Sender: Rare book and manuscripts <EXLIBRIS-L@LISTSERV.INDIANA.EDU>
Jumping into the middle of a conversation, I think that the chandelier bid
issue masks the deeper problem of an auction house setting prices that
are unrelated to the fair market. One must understand that the reserve
price, in many cases, is completely unrelated to what an item might bring
in a room filled with willing bidders. If the reserve price is $1000 but
the bidders only feel that the item is worth $500, then what kind of value
does the buyer get if he unknowingly buys it against the reserve?
If the auction house advertises itself as the fair market arbiter for both
the buyer and the seller, then the buyer has a right to know if he is buying
something against competition ( hence at the fair market price,) or if he
is the one person in the room willing to pay what the auction house is
asking.
Gordon Hollis