Sometimes the only way an auction house, especially one conducting its first sale, can get high end consignments is by offering collectors a reserve. Maybe if they didn't the consignment would go somewhere else, perhaps to a more established company with a proven track record. And starting lots low and letting them ride worked very well in 2006, but might not today. I don't blame Paragon for starting lots high. The reserves may be annoying to bidders but that's life. I would guess those who are complaining would not like to see their own consignments open at 20% of fair market value without a reserve. It's a sign of the times, that's all.
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