Paragon auctions

[Matt]

Originally Posted by glynparson

I've now seen people on the board complain if minimums were too high and people advocating for high minimums over reserves. I guess no matter what an auction company does they will have critics of their formula.

Cute job with the word-smithing. The folks that are unhappy with high minimums are not unhappy with the fact that high minimums are used instead of reserves - they were just unhappy with how high the minimums were. Setting a minimum so high that there is only a 50/50 chance even 1 bid would be placed is more like a sale then an auction. Setting a strong minimum bid instead of a reserve would placate most folks, so long as the minimum was reasonable.