Which Auctions Allow House Bidding / Owned Items?

[glchen]

In the Memorabilia section, it was announced that Heritage Auctions allows house bidding (although they say it all house bids are placed a week before the auction ends) and auctions off its own items. To me, house bidding is much more serious. Do you know which of the other auction houses allows this? (for those of us who haven't closely read the fine print of every auction house)

[Matt]

Hunt's has disclosed that they do it as well.

[perezfan]

Originally Posted by Matt

Hunt's has disclosed that they do it as well.

It's different...

Hunt's has undisclosed reserves on certain lots... this is significantly different than the house bidding described by Heritage (in the Memorabilia thread).

Hunt's is not bidding with the intention of winning a lot at a "wholesale price". They are simply protecting consignors who are leary of losing money on the lots in question. These consignors are willing to see their items go unsold, as opposed to losing a large sum of money. This is why you frequently see unsold items from their Live Auctions end up in the monthly Internet/Phone Auctions.

It's identical to the hidden reserves you can opt for, when selling on ebay. As a consignor, I like this policy, and wish a few other auction houses would adopt it. As a bidder... not so much. But we all know that it is incumbent on these auction houses to appease their consignors.

[glchen]

I looked through the Auction Rules of some of the major auction houses, and here is what I saw:

REA - expressly prohibits house bidding or house owned lots
Legendary - expressly prohibits house bidding. house owned lots will be clearly noted
Goodwin - no mention of house bidding, owned lots
SCP - no mention of house bidding, owned lots
Mile High - no mention of house bidding, owned lots
Mears - house bidding is prohibited. house owned lots will be clearly marked
Imperial - house bidding is prohibited. implied that there are house owned lots
Memory Lane - no mention of house bidding, owned lots
Huggins & Scott - no mention of house bidding, owned lots

If any of this is incorrect, please let me know. Thanks, Gary

[calvindog]

Originally Posted by glchen

I looked through the Auction Rules of some of the major auction houses, and here is what I saw:


Legendary - expressly prohibits house bidding. house owned lots will be clearly noted

If any of this is incorrect, please let me know. Thanks, Gary

This is incorrect. Legendary/Mastro does not indicate all lots which they own and certainly bids the hell out of lots.

[Peter_Spaeth]

Perhaps the forthcoming (or is it extant) trade association will promulgate a uniform code of conduct.

[Matt]

Originally Posted by perezfan

It's identical to the hidden reserves you can opt for, when selling on ebay. As a consignor, I like this policy, and wish a few other auction houses would adopt it. As a bidder... not so much. But we all know that it is incumbent on these auction houses to appease their consignors.

It is most certainly not. Hunt's acts as a bidder at their Live auction events. If you were bidding live at a Hunt auction, you wouldn't know if you were bidding against another person, or the house.

"Reserve bids may be executed on catalogued lots on behalf of the seller and shall be executed confidentially in a manner similar to the execution of absentee bids."

[perezfan]

Originally Posted by Matt

It is most certainly not. Hunt's acts as a bidder at their Live auction events. If you were bidding live at a Hunt auction, you wouldn't know if you were bidding against another person, or the house.

"Reserve bids may be executed on catalogued lots on behalf of the seller and shall be executed confidentially in a manner similar to the execution of absentee bids."

How does it matter whether you are bidding against a live bidder or the house? As long as you know what you are willing to pay for a given lot, you draw the line there.

It's the same with ebay (on lots that carry reserves). You bid what you are willing to pay, and if it clears the seller's reserve, you get it. If it doesn't, you don't. The only difference between the two is that Hunts is executed in- person, and Ebay is conducted on-line.

[glchen]

Is that basically the point of shill bidding? Reaching every bidders maximum that they're willing to pay for a lot?