Printing auctions - what are your stories?

[OffsetOnly]

I just participated in an auction this past week of a medium size shop gone bankrupt. I bought 2 pallets of offset ink. Maybe 75 cans of 5lbs and 300 or so of 1 lb cans. I paid $65 total and got a cool office chair for $5.

Lots of the ink was 5 years old plus but plenty of new unopened new cans. I can see why this place went under. MANY duplicate cans of ink such as three 5 lb. opened cans of process blue and 2 not yet opened. I can only imagine what else they blew money on.

They had an 2003 HP Indigo 3000 go for $5180. That must be a good price. The cases of electoink went for $155 each. I saw the service techs dismantling it when I picked up the ink and it looked beautiful.

In 1992 I bought two AB Dick 360's that were in beautiful shape for $35 total at an auction that was an estate auction and I got wind of the owner being a printer (no internet then really). That was very good back then.

Anyway, I'm curious of how others do at auctions. Got a good story?

 

[OkiTech]

We had participated in quite a few, spent nearly 100K and brought 56ft semitruck full of equipment out of Minneapolis a year or so ago, did few more after that. There was an auction that went south - half way trough the bidding we discovered that we must somehow convince auctioneer that we're good for the money. that was after bidding nearly $30K worth of equipment. So I told them that if my money isn't green enough for them, they can go screw. They cancelled my bids only to contact me later and offer to take some items that I was bidding on. But the problem was that I do not sit on the money and since that went south we already were looking in something else plus they told me that I can take HP Indigo 5000 but BID washer was sold to someone else as they did not let me bid and win on that. So I, once again, told them to get lost. Theoretically they wanted me to deliver a bank letter that I have $50,000 or so on my account and that within 1-2 hours before bidding process ended. Auction was on tuesday and therms said that whatever won must be paid by friday which gave me 3 days to consolidate amount necessary in 1 account plus it was an auction, I could win 20K worth or I could win 120K worth of stuff, it would be plain stupid for me to load 1 account to the max and then spend 20-30K out of it, what do I do with the rest of the money, wire them back where they came from? idiotic to say at least but they did not see it that way

 

[Possumgal]

That sounds dumb. I've printed flyers and cards for auctions many times, and never saw a demand like your auctioneers had. The bank letter of credit is par for the course, but not proof that you have the money all in one account.

 

[Digital Press Guy]

In a previous life I've bought and sold hundreds of items at printing auctions. There are certainly deals to be had, but let the buyer beware.

The events recalled by UnlimitedBT would suggest a less than reputable auction house for what they did not do. When you register for an auction in order to get your bid card you should need to provide all documents including payment confirmation information. You would also agree to all terms and conditions of the sale including the seller's commission and removal terms. All of this prior to any bids being made. Auctioneers are licensed in most US states but that doesn't stop unlicensed individuals from holding sales.

The key to success at an auction is know exactly what you're buying, condition and full cost including commissions and expenses. Its also good to know who you're bidding against as straw bidders are not an uncommon occurrence. Know what you're going to pay max and walk away if its not the deal you want.

 

[OffsetOnly]

This auction that I participated in last week was an online auction and was my first of that kind. All that was needed to bid was a credit card on file. They allowed inspection the day before the auction which I did not do. I've been to a few other local auctions where I didn't plan on buying anything just to see all the goodies and what they go for. I much prefer the online ones since you don't waste any time standing around in a crowded room with a bunch of crazy printers.

 

[Possumgal]

Trouble with online auctions is that you may not get to inspect the stuff, and you may not get what you think you bought if the seller is unscrupulous. All sales are final, so if you get ripped off, you've got no recourse.