Subscribe Omega and Patek Phillipe Rig Watch Auctions
posted by MR WAVETHEORY at 10/08/2007 06:50:00 PMThe Journal has a great story about how luxury watch makers are rigging their own auctions by bidding on their watches at high profile events. Omega paid over $300,000 for one of the very watches that it put up for auction in Geneva, beating genuine bidders. What is even more amazing is that Patek Phillipe, the well known watch maker, has engaged in shill bidding for even longer.
On eBay, if you shill bid, ie bid on your own item, you get banned. At the auction houses in Switzerland, you're encouraged to do so! Amazing!
Watch makers are rigging their auctions to maintain the high prices consumers pay for their watches. Apparently, they want consumers to believe that watches are "investments." If that's the case, then this is no worse and no better than a pump and dump stock scam where a company inflates its stock price so it can sell stock to unwitting buyers!
On eBay, if you shill bid, ie bid on your own item, you get banned. At the auction houses in Switzerland, you're encouraged to do so! Amazing!
Watch makers are rigging their auctions to maintain the high prices consumers pay for their watches. Apparently, they want consumers to believe that watches are "investments." If that's the case, then this is no worse and no better than a pump and dump stock scam where a company inflates its stock price so it can sell stock to unwitting buyers!
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