Actually this is no risk at all for the lender. Most all auctions have a reserve price and it is highly probable that the seller (lender) has a right of refusal of some type for the winning bid. There also may be shills at the auction as well. One never knows. Different auctions have different rules and the best way to get experience at any of them is to simply go and attend a few. The price is free and the experience is priceless.
