Magna auction - opportunity for a mIll

TorontoBuilder

TorontoBuilder

Ultra Member
I don't know if anyone here is watching or had pre-viewed the magna auction but I think I mentioned the 1336 standard modern lathe at that auction...

It went for $2500 USD but all the host of fees added up to $4775 CAD.

There was a Harrison VS330 that went at $1100 USD or $2385 CAD after all the fees.

We chose not to bid on either because brother does not wish to have less than 40" between centers and wants the mass of a heavier lathe. I concur because I have figured out a layout that let's us keep both lathes in the shop.

I did see some really really stupid purchases that may be attributed to live auction fever and USD bids... man crazy stuff, but as usual if you had luck and nerve you could have had a deal on a First Mill, since there were 3 and not enough mill buyers... They were offered as buy as many as you like of three... but first went for $2000 USD, buyer only wanted the one... at that price I dont blame him. Second went for $1000 USD, buyer only wanted the one of remaining two.

Mill number 3 got passed when no one would bid $500 USD. You can likely contact the auction today and get it for the $500 under $1400 CAD with the fees.
 
Canadium

Canadium

Ian
I did see the auction and noted that there was a lot of interesting things in it. But with covid still rampant I'm still avoiding live auctions and besides I'm still a bit short of cash. Sounds like some great deals were there to be had!!!
 
TorontoBuilder

TorontoBuilder

Ultra Member
Canadium said:
I did see the auction and noted that there was a lot of interesting things in it. But with covid still rampant I'm still avoiding live auctions and besides I'm still a bit short of cash. Sounds like some great deals were there to be had!!!
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It was live ONLINE auction, so no need to leave home except for preview

yeah, I can't recall the exact sale price but there was an $8000 ultrasonic cleaning system that went for a song. I should have bought it but I dont really have room for a huge US cleaner.
 
TorontoBuilder

TorontoBuilder

Ultra Member
Doggggboy said:
Almost 2300 in fees? WTH
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My earlier post was incorrect... it is even higher. $5102 including fees, USD conversion and almost $600 in taxes on everything

Bid Amount $2500
Mandatory Rigging Fee $445 USD
Buyer's Premium 18% USD $450
subtotal
USD to CAD conversion 33%
HST on buyer's premium, rigging fee and item
 
Tomc938

Tomc938

Ultra Member
Premium Member
Doggggboy said:
Almost 2300 in fees? WTH
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Not surprising. Even our local action house used to add crazy "buyers premium". Not enough to make a large chunk of the item's sale price.

That's when I stopped buying at or attending auctions.

Oh, and our local auction house went out of business a few years back, so I guess I wasn't the only one.
 
TorontoBuilder

TorontoBuilder

Ultra Member
Tomc938 said:
Not surprising. Even our local action house used to add crazy "buyers premium". Not enough to make a large chunk of the item's sale price.

That's when I stopped buying at or attending auctions.

Oh, and our local auction house went out of business a few years back, so I guess I wasn't the only one.
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It must really hurt the poor people buying furnaces or cnc machines at 25K each... criminal fees
 
Canadium

Canadium

Ian
Even with the 18% auctioneers fees and GST on top there are often great deals to be had at auctions around here right now. I'm always factoring in the final cost whenever I'm bidding. I think not doing so would be silly. It all depends how much bidding there is. If there are a lot of bidders driving up prices sky high better leave it for some one else and start looking on Kijiji or Marketplace instead. The last year or so it seems to me bidding is generally not as hot as it was at the start of the pandemic.
 
Six O Two

Six O Two

(Marco)
I was curious about the SM 1334 lathe, but when I logged on after my morning responsibilities, I'd just missed it. I had seen the ~$400 rigging fees and it had put me off a little from the auction anyway. Well, that and the fact that it's halfway across the country. Still, ~$5000 seems to be roughly market value for good examples of these lathes.
 
TorontoBuilder

TorontoBuilder

Ultra Member
Six O Two said:
I was curious about the SM 1334 lathe, but when I logged on after my morning responsibilities, I'd just missed it. I had seen the ~$400 rigging fees and it had put me off a little from the auction anyway. Well, that and the fact that it's halfway across the country. Still, ~$5000 seems to be roughly market value for good examples of these lathes.
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Ah not really, the same lathe sold on kijiji for 1000 less about 3 months ago and was in better conditions with accessories, The two lathes at magna had none... Then again I'm not surprised either because there were multiple bidders on the lathe.

I factor in all costs and have a spreadsheet I keep open during online bidding in case I get stupid and decide to go over my previously set maximum bid. There are deals though I get them often... like all of my grinding fixtures... and a surface grinder.. and
 
TorontoBuilder

TorontoBuilder

Ultra Member
TorontoBuilder said:
Ah not really, the same lathe sold on kijiji for 1000 less about 3 months ago and was in better conditions with accessories, The two lathes at magna had none... Then again I'm not surprised either because there were multiple bidders on the lathe.

I factor in all costs and have a spreadsheet I keep open during online bidding in case I get stupid and decide to go over my previously set maximum bid. There are deals though I get them often... like all of my grinding fixtures... and a surface grinder.. and
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What I really meant was that this was not the best example, and better ones do come up for less often enough to wait.

After I showed my brother my past sales logs he got a lot more selective and decided not to settle for the right make that compromised on the B.C. length.
 
Six O Two

Six O Two

(Marco)
TorontoBuilder said:
What I really meant was that this was not the best example, and better ones do come up for less often enough to wait.

After I showed my brother my past sales logs he got a lot more selective and decided not to settle for the right make that compromised on the B.C. length.
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ha ha, good to know. If I get serious about my search for a SM 1440 or 1340, I'll know to contact you about current pricing!
 
M

Mcgyver

Ultra Member
TorontoBuilder said:
My earlier post was incorrect... it is even higher. $5102 including fees, USD conversion and almost $600 in taxes on everything

Bid Amount $2500
Mandatory Rigging Fee $445 USD
Buyer's Premium 18% USD $450
subtotal
USD to CAD conversion 33%
HST on buyer's premium, rigging fee and item
Click to expand...

Pre online days you could get lucky at a poorly attended auction, but technology is a big equalizer.....its made for a efficient market; ergo no deals. Layering on those fees, I mostly don't bother with auctions anymore as it seems rare to see a deal and if it gets into deal territory, access is convenient enough that some reseller like Wayne will step in.

Its either a lot more expensive to run an auction business than I'd guess or there is a lack of competition. I once interviewed a couple of them about liquidating parts of an acquisition we were looking at. They also charge the seller a percentage, with a minimum amount (enough to cover all their marketing and set costs). Then there are tricks, dragging in crap from other bought deals, shill bids, etc.
 
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TorontoBuilder

TorontoBuilder

Ultra Member
Mcgyver said:
Pre online days you could get lucky at a poorly attended auction, but technology is a big equalizer.....its made for a efficient market; ergo no deals. Layering on those fees, I mostly don't bother with auctions anymore as it seems rare to see a deal and if it gets into deal territory, access is convenient enough that some reseller like Wayne will step in.

Its either a lot more expensive to run an auction business than I'd guess or there is a lack of competition. I once interviewed a couple of them about liquidating parts of an acquisition we were looking at. They also charge the seller a percentage, with a minimum amount (enough to cover all their marketing and set costs). Then there are tricks, dragging in crap from other bought deals, shill bids, etc.
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sadly sometimes auctions are the only place with enough inventory to permit a bit of choice without waiting years. But I agree, online auctions and the online component of every auction has made true deals very limited. That's why I tend to look outside the GTA in smaller communities, and why I still check private sales multiple times a day
 
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