This is an issue that has been discussed on the board previously, and Mr. Roste has it almost completely right. Every bid Heritage places is an intent to buy at wholesale level. We don’t expect to win much at this level since the vast majority of our offerings sell at retail, but we offer the same price we would at a dealer’s booth at the National, for instance. These “house bids” are placed exactly seven days prior to the closing of the auction.
In these two regards, our “house bidding” policy is distinctly different from shill bidding. A shill bidder has no interest in owning a piece at his high bid. We do have an interest. And, most typically, shill bidding is used to “run up” another bidder’s absentee bid. Our “house bids” are placed a week prior to closing, long before the vast majority of competitive bidding takes place.
I hope this makes the distinction clear, but I certainly invite anybody who wishes to discuss it further to email me directly, or to call me at the office. My contact information is below.
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