Quote:
Originally Posted by jhs5120
I agree, but does our hobby differentiate? If PWCC included in their auction description that there is a hidden reserve on some lots and may be bid up to that amount by the house, will our hobby accept this?
I don't believe the use of hidden reserves (even though legal) is ever an acceptable practice with sports auctions.
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I think as the hobby matures it is a sad but true fact that if you don't know the hobby market you can get taken by a shill. Of course they can and do happen anyway, and collectors get taken, but knowledge is always key. There are several auction houses that have that practice of bidding in their own auctions. I don't agree with any of them personally but if I want to bid then I accept the rule. As Adam said, shilling is illegal and setting reserves isn't. And for some reason, if an AH says they bid on their own lots it's ok. So as long as you say you are shilling (house bidding) then it's all A-OK. (just not to me)