Hunt Auctions "Est. Price Range" [Archive]

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11-15-2008, 04:29 PM

Posted By: MattWas anyone else surprised by the number of lots in the Hunt auction today that didn't sell? Looking at lots 700-820 (the prewar cards) it looks like approximately every 3rd lot didn't sell. I don't exactly understand their system, but it seems they reserve lots at something like 80% of their estimated range, and if no bid comes in above that, then they hold the lot. Aside from the "hidden reserve" some of their estimated prices seemed very high, which caused them not to sell.

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11-15-2008, 05:55 PM

Posted By: Seanyeah, i bid on a lot that says it did not sell. That sucks! grrrrrrr Granted, my bid was almost a 1/4 of their est price range. Lesson learned: no cheap deals through Hunt. Back to ebay now <img src="/images/happy.gif" height="14" width="14" alt="happy.gif">

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11-15-2008, 08:10 PM

Posted By: MattLots 723-819 were their pre-war card offerings in this auction; 97 lots. 42 of those lots went unsold due to hidden reserves not being met. Sort of feels like a fixed price offering except the prices aren't being disclosed.

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11-16-2008, 12:33 AM

Posted By: MarkMatt: That's exactly what it is. I saw a few lots that got through with no apparent reserve. But they do have reserves on very many lots... which are not disclosed. I believe this holds true for their own pieces as well as at the request of their consignors. This can be frustrating to bidders, as you have demonstrated.

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11-16-2008, 05:37 AM

Posted By: Tom BoblittAnd won 4 lots but non of which were cards. They blew through the card lots because they were running behind. The auction started at 10:00 and was still going at 6pm. The auctioneer took only a 5 minute break during that whole time. Don't know how he did that. Seemed like the card prices, other than the Kalamazoo Bats, were pretty low. Didn't mention that they weren't selling so that wasn't apparent in the room.

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11-16-2008, 05:54 AM

Posted By: jdrumWas there as well. No sense that there were hidden reserves. If so, I think they suffered the fate of a soft economy with a combination of optimistic estimated values for generally lower grade material. Well run auction and I agree with Tom, it was a speedway in there!

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11-16-2008, 08:21 AM

Posted By: leonI just took a quick look at the prices realized for pre-war cards. They look indicative of the soft market we are in. The items that did not sell (DNS) were quite a few in number. I can empathize with that, unfortunately. I guess no auction house will be immune to some of this kind of behavior in this crappy economy. regards

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11-16-2008, 08:45 AM

Posted By: barrysloateI certainly felt the sting of the economy last Thursday night. Not much you can do about it.

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11-16-2008, 08:54 AM

Posted By: MattThere is a big difference between a reserve disclosed while the auction is ongoing and this, where "Didn't mention that they weren't selling so that wasn't apparent in the room." Being able to see all the bids before disclosing if a lot has sold opens a giant black hole. I always though the point of an auction was to let the market determine the value of a lot. I understand there may be cases where the consignor wants protection, but if approximately half your lots have reserves above market, it doesn't feel like an auction any more. Just my two cents.

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11-16-2008, 08:58 AM

Posted By: leonWe are in agreement. I can only speak for myself but in our last auction our consignors dictated a lot of the openings and reserves. I know we will be more careful in the future. I would expect to see more of this though, in this economy. I too have a personal issue on bidding on cards where the reserves are not known....but again, each company has to do what they think is best for their business. There is a fine line between taking a loss and not selling something at all..... regards

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11-16-2008, 11:48 AM

Posted By: davidcyclebackUnless you financially have to sell, I think in a down economy the seller is more willing to have an item not sell and hold it for later date. If the economy is doing well, then you are willing to let things fly. From a practical standpoint, if the market is down, I don't know why a seller would have that market dictate his prices, when he can wait and potentially have a better market dictate prices. Thus, the stop gap in the down market is higher minimums and/or reserves. Again, this works if the seller doesn't have to to sell at any given moment. Buyers of course want the system that allows them to buy things for as cheaply as possible. Sellers don't necessarily subscribe to that system. A free down market dictating prices is what the buyers what, not the sellers. It shouldn't surprise that sellers put up a road blocks in a down market and bidders dislike them.

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11-16-2008, 01:06 PM

Posted By: Jeff Lichtman"if the market is down, I don't know why a seller would have that market dictate his prices, when he can wait and potentially have a better market dictate prices." Because the market may not turn around for quite some time?

