JAMES JULIA'S MARCH 2012 AUCTION

[Bindlestiff]

Originally Posted by Robin Lewis

I sent them an email and asked them to explain why the guns didn't sell even though they hammered them as sold. If I get a reply, I will post it to this thread.

Here is the reply I said I would post. We had this figured out already but this is their response for your reading pleasure:

Thank you very much for your inquiry.

These items along with most of the other items that did not sell, carried a reserve that was not met at the auction. As described in the Terms & Conditions of Sale in the front of our catalogue: “ (#9) – RESERVES: Some items in this auction may carry a conservative reserve. Therefore the auctioneer may bid on behalf of the owner or for the auction house. The purchaser will be the highest bidder acknowledged by the auctioneer. Please note that when an item carries a reserve, the reserve is usually somewhere below the low estimate in the catalog. Actual reserve figures cannot be divulged, but we will tell you if an item carries a reserve if you ask”.

During the auction, if an item has a reserve, the employee responsible for protecting the reserve, will bid competitively against the audience until the reserve is met or exceeded, or the bidding has ended. Therefore, if the last bid is on the person representing the reserve, then the auctioneer recognizes that bidder number as the purchaser and is registered as such. There is no way to acknowledge a “no sale” via the internet carrier Artfact during the auction, so what viewers will see is that the item hammered at such and such a price. I believe that this is true through most all Live auction internet carriers. This is why we post on our website, the next day, a listing of items that did not sell along with a Prices Realized list of all other items.

Perhaps Live Auction internet carriers should change from “Sold” to “Hammered”.

I hope this has answered your question. Please do not hesitate to contact me if you have any other questions.

Sincerely,

Judy Labbe
Department Head
Firearms Division
James D. Julia inc.