Quote:
Originally Posted by DJR
I am convinced Heritage utilizes 'Rule 21' or why would anyone want this in the fine print. Even the possibility makes me feel dirty. is this even legal? Hopefully one day soon we find out. For this reason and others, my bids placed with Heritage are 1/2x. If others followed suit, maybe we could actually get some deals with HA...assuming the lots are not house or employee owned. Rule #21 is by far the most opportunistic rule in the auction universe. Personally, I would never work for a company that has such a philosophy and feels it's OK.
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They have already stated that they use it. The possibility is more than a possibility. It is confirmed.
Their explanation is that they do it only in certain timeframes. But they do not disclose the lots in which they have placed bids. The buyer is left guessing whether they are being bid up by the house or by another bidder. Draw your own conclusions as to why this is not the greatest practice for the buyer.
It is accepted practice in some other auction areas. Heritage is a big business and doesn't want to make the change for just this little portion of their business. In other words, they don't care. I mean the business side, not the individuals. I'm sure Peter and others at Heritage are fine people but if their business practices are not ethical, does it matter how great they are?