Posted By:
PaulI've now read this whole lengthy thread, and I don't see how anyone can disagree with what Corey has said. If a seller has a minimum price at which he will sell, the HONEST way to deal with that situation is to set a reserve. Book bids serve no purpose except to create the false impression that there is interest in the lot up to the reserve price. The level of genuine interest is valuable information to all bidders, and the book bids are simply false information created by the auction house.
It's also true, as many have said, that the practice is less horrible when it is disclosed than when it is not disclosed. But it is still a horrible practice.
It may also be true that some consignors will not consign their lots unless the auction house agrees to publicize this sort of false information about the level of interest in the lots. But it's also true that some consignors will not consign their lots unless the auction house agrees to conceal restoration, lie about the item's rarity, or lie about the item's provenance. The fact that some consignors are dishonest is no reason for the auction houses to facilitate and perpetuate their dishonesty.