The so-called monopoly auction was a rather rare sight but it was bound to happen on and off in the industry. The major auction houses called monopoly auctions "vicious" auctions. If one started to develop, the auctioneer had the right to call off the auction.
A monopoly auction was when a group of people who knew each other, and were possibly allied, participated in an auction. When the auction started and one person placed a bid, the others would not bid.
For the auction houses, the auctioneers, and the storage companies, the profit margin was greatest when everyone participated and placed bids in an auction. The more bids, the higher the price and the more they would earn.
The goals of monopoly auctions were undoubtedly contrary to the goals of a normal auction. They affected the development of the market as well as the auction houses' profitability.
