Quote:
Originally Posted by Rob D.
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
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Yeah, I guess you are right. As a bidder, it does seem a bit sleazy. On the filpside, I've really liked it as a consignor, because it's ensured that I won't get killed on my consignments. I would rather have the lackluster winning bid result in a "no sale" than lose a bunch of money on my consignment.
That said, I agree with you both, that it would be more straight-forward just to just start the item at the lowest acceptable level to the consignor. Heritage does the hidden reserve thing as well (in their own way).
I guess the FBI has a very fine line, in terms of what's "acceptable shilling" and what's criminal.