The tactics of a combination of buyers at a sale of household goods,
with an arrangement for one man to buy everything they want, so as to
avoid competition, is well known as "the knock out." I saw a most
flagrant case at a sale of valuable books at an old Cotswold Manor
House. The books were tied up, quite promiscuously, in parcels of half
a dozen or more, and although the room was crowded with dealers who
had been examining them with interest beforehand, practically only one
bidder appeared, and nearly every lot was sold to him for a few
shillings. I noticed several men taking notes of the prices made, and,
immediately the book sale was finished, they removed them to the lawn,
where they were resold by one of the gang at greatly enhanced prices.
They would, of course, eventually deduct the original cost from the
amount now realized and divide the difference amongst the buyers at
the second sale, _pro rata_, according to the amount of each man's
total purchases.
Cattle-dealers, with a reputation as judges of fat stock at auctions,
have to be very careful not to let inexperienced butchers see them
bidding, because the latter will bid on the strength of the dealer's
estimate of value, arguing that the animal must be worth more to
himself as a butcher, than to the dealer who has to sell again. I have
often watched the crafty ways of such dealers not to give themselves
away in this manner, and their methods of concealing their bids.
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