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#15
09-13-2006, 06:49 AM
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Auction Opening Bids
Posted By: Jay
Barry--Unfortunately we will never know what lots in prior auctions would have gone for if the opening bids had been higher. Perhaps they would have gone higher than they actually did. Personally I believe that the less that is known about the value of a piece, the more information that is communicated by the opening bid. One lot that comes to mind is that sheet of silks that REA auctioned off that went for about $200K. My guess is that if that lot had opened at $1 it would have sold for alot less than it did. 
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