According to the Uniform Commercial Code (adopted by every state except Louisiana) all auctions are with reserve unless stated otherwise. If the auctioneer advertises or says it's an absolute auction, he can't ask the seller if he wants to let something go. If he makes no such statement it's safe to say the buyer has a reserve, the auctioneer will "buy in" the item, or just plain run the item up to the reserve price. According to the UCC a seller can legally bid on his own items....IF the auctioneer makes an announcement to that effect.
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Today's Featured Article - On the Road with Dave Gohl: Auction Musings - by Dave Gohl. I was thinking the other day about all the auctions I've been to in the last few years. There've been many. Some have been very good, some have been well, disappointing to say the least. But no matter how good or bad auctions may be, we always seem to stay until the item we've come for or are interested in is on the block. I've been to some auctions near and far. I think the furthest has been the Two Cylinder 7 in the Amana Colonies last year. Lots of stuff, lots of people. I've also atten
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