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Originally Posted by mrreality68
A lot of information and a lot to think about
Heritage has to defend themselves because of their brand and reputation are at stake
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Against shill bidding, they can fall back on their Rule #21; what they may be doing is legal in their state of registration, and spelled out in their user agreement.
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21. 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.
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Everyone who bids in a Heritage Auction or creates an account, agrees to these terms. Are they ethical? Many would say no. But that obviously hasn't hurt them so far.
As to pushing the market (or creating one out of thin air), most auction houses are of the opinion nowadays that their job is to create higher sale prices, as a service to their consignors.
Is the whole NFT market a pump and dump scheme as well, or are there really collectors shelling out millions for animated gifs attached to a blockchain?