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Auction company policies
Posted By: Jim Clarke
Let me first say that this has NOT happend to me and during my drive back from the beach I had this notion pop into my head. I know that there are reneggers on lots during almost any auction. My first question is what happens to that lot? Get offered to the underbidder, another source without paying commission, or back to the consignor? My second and more curious question is, Do they cancel all the bids placed by the renegger on all the lots, thus making some lots lesser amounts for winners? IE... If a renegger is the underbidder on 3 lots than he pushed up the eventual winner... How many times has an auction company told a winner that you still won the lot but for less money???? |
#2
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Auction company policies
Posted By: Frank Evanov
Has happened to me once....Mr. Mint called me a month after an auction and sold me the lot for my bid. |
#3
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Auction company policies
Posted By: Judge Dred (Fred)
I somehow doubt that the auction houses would give back any money because they cancelled the bids on a person that renegged on another lot. I would guess that they might offer the lot to the underbidder for their bid because a 10% increment bid wouldn't hurt them too much. They get about 30%+ commission coming and going... |
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Auction company policies
Posted By: Jay
It seems to me that the only fair thing to all concerned is to offer the lot to the underbidder at what he would have won the lot for if the renegger had never bid. The difference between that amount and the "winning bid" should be the amount that the auction company should sue the renegger for. The case should be pretty simple and that would keep the consignor whole. Also, the renegger's name should be publically disclosed so other auction houses know about him and hopefully remove him from their mailing lists. |
#5
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Auction company policies
Posted By: Cat
The fine print of almost all the auction houses states that if a bidder renegs on a bid that they may sell to the next highest bidder and then go after the first bidder for the incremental difference (inclusive of the vig, legal fees, etc. etc.). |
#6
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Auction company policies
Posted By: Judge Dred (Fred)
You'd have to figure out that nobody would know if a renegger was an underbidder in an auction - so, all's well that end's well... |
#7
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Auction company policies
Posted By: Griffin's
This situation has come up on me twice. |
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Auction company policies
Posted By: davidcycleback
The auction house is offering the card at a price to the underbidder. The underbidder can chose not to accept the offer. |
#9
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Auction company policies
Posted By: barrysloate
I think David's point is correct. If the winning bidder and the reneger had a bit of a bidding war at the end, they likely knocked out all other bidders. If the reneger didn't bid, a third bidder would have probably taken his place and the lot would have gone for roughly the same amount. I have in the past offered a lot to an underbidder at his top bid and if he responded he might have gotten it for a lot less, I simply tell him that it just going back to the consignor. He has no obligation so he is free to accept or pass. Because I am not a big auction house, I did not have the resources to hire counsel and sue for the difference. That just wasn't an option. What always upset me most is that auction houses weren't more aggressive in sharing the name of renegers. Once someone reneges, he should be blacklisted from as many auctions as possible. |
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