I second Traditional farmers comments. The value of anything at an auction is determined by the two people who want it the most. As a seller that is exactly what I want. If this was your auction, would you have stopped it at the price you thought was fair and gave it to the seller? I bet no.
When I am a bidder, I bid up to my max. price, if I get it good, if not, someone else owns it.
I hear lots of people complain at auctions of a tractor that sold for $5000 and they only wanted to pay $2500, or they saw one down the road for $2200. Well instead of complaining, you should have bought the one for down the road for $2200.
To answer your last line, yes I do see some of this at our local auctions, BUT, every item is worth what the highest bidder pays, not what all the spectators drinking coffee sitting on the seat of their childhood tractor reliving their youth think.
Favorite quote I hear a lot after a Cub, 8N or similar tractor sells in the $1000 price range... "My dad paid way less in 1948 when he bought one of those used". Sorry there has been just a little inflation in the last 65 years.
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