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11-16-2008, 01:39 PM

Posted By: LetsGoBucsBuyers of course want the system that allows them to buy things for as cheaply as possible. Sellers don't necessarily subscribe to that system. A free down market dictating prices is what the buyers what, not the sellers. It shouldn't surprise that sellers put up a road blocks in a down market and bidders dislike them. -------------------------------------------- I don't have any issue with sellers wanting to sell their items for a certain price. There are many mechanisms to do that.....they can consign the item to a dealer, they can place the item for sale through several channels at a set price, etc. What I strongly object to is the notion that my time is worthless.....and that is what Hunt Auctions said to me with their most recent auction. It wasn't an auction IMO. Regards,

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11-16-2008, 01:47 PM

Posted By: davidcyclebackI agree with your truth in advertising point. An advertised auction should be an auction. At some point, if there are too many unmet and unreasonable reserves and minimums, the auction feels more like a sale than an auction. The Graduate is a fine movie, but viewers answering the theatre's ad for Chinatown are anticipating that Chinatown will be shown.

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11-16-2008, 05:57 PM

Posted By: JamieI believe this is actually common practice in the art world. At Christie's, recently 2/3's of the paintings did not meet estimates. Christie's had already guaranteed money to all the consigners, so they got it pretty bad. I wouldn't be totally surprised if the baseball card world moved in this direction in the future (I wouldn't like it either, just wouldn't be totally surprised). Sure hope it doesn't. It seems like almost all card prices are getting bitten by the economy. On average, perhaps 10-15% off? My guess is that pre-war vintage material has actually been affected the least, and that modern cards will get hammered the most. Once the cash begins to dry up, it could get really ugly. My mother works for Christie's, and she said that only stuff hitting its estimates were things that were really, truly rare. I believe that is the case for cards as well. Very rare items will always do a better job of holding their value. On the plus side, I did some research on different markets that were kind of fringe markets of items that were sold at Christie's in the last month - rare guns, antique furniture, musical instruments, and ancient manuscripts. Like baseball cards, these are all items with very specific markets. I noticed that most of the guns, furniture and instruments hit their estimates. The manuscripts even sold for far more than their estimates. This is probably a good sign for the card market. A more interesting example is the African Art Market. A lot of the more valuable items hit or doubled their estimates, but the pedestrian items such as masks, which are a dime a dozen, went about 33% below their estimates. This is what I believe will happen to the card market. I believe you will see cards like, say, a 1968 Topps Mickey Mantle PSA 8, of which there are 753 of in the population report, lose considerable value. Meanwhile, very rare cards may continue to be chased. Just my opinion. Regards, Jamie

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11-16-2008, 06:11 PM

Posted By: Bob CI won the Police Gazette Boxing Lot for well below my estimated market price. Good news bad news. Dynamics are shifting in many arenas to be sure, but I'm not sure what to make of this just yet. Is it a buying opportunity or a trap? I used to say people are feeling poorer. Now I say people ARE poorer. I remain cautiously optomistic - looking for what I hope to be opportunities to add to my collection and for resale. But hey, that's just me.

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11-16-2008, 06:24 PM

Posted By: JamieBob, I believe it is a value trap. The old adage is, "never catch a falling knife". Unless you can identify types of cards that are showing positive momentum in this distressed market, I would avoid. Just my humble opinion. Regards, Jamie (In the interest of full disclosure, I just purchased two T206 PSA 8's with rare backs, which I believe have shown some recent positive momentum).

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11-16-2008, 07:59 PM

Posted By: davidcylebackIt's best not to catch a knife whichever direction it's moving.

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11-16-2008, 08:37 PM

Posted By: PaulThe Kalamazoo Bat Harry Wright seemed to do ok.

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11-17-2008, 12:00 AM

Posted By: Bobby BinderThey got some insane prices for the T205 $2900 for a SGC 40 Baker $1300 for a SGC 50 Chance They don't show the backs of these cards but the front look pristine. That is the only reason I can see for these values, very misleading by the auction company because in this grade they only sell for a couple hundred each at most.

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11-17-2008, 07:27 AM

Posted By: leonI would be careful about talking about "misleading" concerning descriptions of these 2 cards. Both have common backs but if you had looked at the auction you would know that both of these cards look like NRMT-MT on the front and both are said to have light residue on the backs, which account for their lower technical grade. Someone bought the cards and not the holders.......Nothing misleading at all.....TO me the prices were a little high on these 2 but they are spectacular cards....For the record I have no affiliation at all with Hunt Auctions.....though I do bid in some of their auctions. regards ps...this is also why I have repeatedly said that realized prices without scans are almost worthless....(at least to me)

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11-17-2008, 07:53 AM

Posted By: Bobby BinderLeon, What did I say that was bad? "They don't show the backs of these cards but the front look pristine." To me by only showing a scan of the front which looked perfect and not the problems on the back of the cards is misleading.

