Featured Auction Houses getting it wrong

Came across this, Antiques trade Gazette, recent March 22.

 

Oops. Asleep at the switch, much?

 

asking price is not always related to the selling price..

 

Once in a while they set the estimate low on purpose, but probably have a fair reserve on the item just in case. Sometimes though, they don't know what an item really is and some savvy bidders catch wind of the item and... happy consigner!

 

Presumably the sellers agreed with the Auction house estimates and the reserves if set were roughly the same as the estimates, that’s how it’s done here in U.K. so I would be happy with the results in these instances but wouldn’t be happy with the Auctioneers.

 

Me either. The auctioneers didn't think of Pokemon cards being white hot right now. Admittedly with jade you never know, but even I'd know they had them going for cheap. The book covers ... definitely sleeping at the wheel.

 

It is very difficult to assess what will happen on the day.
You are lucky if there are two or more collectors with deep pockets in the room who keep bidding against each other. That must have been the case with these auctions.

 

usually 3 at the end...to drive the highest prices.....imo

 

Gotta love when that happens.

 

Have we not learned in the previous millenniums that human behavior can not be quantified. Sellers are pleased with themselves when estimates are within 25 % of the number they predict . . . the human factor so often turns the apple cart upside down.

 

thus the phrase......... You're only human !