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Posted By: CoreyRS.hanus

Auctions that are legitmately run disclose all information in an auction house's possession that a reasonably prudent bidder would want to know about the item. And if I'm bidding on an item, I sure as blazes would want to know if I am competing against the consignor, regardless if he is paying the BP. And why would I want to know this? Because it might cross my mind that as a practical matter no matter what I bid I will not win. The great majority of consignors who decide to buy back their own items do not do it because they had a sudden change of heart whether to sell. They do it because all along there was a secret undisclosed reserve. If the reserve is not met, the consignor will feel he has established a new market level for the item, to be taken advantage of at some future date when he gives it another shot to try to reach his reserve. And guess what? Poof, the item more often than not will magically appear at auction within the next several years, often with the same auction house that "sold" it the first time and usually accompanied with some fanciful tale why the delighted buyer of a few years back has decided to sell.