Quote:
Originally Posted by RGold
I made the decision to consign this set with Mastro Auctions despite the fact they would not use a reserve or high starting bid. They told me that they would allow me to select one bidder to place what constitutes a hidden reserve, as long as I understood that if that bid was the winning bid, I would have to pay a buyer's premium on that amount.
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This to me is the heart of the "crime" of shilling in several of these Mastro lots.
Not holding the shill bidder responsible for paying for the lot, rather just the buyer's premium, truly removes most of the risk of this practice. If the shill bidders had to pay for the lot as well, I am sure there would have been a lot less of it.
While it is publicly described in this instance, I assume it was common practice for numerous other lots as well. Mastro colludes with a consignor allowing them to have a friend bid up the cards and they wont be held responsible for the final price, just the buyer's premium...extremely bad ethics and once again provides the market with completely inaccurate data and not only inflated prices, but in reality, not even prices paid at all.
Rob G$theil