Heritage RC auction lot reserve procedure change

[Mozin]

I just noticed that Heritage changed its method of handling reserves on auction lots. It appears now the highest bid stays visible even after the reserve is posted. Prior method was to remove the last bid from view and only allow a next bid which met the reserve. Now one can place a bid lower than the reserve knowing that they will not win the lot---unless the reserve is lowered from what it is first stated.

 

Works for me!

[midijab-migration]

That's shrewd on Heritage's part. It's probably done to entice the consigners (many of whom are dealers) to get on the phone and drop the reserve if it's close enough so the lot doesn't go back into the "book" or second chanced out. This way Heritage gets their cash flow up. They don't make anything until the lot is sold!

[TomB]

I think it's a good move and like it a lot.

[Mozin]

That's shrewd on Heritage's part. It's probably done to entice the consigners (many of whom are dealers) to get on the phone and drop the reserve if it's close enough so the lot doesn't go back into the "book" or second chanced out. This way Heritage gets their cash flow up. They don't make anything until the lot is sold!

I hope you are right about enticing reserve lowering.