Wow! This is fascinating stuff. IF I read Drew's post correctly as posted by Charley? The auction house in writing advises the seller it has the right to "advance the bidding up to the reserve". I am not going to speculate how the bidding is "advanced" but I wonder if the bidders agreement states that the auction house can "advance" the bidding to a cars non disclosed reserve?
I have signed up to bid at a few auctions RS not being one of them and never noticed language to that effect advising me that as a bidder I won't be aware of the actual reserve prior to bidding and that the auction house can "advance" the bidding to the reserve???
This is all news to me and I have been licensed to practice law since 1983? I recall not long ago a couple of high end art auction house's running into some problems. Looks like I need to do a little research and learn a little more about the laws auction houses are subject too. Charley if Drew knows of a case sanctioning this contractual language could you ask him for the name? The whole thing just fascinates the heck out of me? Or am I misinterpreting his comments? Seems like the language implies artificial means are used by the auction house to get the price to the reserve? Why not just state the reserve is X amount of dollars and start there? Is advancing the bidding creating an illusion of some sort? Very possible I am just not reading Drew's comments the way they were intended. Because I can't see how employee's of an auction house or other auction house designee's who are unable to purchase the car bidding on a car up to it's reserve is anything other than an illusion that actual bidders exist and appear willing to pay up to a cars reserve? However nothing forces a prospective bidder to pay over reserve but I wonder if the bidder is led to believe the car is worth X amount of dollars by the bidding being advanced???
Please note no disrespect to Drew and his company is intended by this query. He is great for taking the time to chat with us and solve Quick Bow tie's issues. Really a first class neat thing to do. I am just baffled or misreading the post I guess. I am easily confused so no disrespect intended.
Charley you are the experienced expert here with this stuff what am I not understanding?
