What Do You Look For In Traditional Auctions?

I note Floortrader using the term "manufactured lot". Presumably a "collection" or "accumulation" put together by a vendor trying to give the impression of a genuine "first time to market" collection.

Does this happen often?

Preparation of remainder lots or accumulations, after higher value items have been picked out for separate sale, happens all the time. It is in the interest of both the consign or and the auction house. The reputable or higher end houses denote these lots as accumulations or remainders, because they don't want the risk of a refund claim based on mis description. Lower end houses ... One would hope the instances of intentional mis description as a collection, meaning unchecked, would be low but ... Who knows. Unless the auction house explicitly states that a lot is an unchecked collections, assume it was picked over. Ultimately the only defense is to inspect the lot in person before you bid, or accept the risk of disappointment and bid accordingly.

My interpretation of a manufactured lot is more sinister and something that occurs more often than we may think. Auctions often receive collections with high catalogue value but with many flawed stamps. They will sprinkle in just a few or even just one exceptional stamp to give the impression that the collection is outstanding instead of mediocre.

Buyers of collections will often check the highest catalog value items for quality but not the midrange stamps which actually hold most of the catalog value. So if the collection has only midrange stuff, the more affluent buyers would pass in favor of looking for higher end collections. Manufacturing the collection by adding choice pieces artificially elevates the collection to a higher status. Buyers figure if the two best stamps are fabulous then the collection must be filled with surprises as the "collector" obviously had an eye and some money. The high cat value, which may be achieved on the backs of faulty stamps, further increases the desirability of a manufactured collection.

shermae, I agree. I've bought what you describe in your post. Worse even, what atrracted me to the lot,(the hook item) wasn't identified correctly.
"ignorant" buyer beware...lol

Jamesw, if I may add......
You will often run into "non-stamp collector" folks who assume old equals value. And if there is a big album going up for bid, and you are the only one bidding, they will bid against you for sure, thinking a major find is at hand, and will grossly overbid and run the knowledgeable collector off.

I've been there............