I enjoy watching the pshycology involved with the art of bidding during an auction. There are lots of emotions that can happen in a short period of time during an auction.
Hoping for a miracle–This bidder has an addiction to owning a good animal, but they know that they aren’t going to get it done. This is the type that bids at 8:05 am on an online auction and then spends the rest of the day checking to see if they still have the bid, knowing full well that 99% of online bidding doesn’t happen until the auction begins to close.
Settler–There are those bidders that have a budget. They find their animal of choice and bid right up to their budget, not past. Usually, they find the higher end animals which blow right past their budget. This type of bidder normally has to participate in several sales before they finally settle on an animal that fits their budget.
Realizer–The next type of bidder/buyer has usually been a settler and they have now made the decision to expand their budget just a bit. They are uncomfortable bidding past their budget, but they realize they will have to spend more to get what they want. They will make a run bidding on their animal of choice, past their budget limit, but they don’t get it and you can visibly see the disgust on their face as they stand there shaking their head. Heart rate goes up considerably.
Competitive–This type has gone through the first three mental phases and is now prepared to boldly go where they have not been before. They still have a budget, but it has increased. During the bidding, they get past their initial budget and are now nearing the point that they don’t want to cross but it now becomes a competition. One on One with the dollar amount becoming irrelevant. This level is the most visible as you literally see the bidder jump off the cliff and not look back until it is done. At the drop of the hammer, there is a feeling of relief that they got what they wanted but also the fact that they have never spent that much before. Once they cross this point, If this purchase works out for them, they will become an aggresive bidder on whatever they want in the future.
The Aww, screw it—This bidder has crossed the bridge and burnt it as they crossed it. There is no turning back. This type is just going to own that one, no matter what. They are sick of traveling, sick of looking, they know that they want/need this one and they aren’t going to lose. This one usually utters some 4 letter words as they turn loose and keep nodding their head towards the bid taker or they keep clicking that mouse. SUBMIT!
Personally, I have experienced all of the symptoms.