Frank Marrone wrote:
>
> No Comment but a question... why does it hurt to reveal the reserve price
> in an auction?
>
> Frank
Frank,
This is a common practice in the auction business. If the seller has
grossly underestimated the fair market value, he may get a view that his
offering is not in the higher value condition. On the other hand, and
more of a concern, is if he had set too high a price on his article it
will discourage those who would really like it, but feel it is
overpriced. So they do not bid at all, and he has no idea what the
market value may truly be.
He may find that the top bid does not meet his expectations, on close,
when all are bidding what they are really willing to pay. This allows
him to re-offer the item at a more reasonable value at a later auction.
How many of us really know what our beloved collectible items are really
worth to others? Only by comparable sales, which are NOT easy to come by.
If you have a full and accurate description of the article, and know
what it would be worth for your own purposes, you bid up the price until
you are the leader, or reach your value limit. Now this is REAL
auctions, with REAL appraisers and authenticators, and REAL backers of
authenticity. Those who can be called upon to make things right,
legally, if misrepresented. This is NOT the web based "auction" sites
who take no responsibility, even for outright fraud.
BTDT
My $.02
Steve
--
Steve Laifman < Find out what is most >
B9472289 < important in your life >
< and don't let it get away!>
<SLaifman@SoCal.RR.com>
<http://www.TigersUnited.com/gallery/SteveLaifman.asp>
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