Replies to This Discussion

Permalink Reply by Steve on February 27, 2014 at 4:17pm

Randy,

I was bidding on the Keith Richards album because it was opening at $200 with no bids and I it was a good signature, no question. Was outbid at the last minute. No problem. Next month, same item opening for $200. I bid again with a max of $250. Outbid at the end again. Started seeing the same exact item on ebay from PressPass. Next auction, it was listed again with an opening of $200, outbid at the end again, and so forth. The it appeared on another eBay account from the same area, Cave Creek. It is obvious that there is shill bidding going on. They are not getting the price they want so a bid is inserted to raise to an amount they want and if it is not met, it gets listed again. They have several music items that are following this path on their site. Also, please correct me if I am wrong, but their site doesn't show past auctions winning bids like RR does. This way nobody can go back and track a specific item. This is just another unethical business practice that they seem to follow. I'm not questioning the authenticity of the items in their Iconic auction, I'm just stating something that I have witnessed which may be of interest to others.

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Permalink Reply by Anthony Bautista on February 27, 2014 at 4:18pm

If you are user you can see past auctions .

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Permalink Reply by BallroomDays67 on February 27, 2014 at 4:28pm

It isn't too unusual for an auction house to place hidden reserves. There's a big difference between hidden reserves and shill bidding. The purpose of shill bidding is to increase the price of an item that will end up being sold, while a hidden reserve is placed to insure that an item doesn't sell below a certain price.

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Permalink Reply by Steve on February 27, 2014 at 5:50pm

I understand how it works, but is it ethical to have a hidden reserve without mentioning that there is a reserve? Saying there is a reserve and not telling you what it is is fine, but not telling you that there is a reserve sounds wrong. What's your opinion?

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Permalink Reply by JXE on February 27, 2014 at 5:53pm

I learned recently that RR Auction does it too. 

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Permalink Reply by Steve on February 27, 2014 at 6:15pm

I never heard that before, very interesting.

Permalink Reply by Anthony Bautista on February 27, 2014 at 5:58pm

I dont think its hidden , its written in there auction rules . Its explained clearely . Here is a screen shot of it . Also you can gonamd check past auctions no problem on there website now that I got home and checked .

Attachments: No photo uploads here

• image.jpg, 52 KB

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Permalink Reply by Steve on February 27, 2014 at 6:14pm

Thanks for the info.

Permalink Reply by BallroomDays67 on February 27, 2014 at 6:15pm

I would tend to agree with you about hidden reserves. However, as Anthony has pointed out, Iconic apparently mentions it in their auction rules. Some auctions houses don't mention that hidden reserves are used, which doesn't seem right to me. 

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Permalink Reply by Steve on February 27, 2014 at 6:17pm

Have you noticed in their rules if they mention their buyer fee they charge if you win an item?

Permalink Reply by Anthony Bautista on February 27, 2014 at 6:29pm

Yes I think its 15 to 20% . Its called a buyers premiuem .

I have consigned to Iconic and bought from Iconic . Jeff has always been the person I deal with . I got an email about two years ago that they will be partenering up with Press Pass . I know Jeff owns Iconic , regardless of what you say . I am friends with Jeff . I dont know Kyle , but I know his runners in los angeles and those guys are legit .

Permalink Reply by Steve on February 27, 2014 at 6:57pm

Anthony did you know that Jeff and Kyle list the same business address. Jeff is listed as President, doesn't mean owner. They could have changed things over the years, who knows.

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