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#1
07-02-2006, 06:31 PM
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Auction company policies
Posted By: Jim Clarke
Let me first say that this has NOT happend to me and during my drive back from the beach I had this notion pop into my head. I know that there are reneggers on lots during almost any auction. My first question is what happens to that lot? Get offered to the underbidder, another source without paying commission, or back to the consignor? My second and more curious question is, Do they cancel all the bids placed by the renegger on all the lots, thus making some lots lesser amounts for winners? IE... If a renegger is the underbidder on 3 lots than he pushed up the eventual winner... How many times has an auction company told a winner that you still won the lot but for less money???? 
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