Question about Goldin auctions

[guy3050]

I am far from being a expert in this field , my question is about their auction "Jackie Robinson 70th anniversary auction" , I'm looking to buy a Jackie Robinson signed Check , they have about six of them with minimum bids ranging from $750 on 2 of them , $1000 on 3 of them , and $1500 on one of them , add the 25% buyer premium , in my very limited experience , it appears to me that even before there is one bid placed on these items that they are already at full or near retail , why do they have such high minimum bids , this is not a knock against goldin auctions , I'm just curious to their reasoning.

Guy Bourque

[Leon]

As an ex-auctioneer there are many reasons for seemingly high opening bids. I have no idea about the auction in question, but they usually trace back to the consignor. Of course auction houses have to decide what is good or not good for their auction. The goal is to sell everything when there is an auction. As long as they get to a close approximation of 100% they will be fine. Some auctioneers will be smiling as they read this, as they too have at least one horror story of letting an auction run them and not the other way around .

I should add one other thing that is important. If the decision is to have a reserve or a higher opening bid, most people would rather a higher opening bid (as the reserve) due to transparency. As a bidder at least I know if I pony up for the opening bid the item will be sold. It is a debate as to which is better but that is another reason for a higher opening.