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Old 04-05-2017, 10:51 AM
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Leon Leon is offline
Leon
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Join Date: Mar 2009
Location: near Dallas
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As an ex-auctioneer there are many reasons for seemingly high opening bids. I have no idea about the auction in question, but they usually trace back to the consignor. Of course auction houses have to decide what is good or not good for their auction. The goal is to sell everything when there is an auction. As long as they get to a close approximation of 100% they will be fine. Some auctioneers will be smiling as they read this, as they too have at least one horror story of letting an auction run them and not the other way around .

I should add one other thing that is important. If the decision is to have a reserve or a higher opening bid, most people would rather a higher opening bid (as the reserve) due to transparency. As a bidder at least I know if I pony up for the opening bid the item will be sold. It is a debate as to which is better but that is another reason for a higher opening.
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Last edited by Leon; 04-05-2017 at 11:51 AM.
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