Interesting thread on the non-sports board

[Jim VB]

http://www.network54.com/Forum/52660...tion+%23410015

I'm speaking about David's response (post #3 in the thread) to Peter.


I know we've discussed this before, but it's been a while. On one hand, I like the fact that Heritage is upfront about the fact that they bid on their own auctions. On the other hand, I hate the fact that they actually do it!

Seems like this is an old time kind of practice that's still going on here. Set a minimum. Fine. Set a visible reserve. Fine. But don't use a hidden reserve to bid against me.

Thoughts?

[E93]

That rule makes me very hesitant to ever bid in a Heritage auction again. It basically says that they can shill at will in the worst possible ways (with full knowledge of private bidding), record false prices, and then re-sell in another format. Personally, I am not at all comfortable with that and would hope they change their policy.
JimB

[teetwoohsix]

So,other than the possibility of the house winning the item to sell in another format,maybe the house wins the item due to their shill bidding backfiring.They bid on the item in an attempt to drive the price up,and no one bids higher,so the house ends up having to buy the item?Either way,I would not feel comfortable bidding in that environment.

[calvindog]

Hilariously ironic that Pete Calderon was the one who had to answer to the legalized shilling question. Pete has some resume in this business.

[rhettyeakley]

Now it all makes sense why that green tinted Harrington's Earl Smith card had a few bids on it at above the $10,000 minimum.

[barrysloate]

I don't even think that Harrington sold. I heard the consignor got it back.

[Fred]

I completely agree. Set a reserve (that reflects the minimum sale price) and if nobody bids on it then they'll figure out the item wasn't worth the minimum bid. Perhaps the consignors dictate how much they want for the item. If that's the case, just don't take on those consignments.

What's the difference between not selling an item where people bid on it and not selling an item where nobodey bids on it? - The difference is that you're probably going to wonder why the item is available in their next auction if you were the under bidder on that same item.