Read the fine print and you’ll see that the properties have a reserve and the Auctioneer will bid until reserve is met. I don’t know if by Auctioneer they mean the guy doing the calling or Auctioneer “company” which would mean the audience is laced with sanctioned shills. That part about consecutive bids leads me to believe the audience is going to be filled with shills.
Reserve Price. All Properties have a Reserve Price, meaning the Seller of each Property has established an unpublished, minimum selling price. The starting bid is not the Reserve Price. In order to become the Winning Bidder for a Property, a Bidder must meet or exceed the Reserve Price and have the highest bid. The Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller. The Auctioneer may further bid on behalf of the Seller, up to the amount of the Reserve Price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders. ”
IMHO, sucker them in with low-ball listed prices, get the hype flowing with rapid bid ups to the reserve and let someone blind step into “winning”.
