If you have ever attended an auction, you know that the event takes on a rhythm of its own.
The question uppermost in every bidder’s mind is when to raise a paddle and how high an offer should go. Is early in the event better than later? Is waiting until just before the hammer strikes a good strategy? Who is bluffing and who is serious?
John J. Cuticelli Jr., who purchased the Sheldon Good auction firm in a bankruptcy sale last year, spent some time on the telephone with me explaining his business model and letting me know a bit about sale strategy during an event such as the disposal his company orchestrated of numerous units in Astoria’s East River Tower last month.
“Every auction has a downward slope,” Cuticelli observed. “The question is, Continue reading