Which Auctions Allow House Bidding / Owned Items?

Matt · #1 10-07-2010, 07:27 AM

Quote:

Originally Posted by perezfan

It's identical to the hidden reserves you can opt for, when selling on ebay. As a consignor, I like this policy, and wish a few other auction houses would adopt it. As a bidder... not so much. But we all know that it is incumbent on these auction houses to appease their consignors.

It is most certainly not. Hunt's acts as a bidder at their Live auction events. If you were bidding live at a Hunt auction, you wouldn't know if you were bidding against another person, or the house.

"Reserve bids may be executed on catalogued lots on behalf of the seller and shall be executed confidentially in a manner similar to the execution of absentee bids."

perezfan · #2 10-08-2010, 11:16 PM

Quote:

Originally Posted by Matt

It is most certainly not. Hunt's acts as a bidder at their Live auction events. If you were bidding live at a Hunt auction, you wouldn't know if you were bidding against another person, or the house.

"Reserve bids may be executed on catalogued lots on behalf of the seller and shall be executed confidentially in a manner similar to the execution of absentee bids."

How does it matter whether you are bidding against a live bidder or the house? As long as you know what you are willing to pay for a given lot, you draw the line there.

It's the same with ebay (on lots that carry reserves). You bid what you are willing to pay, and if it clears the seller's reserve, you get it. If it doesn't, you don't. The only difference between the two is that Hunts is executed in- person, and Ebay is conducted on-line.

glchen · #3 10-09-2010, 12:11 AM

Is that basically the point of shill bidding? Reaching every bidders maximum that they're willing to pay for a lot?

calvindog · #4 10-09-2010, 10:33 AM

Doug Allen reads the boards, perhaps he can chime in here.

perezfan · #5 10-09-2010, 03:09 PM

Quote:

Originally Posted by glchen

Is that basically the point of shill bidding? Reaching every bidders maximum that they're willing to pay for a lot?

Yes it is..... and that's also the point of setting a reserve (which is a legal practice, put in place to protect consignors).

HRBAKER · #6 10-09-2010, 03:54 PM

So I ask, why not set the minimum opening bid at the reserve (which protects the consignor) and forego the seeming illusion of an auction taking place up until that point/level/reserve is met?

glchen · #7 10-09-2010, 04:22 PM

To me, the shady part of house bidding, even in the case where it's only meant as a "reserve" is that is seems like it's trying to create the illusion of demand. If you're interested in a lot, and you see numerous bids on it, you might think the item is more highly in demand, and you may need to raise your ceiling bid. Whereas if you were the only bidder in the auction, you might start thinking of that famous quote: "the only thing rare about this item is the number of bidders for it," and therefore bid less. Again, that's why I think that to protect consignors, the house should just put a reserve. That reserve amount could be the price that the house is willing to purchase the lot from the consignor. Everything is much cleaner that way.

Rob D. · #8 10-09-2010, 04:28 PM

Quote:

Originally Posted by glchen

To me, the shady part of house bidding, even in the case where it's only meant as a "reserve" is that is seems like it's trying to create the illusion of demand. If you're interested in a lot, and you see numerous bids on it, you might think the item is more highly in demand, and you may need to raise your ceiling bid. Whereas if you were the only bidder in the auction, you might start thinking of that famous quote: "the only thing rare about this item is the number of bidders for it," and therefore bid less.

Well said.

E93 · #9 10-09-2010, 05:16 PM

Quote:

Originally Posted by glchen

To me, the shady part of house bidding, even in the case where it's only meant as a "reserve" is that is seems like it's trying to create the illusion of demand. If you're interested in a lot, and you see numerous bids on it, you might think the item is more highly in demand, and you may need to raise your ceiling bid. Whereas if you were the only bidder in the auction, you might start thinking of that famous quote: "the only thing rare about this item is the number of bidders for it," and therefore bid less. Again, that's why I think that to protect consignors, the house should just put a reserve. That reserve amount could be the price that the house is willing to purchase the lot from the consignor. Everything is much cleaner that way.

+1

Peter_Spaeth · #10 10-09-2010, 09:59 PM

Quote:

Originally Posted by glchen

To me, the shady part of house bidding, even in the case where it's only meant as a "reserve" is that is seems like it's trying to create the illusion of demand. If you're interested in a lot, and you see numerous bids on it, you might think the item is more highly in demand, and you may need to raise your ceiling bid. Whereas if you were the only bidder in the auction, you might start thinking of that famous quote: "the only thing rare about this item is the number of bidders for it," and therefore bid less. Again, that's why I think that to protect consignors, the house should just put a reserve. That reserve amount could be the price that the house is willing to purchase the lot from the consignor. Everything is much cleaner that way.

I don't think any auction house, whether or not it is shlling, tipping off consignors to ceiling bids, etc., wants to show its lots with NO activity throughout most of the auction.

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