I went to a state (Virginia) surplus auction yesterday hoping to score some cheap bikes and other resellables. I was amazed at, one: the condition of the bikes they were trying to sell; and two: how much people were buying them for. Junky Next bikes with no seat and 5mm of rust on the entire drivetrain were going for $30!! The only bike remotely nice was a Giant Boulder, also rusty and with frayed cables. It went for $60! The sad part was most of the people bidding on them looked poor. I guess people get excited about the auction aspect and drive the price up.
Anyone else have experience with auctions like this? More horror stories? Success stories??