Should Employees of an Auction House Bid in their own Auctions

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#14

09-17-2002, 03:12 PM

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Should Employees of an Auction House Bid in their own Auctions

Posted By: Elliot

There is no way this should be an acceptable practice. Getting to see everybody's proxy bids, the amount of interest in a lot, and then getting a chance to get a last bid in.....No way. Perhaps, if they were allowed to put a max bid in, before any other bids were submitted, with no additional bids allowed, would be OK. If I were to compare it to the stock market, any orders from an employee of a brokerage firm is labelled a "pro" order and only gets filled after all customer orders. Even then a number of firms do not allow employees to trade individual stocks.

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