Good explanation from Heritage but even if it's all done honestly, it still gives the perception of a conflict of interest, and it absolutely helps their bottom line by insuring lots sell for a minimum amount, which maximizes their fees.
Just my opinion, but no auction company should be allowed to bid in their own auctions and in today's highly regulated environment, I'm surprised it's still legal. If the company wants to buy the material outright from the consignor prior to the auction, then do that. Don't play games by bidding on your own auction lots.
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