Re: [MOPO] Bonham's - Absentee Bidders Treated Unfairly?

[OneSheet]

David: Bob is exactly correct as to why the bidding increments jump like that on occasion.  I believe, all auction houses execute absentee bids the same way.  If a poster has an estimate of $700 to $900, but there are absentee bids of $2500 and $4000, the auctioneer will open the bidding with a bid of $2600.  If there are no further bids the $4000 absentee bid is the winner at $2600.  If a floor bidder or telephone bidder bids $2700, the $4000 bid is executed at $2800.  And so forth.  It is senseless, and wastes time, to open the bidding lower than one increment above the second highest bid.  And time is a definite consideration when you have a 600+ lot auction.  If you listen carefully to the opening comments the auctioneer makes just prior to starting the auction, he does explain the process.  I go over the opening comments with my auctioneer at the annual Vintage Poster Art Auction in Columbus, every year, and make certain that process is explained.  You may recall the term "stacked bids", that Camden House used to use. Marty   In a message dated 12/5/2005 11:36:49 PM US Mountain Standard Time, [EMAIL PROTECTED] writes: Bob - Now THAT makes sense.  I hope this is true with all auction houses because I've long been suspicious of such "huge bidding leaps" on the floor, with no increments accepted in between. ** If auctioneers simply added one line -- "we have two competing absentee bids that begin with $2500," well, I think it'd give me less reason to be suspicious. -koose. ----Original Message Follows---- From: [EMAIL PROTECTED] Reply-To: [EMAIL PROTECTED] To: MoPo-L@LISTSERV.AMERICAN.EDU Subject: Re: Bonham's - Absentee Bidders Treated Unfairly? Date: Mon, 5 Dec 2005 22:04:34 -0800 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   Marty Davis Vintage Film Posters 43215 N. National Trail Anthem, AZ 85086 623/551-6655 623/551-6622 fax [EMAIL PROTECTED] OneSheet (eBay Screen Name) www.vintagefilmposters.com Visit the MoPo Mailing List Web Site at www.filmfan.com ___________________________________________________________________ How to UNSUBSCRIBE from the MoPo Mailing List Send a message addressed to: [EMAIL PROTECTED] In the BODY of your message type: SIGNOFF MOPO-L The author of this message is solely responsible for its content.