Sothebys / SportsCards plus catalog came -- are "Reserves" nomral?

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Posted By: Harry

After browsing through all of the great stuff in my Sothebys catalog, I skimmed through their "conditions of sale." I never knew that there were unpublished reserves in these auctions. I can understand a minimum bid, but not a hidden reserve.

The catalog plainly states "All lots in this catalog are offered subject to a reserve, which is the confidential minimum price acceptable to the Consignor. Sotheby's may implement such reserve by opening the bidding on behalf of the Consignor and may bid up to the amount of the reserve, by PLACING SUCCESSIVE OR CONSECUTIVE BIDS FOR A LOT, OR BIDS IN RESPONSE TO OTHER BIDDERS."

If I understand this correctly, you could very well be bidding against a hidden reserve and not against another actual bidder. I know that it does not really make sense, but I like having the comfort knowing that when I win something there is another bidder one increment below me.

How would you like to be bidding on Mickey Mantle's first home run ball or the T206 Wagner, feeling that you are competing with another bidder when in fact you are bidding against a hidden reserve?

Is this normal -- am I making too big of a deal out of this? To me an auction should not have hidden guarantees made to the consignor. The bidders should know the real reserve / minimum bid.