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<p>[QUOTE=&quot;Ken Dorney, post: 3706995, member: 76086&quot;]Its kind of like placing a reserve on the lot.&nbsp; The house will open bidding at whatever price they deem necessary to garner bids. If the consignor is not happy with the current amount they can bid on it themselves in the hopes someone will pay one increment above them.&nbsp; If that doesn&#039;t happen the house still gets their commission whether or not the lot traded hands. </p><p><br /></p><p>Its been common practice as long as I remember, and not just the coin industry.&nbsp; The alternative is that the house places a reserve on the lot.&nbsp; If said reserve is not met the coin will not be invoiced but the system will still show someone is high bidder.&nbsp; That leaves confusion and frequent bad feelings, a topic of which has been discussed here many times (probably without people knowing what exactly was happening).</p><p><br /></p><p>You will note that some houses will advertise that their sale is &#039;without reserves&#039;.&nbsp; Also, if you have ever been to a live auction or watched one online, you will see the auctioneer bidding on behalf of the house, and many times saying some phrase like &#039;sold to the house&#039;.[/QUOTE]</p><p><br /></p>

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