Re: Reserve price farm auctions

Posted by Mike (WA) on June 17, 2005 at 15:54:02 from (209.213.153.111):

In Reply to: Re: Reserve price farm auctions posted by Allan in NE on June 17, 2005 at 13:05:05:

I agree- the proper way to do it is for the auctioneer to announce at the outset that "there is a reserve on this item"- then auction it off without taking air bids or bids from shills- and when its over, announce that the reserve was not met. That being said, what normally happens is that they use air bids or shills, with the justification (in their minds) that they want to get the maximum that anyone would pay, not just the next bid after the second bidder drops out. It kind of makes sense- the price should be the most that anyone at the auction will pay- not merely the next bump after the 2 highest bidders. All depends on your perspective, I suppose.

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