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There is quite an interesting discussion going on over on the Yahoo Hammered Coins (that's UK hammered coins) collectors' forum about CNG's online auction accompanying the New York sale discussed in an earlier post. This closes before the live auction, at which the same coins are offered. This means that CNG knows the maximum offer of coins that have a lower price at the close of online bidding. The problem with this what it says in their catalogue:
Pegasi Auctions (Ann Arbor, MI 48113, Holicong, PA 18928) and Auctiones GmbH (Bern 8, Switzerland) have the same phrase in their terms of use. Whatever lies behind these practices, selling dugup artefacts like coins online seems to be a nice little earner.![]()
There is quite an interesting discussion going on over on the Yahoo Hammered Coins (that's UK hammered coins) collectors' forum about CNG's online auction accompanying the New York sale discussed in an earlier post. This closes before the live auction, at which the same coins are offered. This means that CNG knows the maximum offer of coins that have a lower price at the close of online bidding. The problem with this what it says in their catalogue:
terms of use III.1.i; we reserve the right [...] to bid on behalf of the consignor, and to permit the consignor to bid on his own lots. CNG may bid on its own account as an “insider” with information not available to the public.There was a scandal a few years back over shill bidding in the antiquities market. Why is this not another example of shill bidding which is not only frowned on or barred by other auction houses as unethical, but in the UK is considered criminal fraud? CNG operate on the UK market too (Classical Numismatic Group, Inc., 14 Old Bond St. London W1), so this question is not irrelevant.
Pegasi Auctions (Ann Arbor, MI 48113, Holicong, PA 18928) and Auctiones GmbH (Bern 8, Switzerland) have the same phrase in their terms of use. Whatever lies behind these practices, selling dugup artefacts like coins online seems to be a nice little earner.
