[Archive]

Posted By: Richard Masson

Book bidding to a reserve is not "legalized fraud" if it is properly disclosed. Consigning anything significant to a live auction without a reasonable reserve would be just plain stupid. The auction house bids the reserve against the audience until it is met, then hopes there is more than one bidder. If the price is too high to the buyer, don't bid. If the price is not high enough for the seller, don't sell. How is that unfair?

The low reserves we are now used to in our little niche of collectibles is not the norm.