Ethics question regarding buying at auctions...

[barrysloate]

It's not uncommon for friends- or fathers and sons- to agree not to bid against each other on an auction lot. It probably won't make a big difference because there likely will be other bidders who will take the lot pretty close to its retail level.

Of course there is another side to it too. How would you feel if you were a consignor, and you overheard two people agreeing not to go head to head on your lot in order to keep the price down. My guess is you wouldn't be very happy about it.

So even though it goes on all the time, and I know I have over the years agreed on occasion not to bid, there is an ethical breach here.