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Re: RIA auction
Posted by Tom Moore on Wednesday, 25 July 2012, at 10:35 a.m., in response to Re: RIA auction, posted by Walt Arend on Wednesday, 25 July 2012, at 12:22 a.m.
I can think of many examples that I personally observed at RIA where the bidding started out much higher than the presale estimate. This tells me that the auctioneer started at the highest pre-bid they had and moved up from there. Naturally, I don't expect them to "roll" through the pre-bids just to show action on the item but you should expect them to start at your highest pre-bid and work the crowd from there. I think that it's very unlikely that you will win very many items by pre-biding unless there is absolutely no live bidding on that item.
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