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Posted By: barrysloate

I think David's point is correct. If the winning bidder and the reneger had a bit of a bidding war at the end, they likely knocked out all other bidders. If the reneger didn't bid, a third bidder would have probably taken his place and the lot would have gone for roughly the same amount. I have in the past offered a lot to an underbidder at his top bid and if he responded he might have gotten it for a lot less, I simply tell him that it just going back to the consignor. He has no obligation so he is free to accept or pass. Because I am not a big auction house, I did not have the resources to hire counsel and sue for the difference. That just wasn't an option. What always upset me most is that auction houses weren't more aggressive in sharing the name of renegers. Once someone reneges, he should be blacklisted from as many auctions as possible.