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11-17-2008, 08:08 AM

Posted By: Bottom of the NinthHunt did not show the backs in the catalog but that did not mean you could not request scans or see the cards for themselves. I saw the backs of the T205s and don't feel they were described consistently with their condition. Residue is not the word that was used. Toning is the word that was used. The entire backs of the cards looked like they were darkly stained with coffee and could in fact be tobacco but in all likelihood is glue residue. Some of the ungraded examples had significant paper loss and even with the first layers of paper missing the staining was present. These were not purchased by a collector but someone who is going to see if the stains can be removed and the cards get placed into SGC or PSA NM-MT holders. Greg

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11-17-2008, 08:18 AM

Posted By: MattThe lot of 12 back-stained T205 HOFers (lot 762) did not meet the hidden reserve in their last live auction 6 months ago and was re-offered in this one, where it, again, failed to meet the hidden reserve. I'm curious how their hidden reserves work at the live event - their TOS say they open the bidding at the increment above the second highest absentee bid, but that would open them to selling below their reserve to a present live bidder, unless, they had a reserve/shill account that they bid from to drive up the live bidder to ensure it ended above the reserve price. I have a call in to Dave Hunt to clarify their policies.

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11-17-2008, 08:22 AM

Posted By: leonSince the backs had the issues they should have been shown.....I can agree that that was something they should have done....I used the word residue from memory but if they said toning then so be it....Good luck to whomever tries to get the backs cleaned up....They are really nice fronts......

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11-17-2008, 08:48 AM

Posted By: MikeBI also attended the auction. One of the people there told me the toning was due to the cards being housed in a display for years with a wood backing, and they felt the tone was due to wood. I don't know if this can be removed, but the fronts of the cards were almost perfect. Mike

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11-17-2008, 09:18 AM

Posted By: barrysloateIf the cards had "slat burns", the term used for an object that is discolored from being in contact with wood, they are almost impossible to remove. If the buyer is faced with that he is not going to be happy with his purchase.

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11-17-2008, 09:25 AM

Posted By: MarkMatt... Please let us know what David Hunt says, once you've spoken with him. For the lots with reserves... my belief has always been that the auctioneer starts the bidding with the high absentee bid, and then "the house" bids against floor/phone bidders until the reserve has been met. Once the reserve is met, the "house" stops bidding. If the reserve is not met, it is simply a "no sale". Also... a friend of mine (who is close to David) told me that when there is a reserve, it is usually the low estimate within the range posted in their catalogs. Hopefully David will clarify for you, as I have wondered about this for some time as well.

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11-17-2008, 10:44 AM

Posted By: Tom Boblittand they were incredible cards. BUT.........cards with back stains as Greg said. Otherwise, they'd minimally been 7's, 8's, 9's. I'd agree that someone is going to attempt something on those backs to move them into much higher holders. Who knows......science is ever evolving..........couple of them were bought by people in the room. The Harry Wright Kbats card was absolutely stunning card. Looked undergraded at a 4 but as we know SGC does tend to grade tightly. I thought could have been a 6 from a cursory glance but I didn't look at it really closely.

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11-17-2008, 11:32 AM

Posted By: JimBBarry said, "I certainly felt the sting of the economy last Thursday night. Not much you can do about it." I did not notice it on the card I won or the several I lost. E94 prices were strong. JimB

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11-17-2008, 11:38 AM

Posted By: quanyea jim, i even had the winning bid on the e94 young but lost (someone was there first)...and i refused to be the first to push an e94 young 30 over the 2k mark.

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11-17-2008, 11:59 AM

Posted By: EvanI had consigned a consigned a couple of items to the auction. Although I did not request a reserve I was happy with the results. With the present financial climate, I think that those consigners who may have bought at the high point are trying to recoup their "investment" before things get any worse. The auction house may allow the consigners to set a minimum sale price. It may seem annoying to the bidders, but the auction house does "work" for the seller. Many auction houses don't care about their consigners, maybe we should appreciate the fact that Hunt seems to. Just one mans opinion.

