Minimum bids as higher % of expected value?
Interesting indeed! What a difference in valuation between two auctions. I wonder if in the future we will see consigners insist upon higher reserves/minimum bids as values rise even higher for the best items, as has been the case in classic car auctions. The auction companies, of course, resist this, as they believe that lower minimums serve to coral in more bidders, after which the "ownership instinct" often takes over, to the detriment of self-discipline.
Thoughts, anyone?
Larry
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