Mastro Auctions, the largest sports memorabilia auction house, has closed amid an FBI fraud investigation. Three Mastro executives have purchased the company’s assets and will launch a new company called Legendary Auctions. Part of the investigation by law enforcement is focused on charges of “shill bidding”. [Read more…]
Archives for March 16, 2009
Latest Version of New York State Assembly Bill A01730: Seeks Prohibition of Auction House “Sham” Bids Without Disclosure
An article published in 2007 (see Auction House Buying Considerations, Part II: Chandelier Bid (“Sham Bidding”) Legislation) discussed proposed legislation related to “sham” or “chandelier” bids, described by a New York legislator as “chicanery perpetrated by auction houses,” with auction house Sotheby’s opposed to the legislation. [Read more…]