Quote:
Originally Posted by Peter_Spaeth
As I thought of it, if Ron had not consigned the set at all, or if there had been a reserve or an opening bid at the reserve level, nobody could have won it for less than one bid above mine anyhow. So your hypothetical is not real, as I see it. But as I said, I do understand there are other ways to look at it.
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Here's my take:
If there had been, say, a $2,000 reserve on the lot, and the highest bidder bid $1,500, everyone would see that the set did not meet the reserve. This could be attributed to either the reserve being set too high, or there just being low interest in the set at that particular time. As it happened, a "shill bid" was placed for $2,000, to match the "unstated" reserve. This led people to believe the set had sold at that price. This is the lie, that the set sold, when it actually did not; and this is where, in my opinion, the main problem lies. It results in false price information being released to the public, and a false value being placed on the item. The set may later exceed the value that was falsely reported at that time, but there is really no way of knowing what effect the false info had, even if there are years between the auction in question, and the actual later sale.
The safest and best way to proceed is to set a reserve (if desired), and let the bidding determine if the reserve is realistic (at that particular moment in time). Then at least, if the item does not sell, the public has accurate information to use, in later placing a value on it.
Steve