Mastro Auctions Being Investigated by the FBI

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Posted By: Rob Dewolf

This is really not that big of a deal. I will bid on the items that I want, with who I want and when I want. If I feel the cost of the item is not worth it, I bow out. Some of you sure like to bitch and complain about a lot of stuff out there. Times must be really bad for you guys to have to complain so much.

Let's think through the above statement.

You place a bid of $1,000 on an item because that's what you think it's worth and what you are willing to pay.

There is only one other legitimate bidder, who bids $200. By all rights you should win the item for $220 (or whatever bidding increment the auction house uses).

Instead, a shill bidder places a bid of $800. You've now won the item for $880, still below what you think it's worth, but far beyond what you rightfully should have to pay, if only "legitimate" bids had been used.

And "this is really not that big of a deal"?

I'm not saying that policing such actions is easy to do or even that Mastro is guilty of doing anything improper, but please don't suggest that illegal bidding isn't a big deal just because you set a maximum bid for yourself and are disciplined enough to stick to it.