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11-17-2008, 12:17 PM

Posted By: barrysloateJim and Quan: the E94's were the strongest segment of the auction. The other areas were pretty soft, with of course some lots doing well.

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11-17-2008, 12:56 PM

Posted By: Fred CIn an effort to have everyone understand the bidding I think that auction houses should either set the minimum bid as the reserve or let everyone know which lots may have a reserve price that has to be met. My rationale for this is simple. Lots of us aren't made of money and we bid in auctions based on what we have to spend. Maybe I'm not going to bid on something because I feel the $2K that I have on one card may be the winning bid so I forgo bidding on other lots. If I knew there was a reserve price and I didn't meet it then I might bid on other lots because the $2K is not a potential obligation as a winning bid.

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11-17-2008, 02:58 PM

Posted By: dan mckeeI consigned a lot but don't remember giving him a reserve on it yet it DNS. I have always been under the assumption that the house bids against the floor until the reserve is met and then the house stops. I won my Orange Bordered Cobb from one of David's live auctions years ago and I knew it was his personal card so I knew I was bidding against him. It got to what he wanted for it and he stopped and I won it for significantly less than I was willing to pay.

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11-17-2008, 03:06 PM

Posted By: Rob D.Dan, If the scenario you described with the Cobb -- assuming there was no stated reserve -- happened on eBay, it would be called "shilling."

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11-17-2008, 05:18 PM

Posted By: MarkIt might be called shilling, but Ebay allows reserves as well. People often find themselves bidding against the Ebay reserve, rather than against other bidders. Seeing that the dynamics of a live auction are different than Ebay, I simply perceive Hunts' method as a different way of getting to the reserve. I can understand why some people might find it deceiving, but they do it to protect consignors. On the last batch of consignments I sent to Hunt's, they suggested reserves on 4 of the 7 items. I think they do it for most items valued over $500, and don't bother with reserves on less-expensive lots. That has been my experience, anyway.

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11-17-2008, 05:29 PM

Posted By: jdrumMark, I see your point, but on ebay you bid against the reserve but the house (ebay) doesn't bid back do they until the reserve is met (if that is in fact what happens here, I don't know).

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11-17-2008, 05:34 PM

Posted By: Rob D.Mark, If there's a reserve in an eBay listing and I place a bid that doesn't meet it, I really don't care if someone shills me higher; if I don't meet the reserve, I'm not liable to pay the price of my bid. Plus, legitimate reserves on eBay are not hidden. It clearly states in the listing "Reserve not met."

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11-17-2008, 05:42 PM

Posted By: Jim VBI think I know what Mark means. On Ebay, say the opening bid is $10 and the reserve is $100, and you bid $120. No one else bids the entire auction. For the duration, the auction will show the actual bid at $10 and "reserve not met". But upon auction closing, your bid will be put in at the reserve price and you will win the item at $100. Hence, you are bidding against the reserve.

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11-17-2008, 05:49 PM

Posted By: MarkIt's just a different method to get you up to the consignor's lowest accepted price. Nobody forces you to keep bidding against the house (if the price exceeds your parameters), and are able to stop at any time. As far as Hunt's hidden reserves vs. Ebay's stating "reserve not met"... I personally assume that ALL of Hunts lots have the hidden reserve (and that the reserve is equal to the low estimate given within the range). I don't think there are any blockbuster bargains, like in the old days. Like you guys, I would prefer full disclosure as a bidder. But I really appreciate the reserves as a consignor. I remember 8 or 9 years ago (before the "reserve" days), consigning a late 1940s All Star Game Pennant that sold for about $65. This was one that I bought for close to $500. So there are certainly both pros and cons to having the reserves.

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11-17-2008, 05:56 PM

Posted By: MattSince they know your absentee bid, what stops them from bidding you up until one slot below your max and saying that was the hidden reserve? Hunt has a decent reputation and I'm not saying they do this, but the slope is a slick one. Also, as a bidder, especially on items that are unique, sometimes you are more comfortable bidding on something when you know there is someone else willing to bid one increment below you. It's a security in case you need to sell, you have knowledge that someone else out there was willing to pay about what you were.

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11-17-2008, 06:05 PM

Posted By: Fred CJim, Are you sure that's how ebay reserve auctions work? I always thought that once you bid the reserve price the bid automatically goes to the minimum reserve amount. In other words, if the reserve is $100 and you bid $120 the bid amount will go to $100 and you still have $20 more in bids in case someone else bids higher.

