Posted By:
mr. mosesthe greatest prices realized are those inflated by a ghost bidder for the betterment of man. A great gesture on their part that speaks to the nature of the beast. They can't protect your consignor with a reserve that is not designed to get a SINGLE bidder to the level of expectation without using a subtle disclaimer that exists in the fine print but often gets lost on someone actively bidding on an item? Two interested parties will presumably bring it to the level necessary. Granted if there is a single bidder willing to surpass the inferred (but actual) limit; the consignor and auction house would benefit from a house bid which is the reason for the contract in the first place. I just think that the auction house should have to disclose it every time they bid for the house. Today's buyer's are tomorrow's sellers. We are as a group becoming more astute and asking more questions. Probably won't make a difference anywhere for now but who knows how people and business begins to respond to anything. Money. Fear of losing it.