[Archive]

Posted By: Corey R. Shanus

There was a lengthy thread last year discussing the practice of auction houses setting secret reserves and placing house bids up to that amount. While I personally think it is repugnant, it is not only legal but a universally accepted practice in the auction industry. All the big players (e.g., Sotheby's (not Sotheby's SCP but Sotheby's), Christies) practice it.