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11-17-2008, 06:21 PM

Posted By: MarkMatt: That's the best argument yet, as your fate relies completely upon trusting the Auction House. I hate it when I win something for the full amount of my ceiling bid... it creates suspicion, and that has happened quite a lot more often as of late. I tend to trust Hunt's in this regard, but would NEVER leave high ceiling bids with AMI or Grey Flannel.

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11-17-2008, 06:23 PM

Posted By: Jim VBFred, I'm not 100% sure. Call it 90%. I remember it happening to me once about a year ago. I was surprised when the bid jumped at the end. Edited to say- I just re-read their policies which are nearly unintelligible. I'm lowering my "sureness %" to 70%.

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11-17-2008, 06:39 PM

Posted By: Rob D.I think Fred is correct: When you place a bid in an eBay reserve listing, and your bid matches or surpasses the reserve, the high bid becomes the reserve price immediately.

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11-17-2008, 08:05 PM

Posted By: Jim VBWell, I certainly could be wrong. (Just ask my wife.) So if the opening bid is $10, the reserve is $100, and I bid $120 the bid instantly jumps to $100? But if I bid $50 (well below the reserve) the bid stays at $10?

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11-17-2008, 08:33 PM

Posted By: Rob D.Jim, unless things have changed recently on eBay, your examples are correct.

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11-17-2008, 08:41 PM

Posted By: MarkFred and Rob are correct. As the reserve is met, the new bid stands only at the exact dollar amount of the reserve which was set... no matter how much higher the amount of the actual bid that was placed.

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11-18-2008, 04:57 AM

Posted By: Fred CJim, If you bid below the reserve price then the auction will work as normal (as you described in your last post). The auction will also let bidders know that the reserve price has not been met. Once the reserve price is equaled or exceeded the auction will automatically change the high bid to the minimum reserve price.

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11-19-2008, 10:37 AM

Posted By: MattThe content of this post was corrected and reposted below.

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11-19-2008, 11:46 AM

Posted By: Cat"...if your bid does not meet the reserve, they DO NOT bid you up with a house account to meet the reserve..." This, to me, makes all the difference.

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11-19-2008, 12:30 PM

Posted By: dan mckee"...if your bid does not meet the reserve, they DO NOT bid you up with a house account to meet the reserve..." This has never happened at a Hunt Auction that I have attended. I have NEVER seen anyone think they won to go pay and find out that a reserve wasn't met. I think this is false and that house bidder numbers are used. This is my strong opinion and I also don't feel it is such a bad thing. Any other people here who have attended the many live auctions ever go up after the hammer fell and you were the winner to have Hunts tell you you can't have the item because of a reserve??? I think not, that would cause some serious issues and legal ramifications I would imagine. Dan

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11-19-2008, 12:44 PM

Posted By: Jim VBDo they end each auction with the word "Sold!"? It seems to me that if they do, they can't later tell you that the item didn't meet reserve. Also, am I the only one that finds it ironic that Hunt Auctions claims NOT to be an auction house? Next thing you'll tell me is that General Electric doesn't make electric appliances or that Corning Glass doesn't make glassware. <img src="/images/happy.gif" height="14" width="14" alt="happy.gif">

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11-19-2008, 12:59 PM

Posted By: leonI still like to know reserves I am shooting at and I have never heard Hunt Auctions wasn't an auction house (wow)...I guess I learn something new every day...take care

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11-19-2008, 01:09 PM

Posted By: Tom BoblittI think your tongue is stuck in your cheek...........

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11-19-2008, 01:53 PM

Posted By: MattI tried to keep any editorializing out of the previous post and just report the conversation but will make a few comments here: By claiming Hunt was not offering absolute auctions, Dave cleverly avoided having to explain why the reserves were set so high that 43 out of 97 lots didn't meet them. He said that people who bid in Hunt auctions are aware of this, but I certainly was not - I expected a fair shot to win the lots I was bidding on. One point which was particularly frustrating was that he would not acknowledge that the reserves were to high, instead, blaming the location for the poor sell rate, even though he admitted that 60% of bids are absentee bids and it should not matter where the physical auction is held for them. Again, since they are not a pure auction house, bidders should have no expectation that the reserves will be what the bidders consider reasonable.

