Auction Bid Regret

[Leon]

Originally Posted by Big Dave

As long as it is reveled in the rules, no problem. My main point was against the auction companies that shill bid just to raise the price, then it's not a fair or honest auction.

Yes, and we have seen the consequences of that, and they aren't pretty....

As someone who speaks with quite a few AH principals I can safely say they know they could be subpoena'd for records at any time. I am not saying shilling never happens, but I don't thing it's too common.

[barrysloate]

For the last few years I've been bidding in the annual Early American Coppers live auction, which is in fact taking place this Saturday May 3. Rule #9 in their catalog reads:

9) Consignor may bid or place a reserve bid on their own coins. Any coin repurchased by a consignor will be announced as a pass. Principals of the auction may consign or may bid on coins in the sale.

What can you do. In short, anything goes. Anything anybody wants to do they can do. But I know it going in, it's transparent.

[GrayGhost]

Originally Posted by barrysloate

For the last few years I've been bidding in the annual Early American Coppers live auction, which is in fact taking place this Saturday May 3. Rule #9 in their catalog reads:

9) Consignor may bid or place a reserve bid on their own coins. Any coin repurchased by a consignor will be announced as a pass. Principals of the auction may consign or may bid on coins in the sale.

What can you do. In short, anything goes. Anything anybody wants to do they can do. But I know it going in, it's transparent.

This is garbage, I'm sorry. What kind of a fair event is that? In other words, you either overpay for something, or don't get it? Why would a consignor NOT bid up their own stuff and get a "pass" if its not going for either what he wants for a profit or what he needs?

I have suspected this in an antique/collectible auction I've attended a couple times, but this isn't explicitly stated.

[Runscott]

Originally Posted by barrysloate

For the last few years I've been bidding in the annual Early American Coppers live auction, which is in fact taking place this Saturday May 3. Rule #9 in their catalog reads:

9) Consignor may bid or place a reserve bid on their own coins. Any coin repurchased by a consignor will be announced as a pass. Principals of the auction may consign or may bid on coins in the sale.

What can you do. In short, anything goes. Anything anybody wants to do they can do. But I know it going in, it's transparent.

Basically, a moving reserve.

I can understand the appeal of such a policy to consignors (and for cheats, it's always a 'policy') - I sold an item at a hammer price of $3,100 and would loved to have bid it up to $6,000 and paid the buyers premium to get it back - but we all know the effect of reserves on straight auctions and it isn't a good thing as far as stimulating bidding.