Quote:
Originally Posted by Dave Grob
When you have the suspected shiller as the winner of the lot (no one chased them higher), you can always still look at invoicing and payment documents to see if the lot was actually paid for and by who. When you find that the suspected shiller has won lots, not paid for them themselves (and often by the consigner and NOT in the full amount), this tells you something.
In addition when you see this type of non-payment activity and the auction house continues to let the same bidder continue to bid, this is equally telling, as it suggests the non-payment for the lot in full is not an issue for the auction house. Assume what you want about the related consigner, especially if an exclusive pattern exists.
The damage does not end there, since in any number of cases, the final shilled bid (no real sale) is promoted as a genuine "price realized" and this in fact skews the perceived market valuation.
Dave Grob
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Dave, Good points but also back to another problem I found about " reserves"
I had consigned a few very high ticket items (Not Legendary) and I also wanted a reserve (sorta high) placed on the items. I was told that most auction houses dont like reserve because if the reserve on that item was possibly put to high then all the work that the AH did for you I.E. photos taken , descriptions written by staff, room taken up in the catalogue etc. would be lost if the item or items didnt sell. I found out that they would rather make something in and out (buyer ,seller) than nothing... on your dime!!