Quote:
Originally Posted by Bram99
I think last night the auction accepted a late bid of mine.
I think the mystery on the strange max bid case has to do with secret reserves. I was reading the rules and saw this: maybe this is the reason...I don’t know why they would not just point to this if it’s the reason, since it’s already available in print:
“The Reserve Price is a minimum bid set by the consignor below which the lot will not be sold. Accordingly, if the Reserve Price is not met at the conclusion of the auction, the lot will not be sold. Reserve bid prices are not publicly available and will not be published, except that twenty-four hours prior to the auction close, any item with an unmet reserve will be annotated with “Reserve Not Met” in the online bidding. Reserve bids are available to the House and the House may, at its discretion, on behalf of the seller confidentially set an “up to” bid where the next bid in succession would hit the Reserve bid. No reserve bid placed by the House will be executed at a level greater than one bid below the actual reserve.”
Tony
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I have no problem with disclosed reserves, but hidden reserves are a reason for me not to participate in an auction, regardless of the stuff.