Posted By:
bruce Dorskind
Much like the real estate industry, the most important task for world class
auction houses like Sotheby's, Christies and a few others is to attract
the best quality items they can.
Their offering is all about packaging. The "blue box" and the assurance that
a 300 year old firm stands behind the authenticity of the item is what
attracts wealthy consignors.
Whilst we certainly don't care for "book bids" and recognize that they have
probably cost us thousands of dollars in the 15 years that we have bid
in Christies and Sotheby's auctions, the firms are clear in their auction
rules and at the beginning of each auction session that they can place
boo bids on behalf of the consignor.
As has been pointed out earlier, a high stated reserve discourages
people from bidding, whist the book bid leaves the impression that
there is a interest from a cadre of different sources.
Book bids will only go away if , as Barry Sloate notes, they change the law.
We wonder whether there are any states- i.e. California and Illinois and New
Jersey (you can guess why) that do not allow the auction house to bid
on behalf of the consignor.
Best,
Bruce Dorskind
America's Toughest Want List