One of the least known facts about live auctions is the ability of auctioneers’ to “read the room” and determine who the main bidders are while gauging bidders’ triggers that will help them to secure the items they want at a price they are prepared to pay.
Whether a room is full of bidders who are serious investor or first timers, it is the responsibility of the auctioneer to get the best market related price for each item in order to fulfil their mandate to the seller. A good auctioneer needs to be entertaining enough to hold the attention of the crowd as well as disseminate required information about the items they are selling to enable them to highlight key selling points to help bidders make their decisions more effectively.
The South African Institute of Auctioneers (SAIA), the professional body representing the country’s top auctioneers, says engaging the services of a professional auctioneer is critical to getting the best prices for the assets that are being disposed of. National secretary, Sonja Styger, says the purpose of an auction is to get the best market related prices for assets for disposal and to do so in a ethical and transparent manner.
She shares some insights on why it pays to seek the services of a SAIA registered member and how they use a variety of little-known techniques for reading an audience, driving competitive bidding and adapting to the growing shift toward online auctions.
“Auctioneers have long relied on the energy of the crowd to gauge interest levels and identify potential buyers. Reading an audience goes beyond simple observation—it’s an art form that requires paying attention to subtle signals. These includes eye contact and gestures which they are trained to pick up on, such as fleeting eye contact, hand movements or even posture changes, as these can signal interest from potential bidders who may be hesitant to start or raise their bids.
“The atmosphere of the room plays a huge role. A well-seasoned auctioneer knows how to adjust their tone, pace and energy based on the audience’s mood. If the crowd seems disengaged, they may introduce humour or increase the speed of the auction to rekindle excitement. Seasoned auctioneers develop a keen eye for serious bidders, distinguishing them from those who might be there just for the spectacle. Serious bidders often maintain a level of focus throughout the auction and make calculated bids at key moments.
“A well-trained auctioneer will get the best out of an audience with finesse. Once an auctioneer identifies key players in the room, their goal is to create an atmosphere that encourages bidding while keeping it responsible. They create momentum and by focusing on competitive bidders, they drive the required urgency. Bidders are encouraged to act quickly and decisively to avoid losing out, especially in cases of high-demand items.
“Often there is a lot at stake. Emotions can run high and while excitement is key to an auction’s success, responsible bidding is equally important. That is why SAIA registered auctioneers believe know that transparency is crucial and even use techniques to ensure bidders do not overextend themselves. In the height of bidding they outline clear terms and conditions including the payment structure, potential risks and other costs associated with the purchase.
“It is increasingly popular for our auctions to encourage potential bidders on valuable items to have one-on-one consultations with auctioneers before the event. This allows auctioneers to gauge a bidder’s financial capabilities and interests, ensuring they don’t get caught up in the excitement without understanding the full implications,” explains Sonja.
She continues that the rise of online auctions have diminished the ability of auctioneers to read audiences. As a result they have adopted new strategies to engage virtual audiences effectively. This shift requires different tactics than those used in a physical auction setting. Instead online auctioneers use digital marketing strategies to attract bidders before the event. Techniques such as email newsletters, targeted advertising and social media engagement plays a critical role in building an audience.
Many auctioneers have created virtual bidding rooms to mimic the excitement of a live auction. By using live video feeds, real-time bidding updates and interactive platforms, they keep bidders engaged throughout the event. Access to data also allows them to leverage analytics to understand bidder behaviour better. This includes tracking which items attract the most interest and monitoring bidder habits, such as how frequently they bid, which allows auctioneers to fine-tune their strategies.
To learn more and for insights into auctions visit SAIA’s official website at www.auctioneering.co.za
