Quote:
Originally Posted by barrysloate
For the last few years I've been bidding in the annual Early American Coppers live auction, which is in fact taking place this Saturday May 3. Rule #9 in their catalog reads:
9) Consignor may bid or place a reserve bid on their own coins. Any coin repurchased by a consignor will be announced as a pass. Principals of the auction may consign or may bid on coins in the sale.
What can you do. In short, anything goes. Anything anybody wants to do they can do. But I know it going in, it's transparent.
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This is garbage, I'm sorry. What kind of a fair event is that? In other words, you either overpay for something, or don't get it? Why would a consignor NOT bid up their own stuff and get a "pass" if its not going for either what he wants for a profit or what he needs?
I have suspected this in an antique/collectible auction I've attended a couple times, but this isn't explicitly stated.