Posted By:
LarryAdam-
That was a very interesting point, if there is a position that an auction house takes regarding honesty/disclosure etc., why does an auction house need a BP of 15-20% on their own items since the bidder may go higher then? The answer is that no one right now will give away the juice no matter how honest they auction operates and technically, the auction house should disclose those lots.
In reality, it really does not matter because as Dan K says, a saavy bidder knows what they are willing to pay. Technically, Steve, Barry or any other auctions that have their own items up should disclose them separately or denoted by asterisk if they are very concerned with ethics alone. Or in Doug Allen's situation, he is very forthcoming on what he feels is Mastronet's position and that you have to respect, even if you disagree with him, he has class.