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.
dun need to post so many times..