Latest Heritage Auction using hidden reserves.

It appears to me that Heritage has made some changes in the way they run
auctions.

I bid on several coins where I was outbid by substantial amounts. Today,
after the auction has closed, those coins show up on Heritage's web page
with the following message.
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Post-Auction Bargains for Direct Sale
This is your last chance to get great bargains on some items that
didn't sell in the last September 2003 (HWCA) Auction. This item is for
direct sale at the amounts listed. We will only be accepting offers on these
lots until 10:00 AM CT, Saturday, September 20, 2003. Click on the lot you
want to purchase and go through the process as if it were a normal auction.
The only difference is that each lot will have a fixed price, not a bid
field. Enter your User ID and Password to indicate you want to purchase the
lot, and then confirm the offer on the next page. There is no guarantee that
your offer will be accepted as the lot may have sold previously. You will be
contacted within 24 to 48 hours via e-mail to let you know which lots you
have purchased. You will then be invoiced and your lots will be shipped as
if you won them in the auction.

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In looking at the Terms I find:

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1.. Conducting the Auction:


2.. Notice of the consignor's liberty to place reserve bids on his lots in
the auction is hereby made in accordance with Article 2 of the Texas Uniform
Commercial Code. A reserve is an amount below which the lot will not sell.
THE CONSIGNOR OF PROPERTY MAY PLACE WRITTEN RESERVE BIDS ON HIS LOTS IN
ADVANCE OF THE AUCTION. ON LOTS SUBJECT TO A RESERVE, IF THE LOT DOES NOT
MEET THE RESERVE THE CONSIGNOR MAY PAY A REDUCED COMMISSION ON THOSE LOTS.
Reserves are generally posted online about 72 hours prior to the auction
closing. IF THERE IS AN UNMET RESERVE BID POSTED ON A LOT, THE CURRENT BID
DISPLAYED ONLINE WILL GENERALLY BE ONE INCREMENT BELOW THE RESERVE BID. The
Auctioneer will not knowingly accept (and reserves the right to reject) live
telephone or floor bids from consignors. Any successful bid placed by a
consignor on his consigned lot on the auction floor or by telephone during
the live session will be considered an unqualified bid, and in such
instances the consignor agrees to pay full Buyer's Premium and Seller's
Commissions on the lot(s).

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This indicates to me that Heritage has introduced a 'hidden' reserve into
their auctions. This doesn't appear right to me. I quit using Teletrade
because of similar tactics on their part. If there is a minimum, that needs
to be stated right up front (my opinion) or at least a message that reserve
hasn't been met (like ebay uses). I'll also note that Heritage is now trying
to sell these coins for an amount that is greater than the minimum value
range they put on the coin.

I did win one coin in the auction, and bid several others at close to
winning bid, so I'm not just a low ball complainer.

Randy