Quote:
Originally Posted by calvindog
I don’t believe REA does this.
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They look good
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16. No Consignor Bids. Consignors are prohibited from bidding on their own materials or having others secretly bid for them on their behalf. If any consignor directly or indirectly bids on his own items at auction, it is without REA's consent, and REA reserves the right, at its sole discretion, at any time and without any warning, to remove any bids it suspects of being fraudulent or placed in consort with a consignor.
17. No House Bids. There is no circumstance under which REA may execute bids for its own "house account," thereby unfairly competing with bidders. In fact, to be clear, REA does not have a "house account," unlike many other auction operators. Under no circumstance is any employee of REA authorized to place bids in this Auction on their personal accounts. Employees of REA (and REA) may consign their personal property or owned items to this Auction, provided they will be treated like any other consignor (including not being permitted to bid on their own lots).
13. Opening Bids and Reserve Amounts. Each lot in this Auction is accompanied by an opening bid (meaning a minimum bid amount). Select lots may have a confidential reserve placed on them by the consignor, which means that the lot will not be sold until a bidder bids an amount equal or greater than the reserve amount. A reserve is set by the consignor (not by REA) when the consignor determines that the value of a lot is such that they are not willing to sell the lot if its sale price does not attain the reserve amount. The reserve notification may not post to a lot until the Auction is in progress and as late in the Auction as on or about 24 hours prior to the Final Initial Bid Day’s conclusion at 9:00 PM ET that day. Check back before the Auction’s Final Initial Bid Day ending (i.e., prior to 9:00 PM ET that day) to see any applicable reserve. The absence of a reserve when the Auction commences and early in the Auction process should not be interpreted as there being no reserve applicable. Lots subject to a reserve will be clearly designated as subject to a reserve (or using similar language) on their individual pages online in accordance with the timeline posted above. REA does not update any physical (printed) Auction catalog with reserves announced after the catalog was mailed to recipients; for the most up to date information on reserves, bidders should consult the lot details online. Until such time that the confidential reserve is met, the lot page will display "Reserve Not Met" directly underneath the current bid. Bidders may continue to bid on such lots using all available bid increments.
Once the confidential reserve is met, the status of the lot will change to "Reserve Met" on the lot’s online page. Reserve amounts will not be disclosed online but may be available upon request unless the consignor has restricted disclosure. Items with a confidential reserve may be accompanied by an estimated value. The confidential reserve amount will be lower than or equal to this estimated value.
https://bid.robertedwardauctions.com/terms.pdf