Quote:
Originally Posted by Fballguy
And what's with posting the last minute reserves (well more like 72 hours...but who's counting). Is that to give the consignor an out without turning off bidders early in the process?
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Yes, we post reserves 7 days prior to the ending day of the auction. We do this for transparency. We feel this is far better than hiding them so a bidder will think they won something only to read "Not Sold" when the auction closes. Knowing the reserve allows a bidder to make his/her choice having all the facts. Your only chance of disappointment is that "Outbid Notice."
No, we don't do this to give the consignor an out. Reserves are agreed upon when we take in consignments. Are there exceptions made... yes, but 99.9% of the time reserves are agreed to well in advance. Sometimes reserves are even lowered.