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#1
09-23-2007, 02:54 PM
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sotheby's/scp auction
Posted By: Red
Your friend should still be paid based on the reserve price he set. The SMR is $700. Say your friend had a reserve of $650 and had a zero % seller's premium deal with them. The card hammered for $627. It was only $23 away from hitting the reserve. What an auction house can do is go ahead and sell the card for the $627 and pay the consignor the $23 out of their pocket. They tack on $125 of 20% buyer's premium onto the $627 and collect $752 from the buyer. The consignor gets the $650 reserve he set and the house scrapes by making only $102. If they didn't go ahead and let it go at $627 they stood to make nothing at all depending on what their deal was with the consignor. 
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