If youve never been to a live auction, then you may not have ever heard of the term collusion. Not all auctioneers mention it, so even if you have been to an auction or two, you may never have heard of the term.
Collusion can be defined as The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value or when the auctioneer accepts a fictitious bid on behalf of the seller so as to manipulate or inflate the price of the property.
Despite the fact that its illegal, its still a pretty common event live auctions.
Heres a typical scenario. Youre at an auction and lets say youre looking at a pallet of computers. You see a lot of items on there that you could use and say to yourself that youll be bidding on that. You notice there are some printers on the pallet that you dont need, but will still bid on the pallet when the time comes. Now, while youre looking at this pallet of computers, another bidder has noticed your interest and approaches you. He asks you if youre interested in the computers or the printers. You tell him youre only interested in the computers. He says hes only interested in the printers and wants to...
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