I went to Admiralty area tonight. There is a big fair just
beside the Admiralty MRT station. I went into the fair to have some
food. After eating my dinner, I walked around. I stopped at one
outlet, which looks like an auction sales. They were selling some
art work and jewelry. I recognized the lady who hosted the auction,
since I have attended the same auction sales beside the Singapore
River during last Chinese New Year and bought two paintings from
her. Why I still remembered her is because I bought the two
paintings for SGD 100 from her. But when I was in China during my
summer holiday, I found the same painting sold in China was only
SGD 5 for each. It means their profit is nine times of their
cost.
Today I stood there for a while and found out what is their secret.
Some bidders are their people. Those cheaters always gave the first
or second bid, and then other people would think the item was very
hot, then started to bid. If nobody wanted to give any bid, after
those cheaters had gave their bid. The lady who hosted the auction
would speak a lot, something like the item is very rare or the
value is very high, in order to wait someone giving a new bid.
Sometimes still nobody wanted to give a try. Then she would still
sell the item to her people. I think just for show only.
I heard someone called the lady "Ms Gao". I think she is a Chinese.
She said that she had been doing this kind of auction since 1995 so
that she is very reliable. I guess she must earn a lot from this
because of their sky high profit margin. The reason why they don't
want to give a fix price is people will consider something is very
good, if a lot of people bid on it. So the Ms Gao used this
psychology to serve her business.
Maybe you want to go down to see the truth by yourself. It is very
obvious that they arranged some cheaters among those people. I
don't know if it is a criminal or not. Maybe somebody can
check with the police or some government department.
I have been a victim of this kind of auction, as a result, I don't
want more people to be cheated. I wrote the this top just
want to use the forum to release the truth of their auction. I
don't want somebody else is fooled by them and waste their money to
buy some worthless things.
