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Posted By: Mark

Matt...

Please let us know what David Hunt says, once you've spoken with him. For the lots with reserves... my belief has always been that the auctioneer starts the bidding with the high absentee bid, and then "the house" bids against floor/phone bidders until the reserve has been met.

Once the reserve is met, the "house" stops bidding. If the reserve is not met, it is simply a "no sale".

Also... a friend of mine (who is close to David) told me that when there is a reserve, it is usually the low estimate within the range posted in their catalogs. Hopefully David will clarify for you, as I have wondered about this for some time as well.