Quote:
Originally Posted by Jlighter
I don't think it is that big of a deal. They are bidding with the intent to own. This means they think the price is too low. Its not like their shill bidding thousands of dollars on a Mordedcai Brown which will never be sold for a profit at that level. I do believe that it should be disclosed on a auction lot if Heritage is bidding, it very well may be, I'm not that familiar with Heritage.
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The fine print says they reserve the right to bid, it does not say they must bid only 7 days before the auction ends, that is their own self imposed rule that they can disregard at any time without breaking their disclosure in the fine print that 99 percent of the bidders haven't read. It should be in bold print on each auction listing./
And Jonathon, if it is Heritage's policy to limit themselves to 7 days before the auction ends, why isn't that in the disclosure?e
If a babe ruth bat is expected to sell for a million dollars and heritage's wholesale limit is 650,000, and they know for certain , 100% that the end bid will be above that price, do they still place the 650,000 dollar bid 7 days before auction ends if the price has not hit that level yet? Remember, they know the big boys who are interested in this piece, they probably sent out golden engraved invitations to them.
do they put in the 650,000 bid anyway, granted they want to buy it at that price, but they know for a fact it will go higher. The secondary effect of placing the bid they know the can't win is to bump up the price sooner in the auction. They can always say they wanted to buy it at 650,000, but since the knew they couldn't ever win it at that price, do they place the bid anyway? Is it ethical for an auction house to place that bid they know they can't win on a hot item they know will go through the roof?
That's the slippery slope of auction houses who want to be dealers as well. Why not just be an auction house? How do customers benefit by competing against the auction house itself for items? The auction house has all the inside informtion, the customers don't.