What's an auction and how does it work?
Summary
Hosts Ryan and Bridget answer a listener's question about how auctions work by visiting a livestock sale and a high-end art auction. They learn from a 16-year-old licensed auctioneer about opening bids, the fast-paced "chant," and the "going once, going twice" rule. After impulsively buying a goat named Armand for $500, they attempt to resell him at Sotheby's, where the price skyrockets after Armand accidentally eats a $2.4 million LeBron James basketball card. The episode concludes with the card's owner recovering his property and paying the hosts $500 for the goat, teaching lessons on bud…
Topics discussed
Season 11 teaser and listener question intro
Paper cut mishap and switching to digital questions
Hezekiah's questions about auctions
LeBron James card auction backstory
Bidding on the LeBron James card
Asking random kids not-so-random questions
Card sold and the $500 budget realization
Meeting Shaley, the 16-year-old auctioneer
Livestock auction and the auctioneer's chant
Why auctions are used instead of fixed prices
Bidding war for the goat Armand
The all sales final policy and goat regret
Shaley's background and naming the goat
Plan to resell the goat and the missing card
Taking the goat to Sotheby's
Fine art auction atmosphere and paddles
Online and telephone bidding explained
Ryan's country song to boost goat bids
Bidding strategy and the $600 goat price
The goat ate the $2.4M card and price surge
Money history trivia: The $100,000 bill
Resolution, auction summary, and goat farewell
National Geographic auction and episode outro
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