Check your Auction's terms and conditions :)

[TheGoldSovereign]

Just came across this in some terms I was reading, we all think that it may happen and the ass covering would be done in T&Cs but how many of you actually read them?!

Buyers beware and be vigilant!

 

"A Consignor that bids on their own lots in the Auction Sale may pay a different fee than the Buyer’s Premium charged to all other Buyers. *Auction* reserves the right to include in any auction sale its own material as well as material from affiliated or related companies, principals, officers or employees. *Auction* may have direct or indirect interests in any of the lots in the auction and may collect commissions. "

"Bidder acknowledges and agrees that *Auction* and its affiliates are not required to pay a Buyer’s Premium, or other charges that other Bidders may be required to pay and may have access to information concerning the lots that is not otherwise available to the public."

 

🤣

[Shep]

@TheGoldSovereignWould this be the certain auctioneers that use the auction mobility platform mentioned in your thread from a while back?

Its all open source and freely available information so I personally don’t see the need to protect them from criticism.

[watchesandwhisky]

sounds like a complete racket. 

[sovereignsteve]

Might be worth contacting them and asking what fees you would pay if you bid up your own lots?

[TheGoldSovereign]

On 15/01/2021 at 10:54, Shep said:

@TheGoldSovereignWould this be the certain auctioneers that use the auction mobility platform mentioned in your thread from a while back?

Its all open source and freely available information so I personally don’t see the need to protect them from criticism.

All auction houses have their own terms and I wasn't trying to shame a specific auction house.

I just wanted to make people fully aware that these things take place and to do your own due diligence!

In do think it's shameful that these things are buried in T&Cs but I guess it's our job to read them.

 

[TheGoldSovereign]

12 hours ago, sovereignsteve said:

Might be worth contacting them and asking what fees you would pay if you bid up your own lots?

I'm assuming if you're super friendly with the owner it will be 0%

Note that the lots could also be owned by the auction owner and according to these terms they are free to bid them up as much as they like at 0 cost!

[sovereignsteve]

1 hour ago, TheGoldSovereign said:

Note that the lots could also be owned by the auction owner and according to these terms they are free to bid them up as much as they like at 0 cost!

I'm sure that has always been the case without anyone ever suspecting it. They probably didn't even mention it in their T&C.

[Shep]

The aspect of this that I find most irritating is that I feel if one was to question these auction houses about their term and conditions, they would simply argue that they are standard industry practices.

Although buyers have a responsibility to check the terms and conditions, I feel it says much more about the way these auction houses conduct their business than the naivety of buyers.

To borrow a phrase from a not too dissimilar racket - “The house always wins”.