[Archive]

Posted By: Cat

King:

This has always sounded like shill bidding to me. I copied this directly from their "Terms and Conditions" (see below). We see folks all the time, on EBay, that bid their own items because they don't want to accept less than X. That's shill bidding and that is precisely what Sotheby's allows and actually participates in.



RESERVE
9. All lots in this catalogue are offered subject to a reserve, which is the confidential minimum price acceptable to the Consignor. No reserve will exceed the low presale estimate stated in the catalogue, or as amended by oral or posted notices. We may implement such reserve by opening the bidding on behalf of the Consignor and may bid up to the amount of the reserve, by placing successive or consecutive bids for a lot, or bids in response to other bidders. In instances where we have an interest in the lot other than our commission, we may bid up to the reserve to protect such interest. In certain instances, the Consignor may pay us less than the standard commission rate where a lot is ?bought-in? to protect its reserve.