Quote:
Originally Posted by Peter_Spaeth
A reserve is more honest than a consignor winning back a card and the price being reported as though a real sale had occurred.
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I actually would have to disagree with this sentiment.
First, if a consignor wins their own item it technically IS a sale. Of course since they are getting a portion of the sale they don't owe all that much on a percentage basis.
Second they are only one bid over what another bidder was willing to pay as opposed to the reserve method, especially as some auctions use it where they have the right to place an artificial bid up to the amount just below the reserve.
So if you have an item which has a reserve of $10,000 and it stalls at $4,000 and the auction company bids $9999 (or whatever the increment would be) and then one more bid is placed how is a sale $6000 more than the 2nd bidder was willing to go more valid than a sale to the consignor where it went one bid over what the 2nd bidder was willing to go?
To be clear, just in case, We don't allow consignors to bid on their own items, nor do we do reserves, so I'm not defending either practice for my own benefit. I don't believe either option is the best way for us.