Posted by jimg.allentown on April 04, 2019 at 05:54:23 from (98.115.30.180):
In Reply to: Auction question. posted by JayinNY on April 03, 2019 at 20:45:22:
There are a lot of rules about auctions. There are also a lot of laws regulating them. I'm sure that they differ from state to state. I do know that auctioneers are required to have training, pass a test, and be licensed - at least here in Pennsylvania.
In general, shill bidding is illegal. If a seller wants to specify a minimum price for his item, he can put a reserve on it. I would guess that if he bids up his own item and wins the bid, he would legally have to go through the same procedure as any other bidder - subject to commission and buyer's premium.
At ANY auction, you need to go with the idea that you know what you are willing to pay for any particular item. Once you reach your maximum price, you stop bidding. If you keep on bidding, you will most certainly pay too much for it! Also take into account things like buyer's premium. That is still part of the price that will come out of your pocket.
Personally, I devalue my bids to account for expenses that go along with the sale. Because it is an auction, whatever you buy is as-is, where-is. No guarantees. I also mentally deduct any added expenses (like buyer's premium) from my projected maximum bid.
I have seen more than one bidder get into "bidding contests" just for the sake of "winning" the bid and end up paying a lot more than an item is worth.
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