auction house mumbo jumbo......

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Posted By: 1880nonsports

NOPE. NOT THIS TIME. THEY TELL IT LIKE IT IS.

I just went to bid on something that will come up some time in the future As a result of my participation on this board I am much more of a savy consumer when it comes to auctions and auction houses. So I read the terms and conditions of the house. Pretty unreal. I only posted a few BELIEVE IT OR NOT sections...


A Consignor that bids on their own lots in the Auction Sale may pay a different fee than the buyer's premium charged to all other buyers. "X" reserves the right to include in any auction sale its own material as well as material from affiliated or related companies, principals, officers or employees. "X" may have direct or indirect interests in any of the lots in the auction and may collect commissions. THE TWO PRECEEDING SENTENCES SHALL BE DEEMED A PART OF THE DESCRIPTION OF ALL LOTS CONTAINED IN THE CATALOGUE.

NOW THIS ONE"S GREAT

Pursuant to a separate agreement with "X", "X" may bid for its own account at any auction."X" may have information about any lot that is not known publicly, and "X" reserves the right to use such information, in any manner determined solely by "X" and for the benefit of "X" without disclosing such information in the catalog, catalog description or at the auction.

WOW

Bidder acknowledges and agrees that "X" may not be required to pay a Buyer's Commission, or other charges that other Bidders may be required to pay and may have access to information concerning the lot(s) that is not otherwise available to the public. Any claimed conflict of interest or claimed competitive advantage resulting there from is expressly waived by all participants in the Auction Sale. Lot(s) may carry a Reserve. A Reserve is a confidential price or bid below which the Auctioneer will not sell an item or will re-purchase on behalf of the Consignor of for "X".

THIS IS MY FAVORITE PART. You may have to read it twice but don't pass it by!!!

"X" reserves the right to withdraw any lot at any time, even after the hammer has fallen, until the Bidder has taken physical possession of the lot. No Bidder shall have a right to claim any consequent damages if the lot is withdrawn, even after the Auction Sale.

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Posted By: Matt

why didn't you share the name of the auction house?

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Posted By: Harry Wallace (HW)

So, what auction house is "X"?

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Posted By: Steve Murray

What auction house is this??? You can't just drop this bomb and walk away.

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Posted By: Alan

"Sometimes you just gotta say, what the ______"

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Posted By: Al Simeone

Since what you are reading must be public knowledge from the front of a catalogue somewhere I would love also to know what auction house or houses you do refer to I brought this same example up on a post about non ebay auction strategy where the dangers of empolyees with knowledge of the bids could be very dangerous to your wallet. Would like to know where you found that .

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Posted By: Anonymous

.

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Posted By: Anonymous

It's obviously not a very Superior auction house

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Posted By: Al Simeone

Ah yes Knight auctions! I should have guessed! Since I have most of the catalogues from the major houses sitting here in a pile in front of me I had never read that in one of them before. And yes that great 22.5% bend over and grab your ankles premium! What a real nice way to tell your customers thanks for doing business with us!!

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Posted By: Richard L.

These auction rules are the biggest bunch of BS I've ever seen. Why would anyone participate? Some of the rules would seem to be illegal, no??

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Posted By: 1880nonsports

I knew it wouldn't be hard to figure out but didn't want to point directly to it as I have interest in a lot and "outing" of things touchy here as well even when not self-serving. STILL I AM AMAZED............

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Posted By: Dan Bretta

I watched that auction today at work and unfortunately got busy when the lot I wanted to bid on went off...it was a CASE postcard with Joe Tinker..anyone have a good idea what the value is on that postcard? Did this one go cheap?

http://tinyurl.com/2wy97m

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Posted By: scgaynor

Dan, that price is about right.

Scott

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Posted By: 1880nonsports

I know about non-sports. I knew him when he had feedback under his current 200,000,000..... Hi Scott - hope all is well.