Does it Work? Yes.

“You don’t wait even five or ten seconds, but go straight in with your counter-bid,” Graeme Hennessy says. “It always gives the other bidder the impressions that you’re going to keep going and going and going, and won’t give up. I’ve spoken to the losing bidders afterwards who’ve said the winner who used that ploy made them think they just wouldn’t stop bidding until it was theirs, so they gave up earlier than they might have otherwise.”

The auction of 20 John Street, Woollahra.
 

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