Posted By:
Ryan ChristoffSorry, but a "book bid" is absolute crap. Please explain to me how that could possibly be considered "above table" and different from the consignor having a friend bid on one of his items to drive the price up? The "reserve" price in the book bid system is simply the level at which the consignor tells his friend (in this case the auction house) to stopping artificially driving the price up.
I have no problem with reserves, providing they're disclosed. A "book bid" has nothing to do with a reserve.
The fact that this is considered acceptable to some says a lot about how shady this hobby really is. Borderline illegal practices are so commonplace that people just accept them as being the way things are.
Every day I understand more and more why I always get my ass kicked when I consign items and wind up paying top dollar when I win items.
I was both a consignor and a winning bidder in this Sotheby's auction. I'm going to ask if this book bidding crap took place on the lot I won, although I doubt they'd be truthful about it if this is actually happening. If I find out that was the case, they're stuck with the lot I won. That is, unless they want to sell it to me for one bid increment above the 2nd highest legitimate bid.
Fun hobby,
-Ryan