Posted By:
Richard MassonSorry, I just can't let this go. I think both Corey and Jeff are focused on this issue solely from the buyers point of view.
Jeff, in order for the market to determine a price, you need a willing buyer AND a willing seller. The reserve (and book bidding up to that amount) is only a reflection of the price at which the consignor is willing to sell. If the only bid in the room is too low for the seller, that doesn't make the item "worth" only what the buyer is willing to pay. It takes a buyer and a seller, both, to determine value.
As a buyer, would I prefer to know the reserve in advance? Of course.
But if not, does it really matter if the auctioneer gets to the reserve by saying it explicitly or by going,"100, now 200, now 3"?
06-07-2007, 12:38 PM
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