The example was hypothetical, but entirely realistic.jdaw1, in an email to the [url=http://www.fca.org.uk/]Financial Conduct Authority[/url] on 14th May 2014, wrote:Dear sir or madam,
Is the following market manipulation? Please could I be sent pertinent guidance.
I did not bid at a recent auction of old wine, so as not to bid against a friend who wanted the same lots. Indeed, his hospitality is such that I might well drink the same bottles at his table. But my abstaining from bidding might have lessened the sale price of the bottles (indeed, that was the intention), to the detriment of the vendor, to the slight detriment of the auctioneer, and arguably to the detriment of the wider market in old wine.
Has any offence been committed by my not bidding? What are the boundaries?
I am not a dealer, merely a collector (a bit) and consumer (more). Does not being a dealer actually matter? If it does, assume that all collectors exchange bottles amongst themselves, for money or for other bottles. Where is the consumer-dealer boundary?
What other parameters matter?
Before replying, please think. Anything you say will be noted, and might be used against you. Please think.The [url=http://www.fca.org.uk/]Financial Conduct Authority[/url], in an email on 2nd June 2014, wrote: Thank you for your email dated 14 May 2014 regarding actions at an old wine auction.
The situation you have described does not fall within our remit. We do not regulate the selling of wine and therefore cannot comment whether market manipulation has taken place.
You may wish to speak with a legal body for guidance.