4 ms·
>If there is none, the auctioneer is allowed to announce a “chandelier bid,” a phony but legal bid on behalf of the owner, as a tactic to incite more bidding H
by werber 11y ago
>If there is none, the auctioneer is allowed to announce a “chandelier bid,” a phony but legal bid on behalf of the owner, as a tactic to incite more bidding
How is that legal?
- maxerickson 11y agoBecause of the reserve price. It's not really any different than the seller announcing at the beginning of the auction that they are going to bid up to whatever amount and then doing it. I guess buyers put up with the showmanship because they don't think it has much impact on the prices they pay.