In the video below, auctioneer Barry Baker explains what's actually happening in that babble of fast-talking auctioneer speak. He lays out examples of what he calls the "logical" content of the speech (actual sentences that make sense), then adds in filler words like "dollar," "bid," "would you give," and "now." These words are added in patterns called "the auction chant."
Example from a popular auctioneering school (ahem, there are auctioneering schools): "One dollar bid, now two, now two, will you give me two?"
Listen in for two minutes of education:
If you found that even the slightest bit interesting, you'll be floored to find out that the 2016 World Livestock Auctioneer Championship finals are online. The first part is embedded below; jump ahead one minute for the great chant action—and note how the auctioneers slip into more intelligible speech for the most important bits of information:
Related reading: 15 Fast-Talking Auctioneering Terms.