boats wrote on Jan 31
st, 2015 at 8:37am:
My take is auctions have no rules and odds are against you. Just like Las Vegas.
Boats
The thing is, when you go to a gambling establishment, you (should) know going in that it's a GAMBLE. The odds are supposed to be stacked against you. Any body that doesn't realize that shouldn't be gambling.Besides, gambling is considered "entertainment".
And there are plenty of laws regulating gambling. Whether they're enforced, is another matter.
Regarding public auctions, there are specific rules how they are to be run and there should be no odds for or against you; at least from how the auction is handled.
Unfortunately, there are way more auctioneers than regulators, so the fox pretty much has his way with the hen house.
Bad auctioneers tend to be self eliminating thank goodness.
I remember a fellow that would travel around setting up gun auctions at hotel banquet rooms.If you attended enough of his dog and pony shows, you soon realized he was selling the same guns over and over.He would also set up at gun shows with the same guns ! As time went on, attendance at these "auctions" got less and less because everyone caught on.The guy would let a gun go now and then as a teaser, but it wasn't enough to fool many people.
I later learned that this guy would go around soliciting "junkers" from reputable dealers, then do whatever he had to or could do, to spiff up the gun to make it more appealing. I inspected guns that had fresh metal chips in the chambers from some sort of gunsmithing; and even viewed an alleged original Colt Dragoon that was nothing more than an antiqued Armi San Marco special

. It "sold" for several thousand dollars at one sale.
Fortunately, this fellow's shenanigans only lasted a couple of years.