Quote:
Originally Posted by glchen
Peter, for my definition, a "genuine" market price was obtain in the absence of any shill bids. So as in the government's definition, even if the high bidder's max bid was legitimate, that is not a genuine market price if he were shilled up.
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So why is it legitimate here, where bids are placed with the intent only of driving up the price? I am missing your point. In both situations the price seems manipulated to me, in one case by the consignor, in the other case by someone trying to protect their investments/push prices higher but not with the goal of winning the auction at the lowest possible price. which is of course what legitimate bidders do.