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Strong prices from Texas sale

So Bill, how did the sale today go?

"We got more than we thought we would," came back the reply from auctioneer Bill Bridges of Bridges Auction Company. I caught Bill on the drive home to Oklahoma from the farm machinery auction they held yesterday (April 22, 2009) across the border in northeast Texas.

Check out the slideshow below to see what things sold for. Click on each piece of equipment to view more auction sale price data on that item.

Trying to guess how much used equipment will sell for or trying to gauge how much your used stuff is worth has been tricky business the last couple years. Not so much a problem of declining used values. Nope, just the opposite, a battle trying to figure how much more a piece of equipment might be worth.

Usually the case has been like the northeast Texas auction yesterday. Items selling for more than most folks would have guessed, even educated sellers (appraisers) like Bill Bridges. But one trend I have picked up on here just in the last month or so has been an increasing number of 'No Sales' at regional consignment auctions.

Perhaps the sellers just wanted too much?

I love it when our reps. covering auctions or our auctioneer contacts themselves relay to us on the no sale items how much the consignor wanted, as in "MF 1540 tractor with 264 hours, front-wheel assist, good condition, with MF 1525 loader, No Sale at $13,000. . . wanted $18,500."

That report came to me from a recent consignment auction in east-central Illinois.

From the same auction: Gehl 5640 skid steer with 95 hours, No Sale at $20,000. . . wanted $22,000. That's just how I list things in the sale price database in my Web site, "No Sale at $20,000 - wanted $22,000." Even though the item didn't sell, I still think this is good and useful information to help folks establish current value.

My favorite comment from one of our reps. covering auctions for us this winter? Easy. Came from a rep. covering an auction in south-central Kansas last month. Up for sale was a Ford 8N tractor. It was a "No Sale" at $1,700. The comment from our guy?

"Should have."

As in should have let it go for $1,700. Exactly one week prior to that auction in south-central Kansas, a Ford 8N tractor in good condition sold on a sale in east-central Nebraska for $1,790.

Proof of how it's every bit as important to realistically appraise current value when selling used equipment, as when you're looking to buy.

So Bill, how did the sale today go?

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