Reading the market through the auction ring
Scott Steffes, Steffes Group, Inc.
Thursday, March 12, 2026
Body
If someone asked me what the mostasked question I’ve heard as an auctioneer all these years was, the answer would be easy. It hasn’t changed since I first started with my dad in 1980. “What’s going on in the market, and how are the auctions going?” I guess it’s only natural, as everyone knows auctions are where markets change first, whether it’s up or down. It doesn’t matter whether it’s equipment or land - auctions are the true cash market and the truest expression of our American free-enterprise system! The delivery has certainly changed with the advent of “Online Only” auctions, but the auction process remains the same. Assemble all potential buyers. Let them participate and offer whatever they want until only one remains, the highest bidder. I don’t know what else that can be interpreted as other than fair market value!