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Has Anyone Placed Absentee Bids At A Live Auction Before?
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<p>[QUOTE="all_fakes, post: 355389, member: 55"]To add to Komo and Eve: auction houses can vary in how they handle absentees; but one with which I am quite familiar, I've sat on the floor and watched their process.</p><p>If they have more than one absentee, they start with the second-highest; if nobody bids from the floor, the high absentee gets it at one increment over the underbidder. If people bid from the floor, the auction continues until either a floor bid exceeds the highest absentee, or the absentee gets it at one increment over the last floor bid. If there is only one absentee, the auction starts at a low reserve, and the absentee gets it at one increment above the last floor bid, if any; or loses to the high floor bidder. That's a fair and honest procedure, and nobody ends up over-paying.</p><p>But I've been to other live auctions where it sure looked like the auctioneer did not follow that honest procedure, and where I suspected the absentee was pretty certain to be over-paying.[/QUOTE]</p><p><br /></p>
[QUOTE="all_fakes, post: 355389, member: 55"]To add to Komo and Eve: auction houses can vary in how they handle absentees; but one with which I am quite familiar, I've sat on the floor and watched their process. If they have more than one absentee, they start with the second-highest; if nobody bids from the floor, the high absentee gets it at one increment over the underbidder. If people bid from the floor, the auction continues until either a floor bid exceeds the highest absentee, or the absentee gets it at one increment over the last floor bid. If there is only one absentee, the auction starts at a low reserve, and the absentee gets it at one increment above the last floor bid, if any; or loses to the high floor bidder. That's a fair and honest procedure, and nobody ends up over-paying. But I've been to other live auctions where it sure looked like the auctioneer did not follow that honest procedure, and where I suspected the absentee was pretty certain to be over-paying.[/QUOTE]
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