Quote:
Originally Posted by cammb
Thats complete and utter bull----!!!
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It's actually a common practice on Heritage and is posted in their terms and conditions. As are these:
"Nominal Bids. The Auctioneer in its sole discretion may reject nominal bids, small opening bids, or very nominal advances. If a lot bearing estimates fails to open for 40–60% of the low estimate, the Auctioneer may pass the item or may place a protective bid on behalf of the consignor."
"The Auctioneer, its affiliates, or their employees consign items to be sold in the Auction, and may bid on those lots or any other lots. Auctioneer or affiliates expressly reserve the right to modify any such bids at any time prior to the hammer based upon data made known to the Auctioneer or its affiliates."
In my opinion, these practices seem very similar to those in the Mastro auctions. At least they're not trying to hide them but if any other AH were doing this I think a lot of people on this site would not be happy.
Jake is also correct in that Heritage mentions a consignor may have to pay a reduced commission if an item doesn't sell for the minimum reserve. They also say the consignor can bid the item up past this minimum, but if they win they're responsible for the full commission.