|
You can see the softening in the market in the BaT auctions.
Look at the auctions that closed today and Friday.
More percentage of "Reserve Not Met" than ever. It's really a large number.
BaT tries to prevent Reserve Not Mets by forcing a "lowball" reserve (I know, I've gone through it with them).
And, historically, in the rising market they were pretty good with their estimates. The vast majority of their auctions met reserve.
But even their low reserve numbers aren't low enough for the realities of the declining market. They are now behind the curve on the decline. Thus the high number of Reserve Not Mets.
They, like everyone else, need to recalibrate their numbers.
|