How to Coach Yourself and Others How to Influence, Persuade and Motivate | Page 249

Chapter 7
The Rule of Scarcity
Get Anyone to Take Immediate Action
Overview
Without a sense of urgency, desire loses its value.
—JIM ROHN
Online auctions drive me nuts. In most auctions, I find an item I like and I
put in what I think is a reasonable, winning bid. I promise myself that I
won't bid higher. But I always get caught. When I get the outbid notice, I
can't believe somebody outbid me. What if I can't find this item again?
They obviously think this item is worth more than I do. Then I find
myself wanting it even more — whatever it is — and I bid far more than I
originally intended. The thrill of winning usually outweighs the pain of
the price I paid.
In 1996, Jackie Kennedy's personal belongings were put up for auction.
Everyone knew such items would reel in top dollar. More than 100,000
catalogs were sold prior to the auction. Hardcover catalogs sold at ninety
dollars a copy, while paperback catalogs cost forty-five dollars a copy.
The week the belongings were on public display, more than 40,000 people
took part. The hype and anticipation surrounding the event catapulted
prices far beyond the originally anticipated prices. For example, a brooch
estimated at $6,000 to $8,000 sold for $415,000; John F. Kennedy's golf
clubs were estimated at $700 to $900 but sold for $772,500; a wooden
cigar box estimated at $2,000 sold for $547,500; even a cigarette lighter
inscribed with the letter "J" — estimated at $300