Quote:
Originally Posted by Exhibitman
Manipulation is a really loaded concept. It implies some sort of nefarious act. i don't think that's right. Goldin did nothing wrong. With respect to reserves, Goldin's rules are crystal clear on the point:
"All lots have a minimum bid designated in the catalog and the on-line listing. Certain lots may also have a reserve, which is the confidential price below which the lot will not be sold. The reserve may be greater than the minimum bid. At 10 p.m. eastern time on the day before the auction is set to close, a lot which has an unmet reserve will state “reserve not met’ in the individual lot page online. If the bidding does not meet the reserve at the close of the auction, the lot will be designated as “a pass, reserve not met".
If reserves are legal and the AH follows the law, it is fair, just part of the business. Nothing to see here, folks.
Also, not everything has to be an outright sale to be useful. We've learned that there is a ceiling on what a Wagner will bring in rough condition.
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No one was saying that the use of a reserve is market manipulation or something nefarious. It's clear that the discontent is mostly about the shill bidding that might be correlated to it.
And no, we haven't learned what the ceiling on that Wagner might be (given the points that Raulus and Lorewalker just brought up)