Quote:
Originally Posted by Eric72
Hi Scooter. You pose an interesting question. Please know that my answer is not an attack, snarky response, or anything of the sort. I am just joining in the conversation.
As it pertains to the scenario above, wouldn't this be an example of bidder collusion? I very well could be mistaken; however, think the practice actually is illegal. At the very least, it artificially suppresses the price of the item. It could likely also be argued that the consignor suffered economic harm because of the bidders' agreement.
For the purpose of full disclosure, I never participated in Mastro auctions.
Best regards to all. Happy collecting.
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Eric in theory you are right, buyers cannot lawfully collude to suppress price any more than sellers can collude to inflate it. Basic antitrust law. Of course, as a practical matter, it's going to be viewed as less important than seller price-fixing.