Every now and then they stumble across something good.

Dealer ships are more into where Matthews and Morphy are at.

Both sell cars... one is just more specialized and deals in better stuff. Morphy like a car dealer ship has a real nice building, friendly staff... you get the picture.

Bottom line is where does one want to spend his or her money?

Not to get away from the rant but has anyone who think they won the bid heard from Bidtopia. I finally called Dan Matthews to find out. What poor service. Bring back proxibid