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Uncle Bobby
Double Malt Member
Joined: 06 Feb 2018
Posts: 92
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 Posted: Mon Oct 31, 2022 7:46 am Post subject: Auction bidding |
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| Probably nothing new here but I have noticed quite an increase in auction lots with apparently unfeasibly high reserves being bid up (presumably) close to reserve price. Ultimately most have gone unsold but I'm sure any unsuspecting or desperate bidder could be lured into paying an inflated price. Note sure what action houses can do about it other than cross check sellers and bidders and look for a connection. Surprisingly easy in the micro world of whisky collection or investing I would think. |
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Scotchnthings
Double Malt Member
Joined: 11 Feb 2019
Posts: 144
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| Posted: Tue Nov 01, 2022 6:32 pm Post subject: Re: Auction bidding |
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| Uncle Bobby wrote: | | Probably nothing new here but I have noticed quite an increase in auction lots with apparently unfeasibly high reserves being bid up (presumably) close to reserve price. Ultimately most have gone unsold but I'm sure any unsuspecting or desperate bidder could be lured into paying an inflated price. Note sure what action houses can do about it other than cross check sellers and bidders and look for a connection. Surprisingly easy in the micro world of whisky collection or investing I would think. |
Believe half of what you see and non of what you hear. Auctions will always have a dodgy side. It happens in art markets all the time, where artists would bid up or even buy up their own works to create artificial demand. Hopefully most people are sensible enough to see through it... |
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