Quote:
Originally Posted by Rhotchkiss
This statement is incorrect. I did not use Goldin bc of their “bidding system”. Indeed, that was not even a consideration for me. Rather, I used Goldin bc i have had a lot of success with them on prior sales (never a reserve), I knew Ken would market the heck out of it (and he did), and because Joe is a friend and I trust him. This is the only card I ever consigned with a reserve (to Goldin or anyone), and bottom line is the card is not yet worth what I need to part with it.
|
Your own words --
"We discussed at length whether we start the auction at my reserve or whether we run a process, etc."
The "process" here I would characterize as market manipulation. None of this would be the case if you started at your reserve as you had the option to do. Ken advised you correctly. The process, which, yes, many AHs employ, is intended to induce third-party bids that were made only because of the belief the prior bid was a "real" (
i.e,, not AH bid). So, you stood a better chance of realizing your minimum sell price by this method than by simply starting at your reserve.
I take you at your word that you did not use Goldin because they employ such a bidding system. As noted, many other AHs employ the same system. The question is the next time you look to sell it, assuming you sell it at auction, will you be willing to either sell with an AH that does not bid on the behalf of the consignor, or in the alternative start the bidding at your reserve price?