Quote:
Originally Posted by perezfan
Hunt's is simply exercising a hidden reserve. Since the auctions are live, the "phantom bidding" is the only way to get the item to meet the consignor's minimum. I can see how it is frustrating for the "real bidder", but it is just an alternate way of establishing a minimum bid amount.
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Mark,
You and I usually see eye-to-eye on most things, but if you're saying that an auction house bidding on an item to exercise a hidden reserve is the same (or even similar) as having a stated, transparent reserve, I disagree. The first practice can falsely imply another "real" bidder is increasing the price of an item, whereas the second practice clearly defines that the auction house/consignor has determined the minimum for which an item will sell.
Big difference, in my opinion.
Rob