Auction tricks & psychology (or lack thereof)
I too watch the big joint auctions, have rarely (if ever) entered a bid just because I don't want to enter a bidding war, so I watch till it hits what I would have bid maximum. Not a real strategy, but here is something years of "vintage" (antiques to today's crowd of seemingly well heeled young buyers). I (and the wife) don't get into Louis the whatever and I'm not any competition to the Keno Brothers, but we do enjoy a real decent rate of return on quality pieces Ethan Allen, Henkel Harris, Mershon, etc.
When I list we do NOT ever use a reserve. Yes...you do "risk" someone grabbing the piece for a couple bucks, but in 40+ years now that has not ever been the case. Witness the popularity of "buy-it-now" pricing, and with true auctions (like GI, GB) those "penny auctions" are always what catches my eye because, like gambling, there IS A CHANCE I'll get it for peanuts. With reserve pricing, even though you don't know the reserve price, you are well aware that the seller has loaded in what he a: thinks it is worth (usually all gold), AND b: any sellers fees and taxes, so I'm usually well out of it before the bidding gets close to the reserve so a waste of time for me.
Like the furniture auctions, everything starts a $2.00 and there is a bunch that get it the first day with $2.00, 4, 6 then it stalls until the actual closing day, about 1 hr to go...then you see the proxies and max bids come in like gangbusters. Last 5 minutes get down to two duking it out $25 to $50 at a time.
I really think the no reserve, penny auction format brings a LOT more lookers and tire kickers, and there is at least 2..maybe more that will really want that piece.
Dang Ikabug....I really didn't know your neighbors needed a set of cokes that bad.