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Re: WONDERING ABOUT SOME EQUIPMENT AUCTION PRACTICES
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Posted by LazyHorse on October 26, 2000 at 19:45:03 from (208.196.37.76):
In Reply to: WONDERING ABOUT SOME EQUIPMENT AUCTION PRACTICES posted by Alarmed Al At Auctions on October 26, 2000 at 19:16:35:
I haven't seen that at any of the equipment auctions that I have been to. But I have noticed a similar practice at livestock auctions. Where most of the bidders are working for the auctioneer thus driving the price up for an unsuspecting party who is legitimately biding on an animal. I believe the term is buy-bidding, and genrally frowned upon by reputable auctioneers. Personally I don't see why any auctioneer would want to no sale an item aslong as he is getting his commission.I can understand a high opening if a seller has placed a reserve on the item, then if no one wants to pay the reserve it is up to the seller if he will accept the highest bid.
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