I appreciate you coming on here and discussing policies and practices at Heritage Auctions. I don't know if we have ever met, but you come across as sincere in your writings here. However there are a couple points I would like to address that I think can be beneficial for Heritage Auctions.
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Originally Posted by Heritage Sports
The particular topic of this thread is no exception to the Heritage code--the policy of house bidding.... And could anybody doubt how easy it would be for us to simply have cousin Fred in Albuquerque place our house bids, never tell anybody, and whatever he wins just sell quietly and privately? But that wouldn't be honest. That wouldn't be transparent. We place bids in our auctions and we report that we do it. [/URL]
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There is a third option - not to bid in your own auctions and have a binding policy that backs it up. I have no doubt that other auction houses shill bid with "Uncle Fred". You all could choose not to bid in your own auctions overtly or covertly.
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Originally Posted by Heritage Sports
We place bids in our auctions and we report that we do it. We report when we do it (seven days prior to the auction closing, never after). If we own material, we don't bid on it--we place posted reserves, or (more commonly) we just let it ride.
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This is not the policy stated in your rules. There is no limitation in your rules that would demand you stop bidding seven days prior to the auction closing. If there is "never [house bidding] after", why not change the written rules in accordance with that to put our minds at ease. Otherwise, as it is stated now it sounds like there is no reason for the house to refrain from bidding all absentee bids up to their max just before the close of the auction.
Also, you say the house does not bid on its own material, but your explicit rules say that doing so would be fine. If it never happens, please change the written rule.
You can make a lot of people a lot more comfortable if the written rules reflected the actual practices you claim. Seems like there would be nothing to lose and everything to gain by doing so.
Again, thank you for your willingness to come on here. And thank you for your consideration of these suggestions.
JimB