
How Auction Houses Orchestrate Sales for Maximum Drama - dpflan
http://nytimes.com/2015/11/01/arts/design/how-auction-houses-orchestrate-sales-for-maximum-drama.html
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werber
>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?

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maxerickson
Because 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.

