The judge called the original original winning bidder and the new bidder forward to the bench. Their agents went too. The house was on sale for $550,000 and the judge said the bids would be in $5,000 increments. The bidding began with the new bidder. He said, "I will only bid one more time." The other bidder went up another $5,000. The new bidder said again, "I will only bid one more time." The other bidder upped the ante again by $5,000. That did it. The house sold for $570,000.
What was unusual here? The new bidder's announcement of how much he was willing to bid. There is no need to broadcast your limit to everyone in the room. By saying his maximum bidding amount, he put himself at a great disadvantage. I couldn't believe that his agent hadn't advised him to keep his mouth shut.
Eventually, the original winning bidder won. He knew how high he would have to go.
What was unusual here? The new bidder's announcement of how much he was willing to bid. There is no need to broadcast your limit to everyone in the room. By saying his maximum bidding amount, he put himself at a great disadvantage. I couldn't believe that his agent hadn't advised him to keep his mouth shut.
Eventually, the original winning bidder won. He knew how high he would have to go.
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