[meteorite-list] Lang proxy bid?

From: JKGwilliam <h3chondrite_at_meteoritecentral.com>
Date: Thu, 08 Feb 2007 14:50:24 -0700
Message-ID: <6.2.1.2.0.20070208143939.01d2dae8_at_pop.west.cox.net>

Mike and List,
Since I don't have a copy of the Lang's "Auction Terms" available to me,
I'll have to assume that your statement is correct. If that is the case,
and there was no other bid after Peter Marmet's bid of $450, then you
should have paid $460, not $500. You should also receive a refund for the
difference ( $40 ) but I don't think you should simply "request" it. In
this situation I think you should "demand" a refund and do so very loudly.
Absentee bidding is one more way that bidders in an auction can be
defrauded. I'm starting to wonder if there are more "fleeced sheep" out there.

Best,

John

At 11:46 AM 2/8/2007, Mike Bandli wrote:
>First, let me state that I am not trying to throw more coal on this
>fire... I have a question for the people at the auction. I purchased Lixna
>Lot 70 for $500. I know for fact that the other bidder was absentee bidder
>Peter Marmet and his max bid was $450.
>
>In Lang's auction terms it states: "The auctioneer will act as proxy for
>absentee bidders. Your bids will be increased only a needed to surpass the
>next-highest bid or the reserve up to your maximum stated amount. For
>example: The reserve on Lot XX is $1,000. You are bidder #1 and have
>placed an absentee bid in the amount of $2,000. Bidder #2 has entered a
>maximum bid of $1,100. As your proxy, the auctioneer will enter a bid of
>$1,125 (only increasing the amount as required to best the next-highest
>bid), and you become the high bidder."
>
>For bid increments it states: "Up to $999, bidding will increase in $10
>increments."
>
>So if the next highest bid was $450 and my bid was $500... I should have
>paid $460 correct? I didn't even think about it at the time because I was
>so happy to win this piece.
>
>Is this much to do about nothing and should I just be happy I got it? Or
>should I request a $40 refund? Not sure what to do...
>
>Mike
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Received on Thu 08 Feb 2007 04:50:24 PM PST