Disappointed consignor

[Snapolit1]

Well, not to get overly arcane here, but there are legal doctrines under the common or statutory law and arguments based in notions of equity. An equitable argument could be that while this was some act was not technically illegal under a specific law it was unfair under principles of fundamental fairness and should not be allowed to stand.

[Mark17]

Originally Posted by Snapolit1

Well, not to get overly arcane here, but there are legal doctrines under the common or statutory law and arguments based in notions of equity. An equitable argument could be that while this was some act was not technically illegal under a specific law it was unfair under principles of fundamental fairness and should not be allowed to stand.

Who was damaged?

[Shoeless Moe]

Originally Posted by Snapolit1

Well, not to get overly arcane here, but there are legal doctrines under the common or statutory law and arguments based in notions of equity. An equitable argument could be that while this was some act was not technically illegal under a specific law it was unfair under principles of fundamental fairness and should not be allowed to stand.

eh.....Heritage does it too, not sure who else, guessing more than a few. I'm more perplexed why Goldin, knowing this just sold not too long ago for 500K would agree on a Reserve of at least 8 Million.

[conor912]

I have always thought that reserves are stupid. Just start the auction at 10M. All those arguments about starting low to build momentum, draw in more bidders, etc are ridiculous. If someone thinks it’s worth it, they bid…always.

[Aquarian Sports Cards]

Originally Posted by Snapolit1

Well, not to get overly arcane here, but there are legal doctrines under the common or statutory law and arguments based in notions of equity. An equitable argument could be that while this was some act was not technically illegal under a specific law it was unfair under principles of fundamental fairness and should not be allowed to stand.

Problem is it is specifically elucidated as legal in the UCC auction section. Notification is necessary, and the terms and conditions serve that purpose.

"If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale."