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I need an explanation of the "Potted Palm" routine...
Longacre
Posts: 16,717 ✭✭✭
I have heard about the infamous "potted palm" routine. I know in theory that this is a way to bid up the price for a particular coin. However, I am not quite sure how it works. Is there a shill in the audience and bids up the price? Or does the auctioneer actually call out the next bid increment? I assume it is the first scenario, but I would like to know.
[Edited to clarify and not to imply that any auction firms use this strategy; obviously a gross overstatement on my part].
[Edited to clarify and not to imply that any auction firms use this strategy; obviously a gross overstatement on my part].
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
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Comments
In the context that I have used the term, this description is correct. I would NOT, however, suggest that this occurs in 'almost every auction held by the major firms'.
<< <i>I would NOT, however, suggest that this occurs in 'almost every auction held by the major firms'. >>
.... Winner of the "damning with faint praise" award.
Edited to add that in context, I agree. It was just reference to the phrase in Longacre's post.
but it's still funny.
However, what I do worry about, is the Internet Potted Plant Routine™. In this case, the bidder has placed his bid online and is 2000 miles away from the live auction, sipping a martini. His auction lot comes up, the book, having no other real bids, rides him up to his max. There is no way for the bidder or the live attendees to have any idea that this is going on. Whenever I see a horrible coin go for strong money, I suspect this. In fact, I have been tempted to way overbid a horrible coin just to test the theory.
Many collectors and pros here have vastly more auction experience than I do, so I welcome their comments and would generally differ to their observations.
<< <i>In fact, I have been tempted to way overbid a horrible coin just to test the theory. >>
If you weren't a radiologist, I suspect you'd be jumping a motorcycle over a fountain in Las Vegas.
Who is John Galt?