Posted By:
Rob D.Auction houses in general -- especially the bigger ones -- need to wake up and realize we're living in a new landscape (and not necessarily the economic one).
Consignors (and bidders) have so many options, the practice of setting unrealistic reserves, hidden reserves, sloppy and flat-out error-filled descriptions in catalogs and eyebrow-raising practices in conducting business need to stop. Look at our hobby ... there are large auctions starting and stopping seemingly all the time. You would think that the auction houses might realize that the balance of power has shifted away from them a bit and to their customers.
There's currently an auction in progress that has a lot containing what was decribed as a vintage (1940s) display piece. My guess is that just about anyone who collects this type of item would know at a glance that the one being sold was a reproduction from the 1990s. And you would think that an auction company of this size would be able to realize that fact for itself. I notified the house before the auction started and e-mailed them pretty detailed evidence and photos, and, to their credit, they corrected the description online. That was a few weeks ago. I've yet to receive a thanks or acknowledgement for pointing this out to them. I'm not looking to have my butt kissed, but this just reinforces to me the mindset and attitude that remains prevalent at more than a few auction houses and why you see outrageously high reserves and estimates like at the Yankee Stadium sale.