Quote:
Originally Posted by steve_a
I'll stick my hand up to disagree. In your example there is 3k of room between the underbidder and the buyers max price. The buyer isnt "entitled" to all of that cash. I have no problem being shilled in that case. No problem w Peter or anyone else who bid blind on their own consignments and paid the bp. Mastro is in jail for bidding with knowledge of max bids, completely different.
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This is foolish logic, I believe. There not need to be knowledge of max bids for a shill bid to occur. Any attempt for the purpose of inflating the price of an item is a shill bid.
Simply put, an auction is designed to let the market set the final price, and the market usually finds an appropriate one. But the market is falsified when shill bidding is introduced, pitting an unaware bidder versus the seller (or seller's proxy).
Like I noted before, it's similar to price gauging (gas, etc.). If you're fine with being gauged, then that's your prerogative. It still doesn't make it legal or morally acceptable.
And as they say, a fool and his money are soon parted.