Quote:
Originally Posted by x2drich2000
I do believe this is the first time I've seen Mile High have the right to bid in their own auction, but I know HA has had this in their T&C's for years. It seems like every 6 months or so HA name reappears regarding it. On the positive side, at least Mile High marked the lot as a pass, rather than just keeping the final bid "amount" displayed. I'm not sure how anyone could call either either HA or Mile High dishonest for this if it is in their T&C. To me it is quite simple, if you don't like the terms of their sale, don't bid.
On the other end of the spectrum, I know REA and LOTG specifically state employees can't bid and REA even goes so far as to tell you what lots are consigned by employees. I believe both also specifically state when a lot has a reserve.
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I do not fault any of the auction houses that have such practices as long as they are stated upfront... I just have a problem with the artificial valuations!