Quote:
Originally Posted by Matt
Scott - please don't equate with practice with the concept of a reserve. I think most everyone (including bidders) understand the point of a reserve and don't have an issue with it. Hiding the reserve and then making you think you are bidding against another live person is a completely different animal.
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I think it does matter if the auction house is the phantom bidder. It creates the appearance of at least one other **real** bidder willing to pay a certain price (that is,
demand) when it does not really exist. Some might call this market manipulation.
If I am not mistaken, other auction houses such as Heritage do this as well (house bidding.)