If auction houses book bids were audited annually, would you be more comfortable leaving absentee bi

Lakesammman · February 25, 2007 10:42AM

I know of more than a few people that won't leave absentee or podium bids for a variety of good reasons, including me. How about you?

MrEureka · February 25, 2007 10:45AM

How would such an audit work?

Lakesammman · February 25, 2007 10:46AM

I'm not an auditor - ask them.

Regulated · February 25, 2007 10:47AM

Some houses have perfectly trustworthy books.

Lakesammman · February 25, 2007 10:51AM

Sounds good to me - care to list the ones that don't?

291fifth · February 25, 2007 11:09AM

Going once, going twice, sold to the potted plant in the rear.

MrEureka · February 25, 2007 11:13AM

Sounds good to me - care to list the ones that don't?

Tim - That's asking for trouble. Better to list the ones that do.

Regulated · February 25, 2007 11:21AM

I think listing either would be a mistake.

seemyauction · February 25, 2007 12:02PM

I'm not sure what you are wanting audited......not sure what a "book bid" is either.

The way I conduct absentee bidding:

once the bidding starts I let the live bidders go at it. when we get to a high bid, I check the absentee bids, if there is an absentee bid higher than the current floor bid I bid for the absentee up to their max. A tie goes to the live bidder.

I guess there are other ways to do it but I think the system I use is fair to both the live and absentee bidders.

You are more than willing to look at my books....shoot if ya want you can even keep my books......lol

AL

Lakesammman · February 25, 2007 1:20PM

I think listing either would be a big mistake too.

We all know there are houses where one always seems to win with their max bid - gee, what a coincidence. So, we avoid leaving bids with them.

Seems it would be good for business to be open and transparent so that people trust you.

Regulated · February 25, 2007 1:33PM

Why in God's name would you want people to trust you???

MrEureka · February 25, 2007 1:37PM

Why in God's name would you want people to trust you???

It might be OK if their trust was not justified.

Regulated · February 25, 2007 1:38PM

Andy - you are always 1.5 steps ahead of me!

mrpotatoheadd · February 25, 2007 1:42PM

<< <i>The way I conduct absentee bidding:

once the bidding starts I let the live bidders go at it. when we get to a high bid, I check the absentee bids, if there is an absentee bid higher than the current floor bid I bid for the absentee up to their max. A tie goes to the live bidder. >>

Note bolded part... I'm curious- obviously, the absentee bidder in this scenario made his bid first- why wouldn't the tie go to the earliest bidder?

MrEureka · February 25, 2007 1:45PM

why wouldn't the tie go to the earliest bidder?

Besides tradition, why should it?

But more to the point, floor bidders can't return the coins, so it's better for the consignor and for the auctioneer if a floor bidder buys the coin.

mrpotatoheadd · February 25, 2007 1:52PM

<< <i>Besides tradition, why should it? >>

Suppose live bidder #2 makes a third tie bid, after the absentee bidder and live bidder #1- should he be the winner because he's now the last bidder?

It just seems more fair to award the lot to the first person to make the offer when two offers are the same.

<< <i>But more to the point, floor bidders can't return the coins, so it's better for the consignor and for the auctioneer if a floor bidder buys the coin. >>

True enough, but that's a different issue.

If auction houses book bids were audited annually, would you be more comfortable leaving absentee bi

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