Personal Property Auction Contract Without Consideration
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FAQ
Shill bidding may also be considered a form of wire fraud, which is a federal offense under 18 U.S. Code Section 1343. Maximum penalties for the crime of wire fraud can include two decades imprisonment.
In addition, members cannot bid on or buy items in order to artificially increase a seller's feedback or to improve the item's search standing. Shill bidding is also illegal in many places and can carry severe penalties.
reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price.
An auction sale contract (including settlement, deposit and inclusions) can be negotiated prior to auction day.
Shill bidding is intentionally bidding by a seller on his/her own auction to inflate the final price. This can be accomplished either by the seller himself/herself or by someone colluding with the seller to place bids on his/her behalf.