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Posted By: davidcycleback

Adam, I don't know how it works/worked. Though, Sotheby's does list which lots did not meet reserve, including in their last sports acution. Sotheby's and Christies' got into big trouble not so long ago over consigment fees, so one can assume that Sotheby's is walking the straight and narrow in their disclosure and prices realized practices.

While in my opinion there's nothing wrong with reserves and auction houses consigning their own items, I agree that including unsold lots in the final sales realized results could be an issue.