Quote:
Originally Posted by Rhotchkiss
My card. I was only willing to sell it if I got my price, thus the reserve. My contract reserve was substantially higher than where it ended. We discussed at length whether we start the auction at my reserve or whether we run a process, etc. Ultimately, we decided to start the bidding at $2mm.
I think Goldin did an amazing job marketing the card. In the end, the card is not yet worth what I am willing to part with it at. I don’t intend to comment further.
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I respect the fact that you are not willing to sell until you reach your price. My issue is that you appear willing to sell only under a bidding system that allows the AH to manipulate the market to allow it to reach your price. Take the case at hand -- the just-completed Goldin auction. Suppose, say, your reserve was a hammer price of $5M, and, say further, that all bids in excess of $3M were placed by the AH, until the bidding reached $4.9M. And then, at that level, a bid was finally placed at $5M to take it to your $5M minimum, at which point the auction ended. How do we know the person who placed that $5M bid would have been willing to do so if he/she knew he/she was the only bidder above $3M? Humans bid in part based on their perception about what other bidders would be willing to pay. Yes, I get it the AH rules in the fine print disclose that AH bidding on the behalf of the consignor is allowed. But, as evidenced by the discussion in this thread alone, many bidders do not read/understand the full implications of what this means.
This practice of AH bidding is something I have been railing about for many years. IMO, it is nothing less than legalized fraud, rationalized that it is okay to con somebody as long as you give notice ahead of time (via the fine print in the AH rules) that you are trying to con him/her.
In outlining all of this I am not saying you are bad person, or did anything (i) AHs do not encourage or (ii) that the great majority of potential consignors would not be willing to do. But to me the system stinks and should be changed.