[oldjudge]

Leon-the following is just a guess on my part and no more. My guess is that the only reason a consignors would consign a card like this to Ken, rather than to one of the major auction houses, like REA or Heritage, is that Ken guaranteed the consignor a minimum realization for the card ( or the card would not be sold). If that is the case then waiting till the last minute to decide whether to institute a reserve is just seeing if this unstated reserve has been met, thereby eliminating he need for a stated reserve. Whether stated or not, it is hard for me to believe that this lot does not have a reserve.