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#7
04-30-2022, 10:10 AM
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Then, you have the “hidden reserve”. RR auctions does this, and the rules of many others at least allow it. This is where there is no indication on the listing that the consignor has a minimum they will take, and the auction house just places bids up to that minimum without it ever being disclosed. In my opinion, this should not be allowed under law.
If you ever get a call from an AH saying “hey you were the under bidder on lot X and it can be yours at your last bid” it’s very likely because the AH was unable to run bidders up high enough to the hidden reserve. 
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