Quote:
Originally Posted by Snapolit1
I wonder if any AH has tried a combination auction / own it now format. List an item with a own it now price of $X, opening bid $Y. Make it so that the own it now only stays active for 24 or 48 hours and that no one can place bids until the buy it now option disappears. Obviously the buy it now price would need to be pretty significant to appease the consignor. In cases where someone wants to pay strong and risk overpaying to lock something up for the certainty of it, I wonder if economically this could work.
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the Big Auction Houses would never do that , as to require that vast knowledge of valuation for some of the more unique items is not logistically possible, also it leaves the door wide open for possible deliberate low pricing and insider trading ,
and who ever heard of AH doing anything unethical
the thing is when a scarcer item goes up for auction their estimate of value is sometimes as low as 10% of actual hammer price or even lower , But all the big AH have a large buy it now section .