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<p>[QUOTE=&quot;dougsmit, post: 2519071, member: 19463&quot;]It is not the consignor/owner but the auction house rule I believe needs to be made clear.&nbsp; If a house starts lots at 60%, the start bid on a lot estimated at $10,000 would be $6000 and the coin should be required to sell if anyone bids that amount.&nbsp; If $6000 is not enough, the estimate could have been stated as $20,000 so the first bid would be $12,000 and potential bidders who believe the coin is not worth that much should bid on other coins.&nbsp; I don&#039;t think people could be stopped from bidding on their own lots but doing so would run the risk of buying the lot and being required to pay commissions including buyers&#039; fees.&nbsp;&nbsp; Starting bids are kept low in the hope of attracting more bidders two of which will get into a shoving match but it would seem it should also carry a risk of selling the coin at start level.&nbsp; If only one person believes a coin is worth the start bid, the coin should sell for start.&nbsp; If a consignor is allowed to bid up his own lot and withdraw his last bid when he finds the top of the true bidder&#039;s interest, it is not a sale but extortion. </p><p><br /></p><p><br /></p><p>Exactly.&nbsp; Sellers and bidders have rights.&nbsp; Sellers have the right to state openly that they prefer to keep their coin than to sell it.&nbsp; Buyers have the right to buy at a level set by the competition not by the pie in the sky dreams of an investor who paid too much for a coin last time around.[/QUOTE]</p><p><br /></p>

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