Heritage Auction

[barrysloate]

Jonathan- if Heritage bids so low that they virtually never win anything, why conduct this practice at all? On the positive side you win virtually nothing and accomplish little; on the negative side you create a great deal of suspicion and a boatload of bad will, since nearly 100% of your customers would likely hate this practice.

I believe you when you say it is done a week before the auction closes, and I understand the distinction you make between placing early bids and shilling. But how could Heritage risk the reputation it has built over decades, with the only thing to show for it is a few stray lots that slip between the cracks?

Sounds like the risk far outweighs the reward.

[Matt]

Also, I'm not sure I follow the distinction he makes - the difference between this and shilling is that these bids come in before competitive bidding starts and shill bidding takes place after? Before/After the start of "competitive bidding is an imaginary line.

[HRBAKER]

Is the conventional wisdom and the borne out experience of auctioneers regardless of field that starting an item with an opening bid of the lowest acceptable amount for a lot as oppposed to a low opener with a hidden reserve stifling to participation and routinely results in lower amounts realized for lots?

That would be interesting to know if it was possible to draw a hard conclusion. I am assuming it would have something to do with the psychology of the bidding/have to win process.

Sorry for the wordy question.

[perezfan]

Originally Posted by barrysloate

Jonathan- if Heritage bids so low that they virtually never win anything, why conduct this practice at all? On the positive side you win virtually nothing and accomplish little; on the negative side you create a great deal of suspicion and a boatload of bad will, since nearly 100% of your customers would likely hate this practice.

I believe you when you say it is done a week before the auction closes, and I understand the distinction you make between placing early bids and shilling. But how could Heritage risk the reputation it has built over decades, with the only thing to show for it is a few stray lots that slip between the cracks?

Sounds like the risk far outweighs the reward.

This question from Barry was well articulated, and really cuts to the heart of the matter.

I will be eager to hear the response from Heritage, as it really seems "the juice ain't worth the squeeze"

[RichardSimon]

The thing I find probably most annoying in this whole mess is that Heritage will not stand behind their employee, Mr Gutierrez. What is the point of having executive employees rendering opinions on authenticity if the auctioneer won't stand by that opinion.
I guess they really have no intent to stand behind their employees. How can you have faith in an auction house that operates in this manner?
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[barrysloate]

Didn't Jonathan say please don't hesitate to ask a question regarding this matter? I asked a question, but it was never answered. And I even asked it politely, I think.

[RichardSimon]

Originally Posted by barrysloate

Didn't Jonathan say please don't hesitate to ask a question regarding this matter? I asked a question, but it was never answered. And I even asked it politely, I think.

Barry, maybe they thought you were asking a question that was rhetorical?
Nah,,,,
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[Rob D.]

Originally Posted by barrysloate

Didn't Jonathan say please don't hesitate to ask a question regarding this matter? I asked a question, but it was never answered. And I even asked it politely, I think.

He also wrote that Heritage's policy "is to avoid being dragged in to protracted bulletin board conflicts." If you really want an answer to your question, I'm sure you can call Heritage or e-mail Jonathan.

[barrysloate]

Rob- I was figuring that someone higher up at Heritage told him to not post on Net54, and I understand that. I don't need to call him, just thought I would continue the conversation here.

[Rob D.]

Oh, OK. I thought you were actually seeking an answer to a question. My bad.