Quote:
Originally Posted by james julia
Dear C.O.B. and Phil C.,
“If for any reason the item is sold less than the reserve, the auctioneer will pay the consignor an amount equal to what the consignor would have received (on a net basis after deductions of commissions and all costs, fees or charges).” Therefore, if you consign a gun with a reserve of $6,000 and by accident the reserve is not executed and the gun is subsequently sold at $4,000, you will be paid the same monies you would have had the gun sold for $6,000, so our contract guarantees and protects you along those lines.
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If I read this correctly, the gun must have been sold to someone other than the the person bidding for Jim while bids are below the reserve. So, if he makes a mistake and sells the gun for less than the reserve to Joe Average bidder, Jim will make up the difference to insure the consignor gets the reserve amount. At least that is the way I read it?