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Sorry JR, your example "from the movies" is a different case
than the example that Koose was talking about.
Plus, I think you did'nt quite understand Bob's
explanation. Sorry.
Zeev
----- Original Message -----
Sent: Tuesday, December 06, 2005 1:58
AM
Subject: Re: [MOPO] Bonham's - Absentee
Bidders Treated Unfairly?
Although this practice seems psychologically "wrong" to us in the
age of internet auctions, it is actually quite common and accepted in the old
traditional world of "live auctions"... think back to all those scenes of
heated auction bidding you've seen in movies... remember there's always one
point in the scene where character #1 gets frustrated that every
bid he makes is being trumped by character #2... and the price has gone
steadily up to say, $5,000, and the suddenly character #1 jumps up and shouts
out "I'll bid$10,000 dollars!!!"... and everyone gasps... and the auctioneer
looks stunned for a second and then says... "ladies and gentlemen, the bid now
stands at $10,000... do I hear $10,100?"
I'm guessing that's basically what happened here. The fax bid was
not considered a "hidden maximum bid" for some reason, instead it was
treated as if someone live in person on the floor had actually shouted out
"I'll bid $2,500!!!" when the previous bid was only $500. Perhaps
the sender of the fax didn't intend for it to be treated that way, but it
obviously was. This probably explains why it only happens sometimes -- at
other times the amount is specified to be a "hidden maximum" and so is bid in
increments as one would normally expect.
-- JR
----- Original Message -----
Sent: Tuesday, December 06, 2005
1:04
Subject: Re: [MOPO] Bonham's - Absentee
Bidders Treated Unfairly?
I've seen that sort of thing happen a lot
before...
Sometimes it looks shady (and maybe it is). But,
other times it just means
that there were 2 (or more) absentee
bidders. For instance, one absentee
bidder bid $2,400, the other
bid $3,000 - so the auctioneer immediately
jumps to $2,500, then starts
taking floor bids (that get immediately outbid
by the second absentee
bidder)...
Cheers,
Bob
----- Original Message
-----
From: "David Kusumoto" <[EMAIL PROTECTED]>
To:
<[email protected]>
Sent:
Monday, December 05, 2005 9:59 PM
Subject: [MOPO] Bonham's - Absentee
Bidders Treated Unfairly?
> Hello all --
>
> Just
one thing bothered me. If you were there, maybe you can
explain.
>
> ** For some posters, bidding JUMPED immediately
(w/no declared bidding
> increments in between) -- to the HIGHEST
level established by an absentee
> bidder. Not all the time, but
it happened.
>
> ** For example, I was a phone bidder for the
"Brief Encounter" British
> one-sheet. Bidding opened at
$500. Then out-of-the-blue -- I heard a
> Bonham's employee
declare, "we have an absentee bid of $2500!" The
>
bidding
> then JUMPED from $500 immediately to $2500 -- with NO
bidding increments
> accepted "in between" -- from either the floor or
from the phones.
>
> ** The poster hammered for $3,000 (or about
$3,800 if you include the
> 17.5%
> buyer's premium -- and
another 8.25% sales tax for in-state buyers -- a
> whopping 25.75%
gouge).
>
> ** I don't understand the criteria for what seems an
unfair practice --
> NOT
> to me as a phone bidder -- but to the
absentee bidder! If bidding OPENS
> at
> YOUR
"faxed-in-advance" bid -- haven't you just lost your shot to get a
>
poster for "possibly" less? I planned to "drop out" at $1500. I
didn't
> get
> the chance, nor did the absentee bidder get the
opportunity, to see
> bidding
> advance in increments well past
$1500 until it finally ended at $3,000.
>
> ** If I had faxed in
a $6,000 absentee bid -- and a Bonham's employee
> declared, "we have
an absentee bid of $6,000!" -- I would've been pi**ed
> to
>
learn my shot to get "Brief Encounter" for $3,000 or $4,000 or even
>
$5,000 -
> went out the window. The auctioneer, in some cases,
established opening
> bids well ABOVE $500, accepting the absentee
bidder's high bid, DECLINING
> lower bids from the floor and the
phones.
>
> ** Until I learn the "criteria" for this practice --
I'll NEVER submit
> absentee bids by fax to Bonham's (or to any
auction house) in the future.
> If I want something and can't be
present, I'll phone bid like I did today.
> Again, perhaps there's a
simple answer. It didn't happen to all lots.
> "Suez" opened at
$500 before Sue Heim got it for $5500 (hooray Sue!). But
>
before it hammered, she and others were bidding against an absentee
>
bidder.
>
> ** There was ONE consignor for this sale.
(Louis Leithold's estate.) All
> the more reason I don't
understand the "opening bid" inconsistency from
> lot-to-lot. On
the surface, this has "anti-consumer" written all over it.
> And if
takes more than 5-min. to explain, I probably still wouldn't get
>
it.
>
> ** Look, if I'm a consignor, it's in my best interest to
promote this
> practice, but you know, consignors are buyers
too. And I demand
> consistency
> from licensed
auctioneers.
>
>
-koose.
>
>
Visit the MoPo Mailing List Web Site at www.filmfan.com
>
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