A different sort of auction - KLTV.com - Tyler, Longview, Jacksonville |ETX News

A different sort of auction

TYLER, TX (KLTV) -

Thanks to the internet and TV shows like Storage Wars, auctions have become much more popular in the last few years.

But one company, Kruse Energy & Equipment Auctioneers, has been at it for a quarter of a century.

The Tyler, Texas Holiday Inn hosts many types of gatherings, and this time it's an oil field equipment auction. Auctioneer James Dyess has been fast talking since he was a kid.

"Just remember, today you set the price, tomorrow somebody else will set it for you," said Dyess from the podium..

It wasn't easy to follow. They projected images of large pieces of metal and people would frantically bid then call out numbers and sometimes re-bid.

Okay, I have to know what is going on here.

"We're having an auction," said Paula Walton, a cashier for Kruse Auctions.

"I see that," I observed."It's oilfield drilling equipment. We do choices, so this is all the same piece of equipment. Some are a little better than others so they give them the choice, and the highest bidder, the first winner, gets to pick and choose which ones he wants," she clarified.

The rest of the lot goes back to auction, or is sold at the same price depending on who says, or doesn't say what. It's all so clear now, but I think I'll stick to news.

Kruse Auctioneers holds at least two auctions a month. Some bids can reach hundreds of thousands of dollars, so they are generally paid by wire transfers.

Copyright 2012 KLTV. All rights reserved.

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