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<p>[QUOTE=&quot;Nerva, post: 2793722, member: 87761&quot;]Reserve is to limit downside. But you don&#039;t sell at auction to get the minimum. You sell to have a chance of getting more in open competition. If the competition isn&#039;t open and fair, you&#039;re not getting what you expected. In the example of a dealers&#039; ring colluding to buy at reserve and then reselling among themselves, it wouldn&#039;t do to say it&#039;s fine because sellers got the minimum. It undermines the purpose of auctions. The end logic is to have collectors decide amongst themselves who will buy for the reserve in each case, and at that point no one would consign to auction at all.[/QUOTE]</p><p><br /></p>

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