Isn’t this coming close to what used to be known in live auctions as ‘a ring’, in which a group of professionals would agree/conspire not to bid against each other at the auction.
Once the item was secured at an unfeasibly low price, the ring would have a second, and secret, auction amongst themselves to decide which of them took which of the lots obtained in this way.
It's illegal in the UK, and presumably elsewhere too.
Click to expand...