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Posted By: barrysloate

Joann- as an auctioneer myself I always listen to everything I can about what goes on in the auction business. I commend Leon and Scott for looking for ways to fine tune their business, and the idea of keeping records in perpetuity for third party examination sounds noble.

But what third party are we talking about? Who is going to knock on my door, or anyone else's, to look at the books? Finally, if I were thinking about cooking the books even with the possible threat of a third party audit, there are numerous ways to shill bid as much as one wants without ever getting caught. How about a dummy account of a bidder who doesn't even exist? That would work just fine.

My point is I already trust Leon and Scott so if they say they will not allow certain practices, as far as I'm concerned, their word is good enough for me. Is there such a thing as the honor system in this business, or is that just a quaint and antiquated idea?