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<p>[QUOTE=&quot;GDJMSP, post: 1674091, member: 112&quot;]Heritage is not alone when it comes to reserves on items in their auctions. Consignors also place reserves on the items they own. And there are far more of them.</p><p><br /></p><p>And you need to keep in mind, for about 5 years prices have been steadily dropping - it is a bear market. And in a bear market there are an awful lot of reserves that do not get met in auctions because people are just not willing to take the losses on what they are selling. And, because there are a lot of consignors out there who have no clue about what is going on in the coin market so they set unrealistic reserves. </p><p><br /></p><p>So it should be expected for there to be a lot of unsold items at the end of any auction given the circumstances.</p><p><br /></p><p>Although I probably shouldn&#039;t be, I am extremely surprised that people do not understand or are not aware of how auctions work - and I mean any auction, not just Heritage auctions. There is nothing hidden, underhanded or shady going on, everything is disclosed. But you as a participant do have to read the auction terms and agreements to know that.</p><p><br /></p><p>Every auction house there is has items they own in their own auctions. Where do you think the items in auctions come from ? There are only 2 sources, consignors and the auction house. People need to understand how auctions work. In almost every case, when a consignor first contacts an auction house the consignor is given 2 choices. The auction house will offer to buy their collection, or a portion of it, outright. Or, they can consign their items and take their chances.</p><p><br /></p><p>Seller fees, buybacks, reserves, all of that can vary some depending on the auction house or a specific auction, but it is all spelled out in the auction agreements, just like it is for all buyers. But as I said you do have to at least read them to know that. If you just sign the papers without reading them, or just click on I Accept without reading them, then people can only blame themselves if they do not know or are unaware of something.[/QUOTE]</p><p><br /></p>

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