Russo and Steele auction - Page 3

**Charley Lillard** · #21 02-20-2008, 01:45 AM

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**Charley Lillard** · #22 02-20-2008, 01:46 AM

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**Charley Lillard** · #23 02-20-2008, 01:47 AM

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**Charley Lillard** · #24 02-20-2008, 01:48 AM

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x Baldwin Motion · #25 02-20-2008, 01:59 AM

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no sympathy if you signed that and say you didn't see the reserve

**69LM1** · #26 02-20-2008, 02:05 AM

Wait,
Which car are we disucssing? If you sign a paper with a 100k reserve, then I agree, you can't raise it later. You can opt to lower it, but not raise it, imo.

What's up with the BOSS story of RS shill bidding the car and winning the auction? Am I misunderstanding that?

**Stefano** · #27 02-20-2008, 03:37 AM

Russo and Steele, as well as most of the Auctions which have a reserve retain the contractual ability to advance a bid up to, but not in excess of the Reserve.

They also have an arbitration clause to help settle disagreements and misunderstandings, if needed.

**69LM1** · #28 02-20-2008, 03:45 AM

Wow! Did not know that. So, did they or did they not bid the car (BOSS) higher than the reserve, based on the lowered reserve? If so, wonder what the contract says about that. Seems like these auctions are way too complicated........

**427king** · #29 02-20-2008, 03:46 AM

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Russo and Steele, as well as most of the Auctions which have a reserve retain the contractual ability to advance a bid up to, but not in excess of the Reserve.

[/ QUOTE ] "contractual ability to advance a bid" Is that the new term for shill bidding???

**rubbinisracing** · #30 02-20-2008, 03:50 AM

I hate to put you in the middle here Charley....

The posting of the consignment form for the Shelby GT500 does provide a visual aid for us all as to what the consignors agreed to and signed. I agree with Charley and others that all though it's sad that a mistake was made the seller had every opportunity to correct it.

In regards to the Boss 429...I can see from the consignment form that the seller had a reserve of 300K and agreed to lower that reserve while the car was on the block. My guess is the consignment agreement allows the auction house to advance the bid up to the reserve amount and the auctioneer didn't remember or recognize the winning bidder as a fellow employee. If I'm right in that assumption then it is a rigged carnival game and R & S should have to buy the car. You play with fire and you get burned! If I'm off base and a retraction and apology is warranted then one will be forthcoming. But as of now I don't see anything to change my mind.

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