vendor bid

vendor bid
A type of bid at an auction which is made by the auctioneer on behalf of the vendor. This is used as a tactic to keep the bids moving, or to persuade buyers to pay more, or merely to have a higher price to report if the property is passed in (its not that the vendor wants to buy what he or she is in fact selling). Such a bid is in essence a fiction, but so long as its clearly announced genuine bidders can know whats going on. When thats not so it approaches the deliberate deception of a dummy bid.

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  • vendor bid — /ˈvɛndɔ bɪd/ (say vendaw bid) noun (at an auction) an optional bid by the vendor to encourage bidding, only one such being allowed, being an amount less than the reserve price and, if it is the last bid, being recorded as the highest bid at the… …  

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  • dummy bid — noun A bid made at an auction, by a dummy bidder acting in collusion with the auctioneer or vendor, designed to deceive genuine bidders into paying more …   Wiktionary

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  • Dimmock v Hallett — Court Court of Appeal in Chancery Date decided 13 November 1866 Citation(s) (1866 67) LR 2 Ch App 21 Case opinions Sir GJ Turner LJ and Sir HM Cairns LJ Dimmock v Hallett (1866 67) LR 2 Ch App 21 is an …   Wikipedia

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