Hunt Auctions Updated TOS

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Posted By: Matt

I received the catalog to Hunt's next major auction today and noticed Hunt added the following important sentence to Section 5 of their Terms of Sale.
I figured those that followed this thread would be interested.

"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."

While I am not a fan of the practice, at least Hunt as disclosed it in their TOS. I'd ask any other auction house that engages in this practice to disclose it as well.

My Trade/Sale Page

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Posted By: Dave F

Well disclose it or not, I am not a fan of that at all...

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Posted By: Jim VB

I agree. Disclosed or not, this says "You are bidding against a hidden reserve and we will pretend someone is bidding against you."

I will continue to avoid all auctions run like this.

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Posted By: Fred C

It sounds like they have it set up like an ebay reserve auction. If your bid doesn't meet the reserve then it will tell you that you are not the high bidder. I tend to keep away from those auctions. I wonder if the auctions houses are going to start using that format (more and more). If so, I only ask that they disclose the items that have reserves so that I don't bid on them.

I think it's really sad for Hunt auctions because they have those auctions that are indicated to start at only $10. While I think that Hunt auctions is a very good organization I don't like this.

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Posted By: Dave F

I dont know if VCP records prices of Hunt's...but, if you do Bobby I would certainly be in favor of stopping. No need to see recorded prices that we know have been escalated by the seller's themselves and aren't reflective of true market value.

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Posted By: JDRUM

It's a little different. If you are the "actual" high bidder in an ebay reserve auction won't the listing still reflect you as the high bidder. That is different than the illusion that someone may actually be topping your bid.

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Posted By: Scott Mt. Joy

The exact reason I will not bid in Hunt auctions. I also agree I would not put any final price in VCP when there is no way of knowing if its a true bid/sale.

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Posted By: Fred C

About the ebay reserve, you're right, you can be listed as high bidder. The point I was trying to make is that you wont win it unless the reserve is met. That's what would happen if the auction houses started doing this. You would never be high bidder unless the reserve is met.

The last major auction I know of where this happened was Superior Sports Cards, a few years back. I was high bidder at the close of the auction on a few lots but when you checked the auction results it listed the high bid as $0 (not sold). The fact that there were hidden reserves kind of ticked a few of us off. In this case it was like an ebay reserve auction except they didn't tell you the reserve wasn't met. You found out when you didn't win the item.

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Posted By: JDRUM

In that context you are right as well. On ebay you know that you have essentially not bid enough to win or there are not two active bidders who are raising the total to the reserve level. To my way of thinking that is very different from not knowing whether you are bidding against another potential buyer or the seller/owner. To be similar to me, ebay would have to raise your "non-reserve" bid and then wait and see if you bid again. Maybe it is parsing but very different to me.

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Posted By: 1934tour

Note that this was added to the terms of their latest live auction. As I understand it, Hunt has always had reserves in the live venue. The $10 internet auctions are run with NO reserves. Someone please correct me if I am wrong.