Heritage Signature Auction

[Jaybird]

Just wondering if the house is still bidding in this auction or if Heritage has stopped this practice?

I appreciate timely sending of catalogs as much as the next guy but c'mon, how about if I don't get bid up by the house?

Small request. Hopefully it will be taken seriously.

[rainier2004]

Originally Posted by Jaybird

Just wondering if the house is still bidding in this auction or if Heritage has stopped this practice?

I appreciate timely sending of catalogs as much as the next guy but c'mon, how about if I don't get bid up by the house?

Small request. Hopefully it will be taken seriously.

21. The Auctioneer, its affiliates, or their employees consign items to be sold in the Auction, and may bid on those lots or any other lots. Auctioneer or affiliates expressly reserve the right to modify any such bids at any time prior to the hammer based upon data made known to the Auctioneer or its affiliates. The Auctioneer may extend advances, guarantees, or loans to certain consignors.

http://sports.ha.com/c/ref/faq.zx?ic=Tab-FAQ-041408

[HOF Auto Rookies]

Got my catalogue(s) over the weekend, all I can say is WOW! Looks amazing!! Don't think I'll be bidding on anything, well I am but not expecting to win lol, but can't wait to see the action on some of these lots.

Thanks again Peter

[DJR]

I am convinced Heritage utilizes 'Rule 21' or why would anyone want this in the fine print. Even the possibility makes me feel dirty. is this even legal? Hopefully one day soon we find out. For this reason and others, my bids placed with Heritage are 1/2x. If others followed suit, maybe we could actually get some deals with HA...assuming the lots are not house or employee owned. Rule #21 is by far the most opportunistic rule in the auction universe. Personally, I would never work for a company that has such a philosophy and feels it's OK.

[Jaybird]

Originally Posted by DJR

I am convinced Heritage utilizes 'Rule 21' or why would anyone want this in the fine print. Even the possibility makes me feel dirty. is this even legal? Hopefully one day soon we find out. For this reason and others, my bids placed with Heritage are 1/2x. If others followed suit, maybe we could actually get some deals with HA...assuming the lots are not house or employee owned. Rule #21 is by far the most opportunistic rule in the auction universe. Personally, I would never work for a company that has such a philosophy and feels it's OK.

They have already stated that they use it. The possibility is more than a possibility. It is confirmed.

Their explanation is that they do it only in certain timeframes. But they do not disclose the lots in which they have placed bids. The buyer is left guessing whether they are being bid up by the house or by another bidder. Draw your own conclusions as to why this is not the greatest practice for the buyer.

It is accepted practice in some other auction areas. Heritage is a big business and doesn't want to make the change for just this little portion of their business. In other words, they don't care. I mean the business side, not the individuals. I'm sure Peter and others at Heritage are fine people but if their business practices are not ethical, does it matter how great they are?

[bender07]

Originally Posted by Jaybird

They have already stated that they use it. The possibility is more than a possibility. It is confirmed.

Their explanation is that they do it only in certain timeframes. But they do not disclose the lots in which they have placed bids. The buyer is left guessing whether they are being bid up by the house or by another bidder. Draw your own conclusions as to why this is not the greatest practice for the buyer.

It is accepted practice in some other auction areas. Heritage is a big business and doesn't want to make the change for just this little portion of their business. In other words, they don't care. I mean the business side, not the individuals. I'm sure Peter and others at Heritage are fine people but if their business practices are not ethical, does it matter how great they are?

I noticed in a recent auction that there was an asterisk stating that the current bid was from the owner of the lot

[DJR]

Rule 21 should be eliminated / modified, since what is being conveyed publicly is contrary to the fine print :-o One should not be left to speculate in 2012/13 if the legally binding terms of service are accurate while competitors are / have been investigated and facing criminal prosecution (innocent until proven guilty). Maybe this is the wrong forum / thread to voice my opinion but hope others express displeasure and confusion for HA Rule 21 for Sports directly to Heritage's C-Level employees. Good day.

Executive emails:
http://www.ha.com/common/about.php?target=ivy
http://www.ha.com/common/about.php?target=halperin
http://www.ha.com/common/about.php?target=rohan
http://www.ha.com/common/about.php?target=imhof
http://www.ha.com/common/about.php?target=minshull

[rainier2004]

Originally Posted by DJR

Rule 21 should be eliminated / modified, since what is being conveyed publicly is contrary to the fine print :-o One should not be left to speculate in 2012/13 if the legally binding terms of service are accurate while competitors are / have been investigated and facing criminal prosecution (innocent until proven guilty). Maybe this is the wrong forum / thread to voice my opinion but hope others express displeasure and confusion for HA Rule 21 for Sports directly to Heritage's C-Level employees. Good day.

Executive emails:
http://www.ha.com/common/about.php?target=ivy
http://www.ha.com/common/about.php?target=halperin
http://www.ha.com/common/about.php?target=rohan
http://www.ha.com/common/about.php?target=imhof
http://www.ha.com/common/about.php?target=minshull

Careful David...