Just to clarify something - I work at a REAL auction, and we absolutely
do NOT have any shills in the audience! The seller, if present, always
has the option of buying back his own item if he is not happy with the
price. If that is the case, he would only need to pay the auction
commission. It is understood that everything that we sell is sold with
no reserve. The auctioneer is a retired cop, and one of the most honest
people I know. If we know there is a defect, we tell you before bidding
starts. If we find a defect during the bidding, bidders are told, and we
start over. If we guarantee an item to be good, and you get it home and
find out it isn't, the seller doesn't get paid and you get your money
back. All it costs you is a trip back for the best entertainment in
Douglas County. (The chili dogs aren't bad either)
Michael Lupynec wrote:
> ----- Original Message -----from
> > A reserve price is known only to the seller and to the auction
> house. >
> Not quite. At a "real" car auction the schills in the audience
> also know the reserve. It's their job to drive the bidding (or
> frenzy) to just under the reserve and then hope a "real" bidder
> who got sucked along then steps over the reserve line.
> When you go to enough auctions it's easy to spot and fun to watch.
> The schills can either be "working" for the seller or for the
> auction house.
> Mike L.