Lawsuit alleges ‘sham’ bids at classic-boat auction - Trade Only Today

Lawsuit alleges ‘sham’ bids at classic-boat auction

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Allegations that "sham" bids drove up prices on a collection of rare wooden boats put a large national auction house on the defensive.

The $4 million auction of Lake Minnetonka, Minn., denizen Todd Warner's collection of vintage wooden boats was a historic event in the rarefied world of classic and antique boating.

Eighteen months later, a lawsuit accuses Warner and Mecum Auctions Inc., an Illinois-based auction house, of soliciting bids from friends who didn't intend to buy, solely to drive up prices on certain boats.

Click here for the full report by the Star Tribune.

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