Quote:
Originally Posted by Nedsel
If you read the fine print in most auction companies' policy papers, you will find that they reserve the right to bid on items they are selling "up to, but not beyond" their reserve prices. In other words, the auctioneer has the right to - and will - raise the called price on things without an actual bid being placed by anyone in the audience. Once they get within spitting distance of the reserve price, this practice stops, as it doesn't pay to have a shill bid win the auction. Which is also how one can often determine if the bidding is real or fake: when the auction company pleads with the seller to drop his reserve, the bid is usually genuine. If there is no such activity, chances are there was no real bidding anywhere close to the reserve price.
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If you watched the B-J auction, was that happening there? I was confused as some cars jumped in price, but then 1 minute later were down $200k. At that point, the reserve was dropped.
This happened quite a few times I noticed. Maybe I wasn't paying attention in years past.