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Posted By: Richard Masson

No, Corey is not obviously right, and of course an AUCTION (where the only thing at issue is price)is only about money. Full disclosure of reserves in advance and no book bidding is better for buyers and worse for consignors. Book bidding with no disclosure is worse for buyers and better for consignors. Who is to say one should be preferred over the other? Auction houses work for consignors, therefore there is book bidding.

There is no "right" answer here, unless it is simply that the rules need to be disclosed and understood in advance.