Quick RR question

[Runscott]

Does RR use hidden reserves? I ask because an item that was in the February auction is back in the March auction. It had bids in February and no reserve specified, so I can only assume that they bid on their own auctions if the bids are too low, thus creating a hidden reserve.

Is that what's going on? I asked an RR employee about this and got an evasive response, so I thought I'd put it out there for the autograph guys here to respond to.

[tazdmb]

In the past I have found RR pretty good actually, as opposed to say-Iconic. Possible winner did not pay.

[Runscott]

Originally Posted by tazdmb

In the past I have found RR pretty good actually, as opposed to say-Iconic. Possible winner did not pay.

I love them and have bought loads of stuff from them over the last twenty years. But if an auction has a hidden reserve I want to know about it in advance. Many of their auctions clearly do not, as I've gotten great deals.

RR sends a 'curated list' via email that is tailored pretty much exactly to what I've bid on or tracked in the past. It's a great idea that other AH's should try. The problem with it is that when an item is being sold multiple times it is more exposed. And then when I do a search of past auctions and it is nowhere to be found, my assumption is that there was a hidden reserve the first time and that it is a waste of time to bid on it the second time around, as there certainly isn't a deal to be had.

[drcy]

Impossible to tell without knowing (You don't know without knowing ). Could be the winner didn't pay. Even if there was a reserve, that doesn't necessarilly mean there is one the second time.

In general, a consignment auction house wants all the stuff to sell. So I would think they're want as few of reserves as possible, preferably none. I assume they have them when they own the stuff or the consigner insists.

[Runscott]

Originally Posted by drcy

Impossible to tell without knowing (You don't know without knowing ). Could be the winner didn't pay. Even if there was a reserve, that doesn't necessarilly mean there is one the second time.

In general, a consignment auction house wants all the stuff to sell. So I would think they're want as few of reserves as possible, preferably none. I assume they have them when they own the stuff or the consigner insists.

You gave me the same net amount of information that RR did when they responded to me

I hope you are doing well. Say 'Hi' to your Mom. Bailey says he sure would like to taste your wrist. I've been sick with a mysterious virus and am now almost completely well, but can't go out in public. I'll give you some plasma this Summer.

[thenavarro]

I can't speak to their current practices, but I used to consign a lot of stuff there including a complete Presidential run before.

On a couple occasions, we contractually agreed to a reserve. In practice, that did not mean that was going to be the starting bid price, so if thats what you mean by hidden reserves, I can 100% say with zero doubt, yes, they used to do that. If an item did not meet my reserve, it would not show in the completed results and would be returned to me per my request. Not sure about now as I pretty much just sell on my facebook site in my sig line and with the proliferation of the internet audience and facebook groups to sell in, I am able to put the commissions and premiums that I used to lose to the auction houses for the most part back into my own pocket. (Exceptions being non-routine items that I need a bigger market to move or that I don't really know the market value of)

Mike

[Runscott]

Thanks Mike. That lines up with what I've been seeing. If I had just gotten a straight-up response when I asked about it, all would be good. I'll still do business with them, as Bob is one of the best. But if you have a business practice that requires that your employees have to do a tap dance when asked about practices that are an integral part of your business, then you've got a problem.

The problem with our hobby is that no one seems to be squeaky clean. We're almost as bad as politicians.