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Posted By: Matt

There is a big difference between a reserve disclosed while the auction is ongoing and this, where "Didn't mention that they weren't selling so that wasn't apparent in the room." Being able to see all the bids before disclosing if a lot has sold opens a giant black hole.

I always though the point of an auction was to let the market determine the value of a lot. I understand there may be cases where the consignor wants protection, but if approximately half your lots have reserves above market, it doesn't feel like an auction any more. Just my two cents.