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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Basically, a moving reserve.
I can understand the appeal of such a policy to consignors (and for cheats, it's always a 'policy') - I sold an item at a hammer price of $3,100 and would loved to have bid it up to $6,000 and paid the buyers premium to get it back - but we all know the effect of reserves on straight auctions and it isn't a good thing as far as stimulating bidding.