Posted by Maude Pattullo on April 14, 1999 at 17:44:05:
In Reply to: Re: estimates as self-fulfilling prophesies? posted by Steve Price on April 14, 1999 at 12:55:25:
For the seller at auction, the estimate placed on any item has other baggage attached. Auction houses attract "product" by making enticing suggestions as to the 'value' of the item; oftentimes, by the time the catalogue is about to go to press, this number has been ratcheted down, to a more "realistic" level. The reasoning given to the seller is that a lower reserve will generate more bidders, more excitement, and a higher hammer price. If the seller clings to the original pie-in-the-sky sales pitch, and does not agree to lower the estimate (and, by extension, the reserve), the charges to the seller for the first auction will stand even if the item is not sold; if it is re-offered at a later date, the meter will begin to tick anew. If, however, the seller accepts the wisdom of the house, lowers the estimate, fails to sell the item, and then re-offers it, the charges attendent to the original sale are forgiven.
Free will is a difficult issue in many marketplaces.
Post a Followup