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11-20-2008, 06:37 AM

Posted By: MattDave called this morning because he felt he would have worded some of the above post differently, and will send back his notes for posting once he has a chance. Specifically, he wanted to clarify that Hunt does not offer "absolute auctions" (instead of the terminology "pure auction") and also that they DO bid with a house account to bring the lot up to the undisclosed reserve. He also wouldn't have used the word "hidden" to describe the reserve since he feels it has nefarious connotations. I'm leaving the original post above unedited, so the comments make sense.

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11-20-2008, 06:44 AM

Posted By: Jim VB"...they DO bid with a house account to bring the lot up to the undisclosed reserve." Well, that explains why they would never have bidders finding out after the fact that they didn't win. In any auction where the bidding stops, the house would have made the last bid.

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11-20-2008, 07:10 AM

Posted By: Tom BoblittAbout the venue........... I've been to all 4 or 5 auctions at Slugger since I live in Louisville. This year, the cards didn't do that well but in past years, I don't think that can be said. Since they have their previous auction results online, it should be relatively easy to compare cards to cards, year to year. While there were some individually nice cards, I didn't think the overall grouping of cards was as strong as in previous years. That may be due to a lack of consignments due to the economy. I specifically remember last or year before last that there was a really nice grouping of T206's in 15-20 lots that were astonishingly high and better selection of T, E, & N cards in other auctions here. But, then again, the market for T206's was much stronger a couple years ago and the market in general was as well. I'd agree with David for sure that 1/2 or more of the winning (or so they thought) bids come from the phones. That is clear and there are/were probably only 50-60 people in the room other than those touring the museum all day. And......as the day progressed, those in the room scattered or left. Maybe that's an indicator that the onsite crowd is clearly looking more for bats and memorabilia than for cards. I would say that, if the selection was better, the venue for cards shouldn't make a difference. Not like any of us didn't know it was going on. Same catalog mailing list likely along with same notifications, etc. I think the econonmy is clearly hurting some results as well as the selection had to hurt a little. Just my opinion....... As for the auction..........it was run extremely well onsite with only hiccups on a couple lots. I can't believe the auctioneer Scott can do that many lots in that amount of time with a 5 minute break only. Didn't see him eat anything from 10a-630p either. Was pleased with the lots I won at the prices I won them but no cards..... #'S taken directly from Hunts posted H&B Auction results........ <img src="http://www.network54.com/Realm/PICKUP_PHOTOS/HUNT2.jpg" alt="[linked image]"> Includes buyer's premium 2006 Auction was a 2 day event, all others 1 day event Didn't have time to compare CARDS to CARDS from the auction........

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11-20-2008, 07:50 AM

Posted By: jdrumTom's sentiment, I think the venue had very little to nothing to do with the results. The cards by and large were low grade and suffered their fate as such. This may be the segment of the hobby right now that is most "depressed" by the current economic conditions. Also the hidden or whatever reserves may have been overly optimistic given the cards and the times. At least next year when I drive up from Atlanta I will know I am not really going to an auction but somethng more like a sale and an auction. Again, very well run.

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11-20-2008, 01:05 PM

Posted By: MattDave followed up on his word with an email. He edited yesterday's post to add in his corrections, so while it seems like I'm the one talking, many of the words are his. The bottom line is that he agrees with this version of statements regarding Hunt's policies. What we can all agree on, is that him being pro-active volunteering to clarify what Hunt's true policies are is a positive. "First and foremost, he wanted to clarify that, with a scant few exceptions over its nearly 20 year history, Hunt's has not offered "absolute auctions" if they did then whoever is willing to pay the most at the time would come away with the lot. They don't claim to do so and their TOS does not say that they do. Hunt's auctions have reserves amounts that are not disclosed that are almost always below or sometimes at the "low estimate" price published in their catalogs. I suggested that the reserve amount be made public and he said that they made a business decision not to do as in the case of a live auction venue that practice tends to cause more confusion then clarity. The fact that the DNS items are almost immediately posted online provides bidders and consignors alike with the opportunity to clearly see which lots did or did not sell and avoids the confusion associated with the aforementioned; he followed that he's had very few complaints that their reserves aren't disclosed so they don't view it as an issue. If there are 2 or 3 more auctions where a larger percentage of the lots don't sell then they will re-investigate the issue, but he feels that because the reserves are at or below the lower estimate, that enough disclosure is already being made for someone to decide if they want to bid on the lot. Those who attend the live auction would be interested to learn that if your bid does not meet the reserve, they DO bid you up with a house account to meet the undisclosed reserve (as SCP used to do). This practice has been utilized by Hunt in every one of their auctions for the past 18 years and is always announced as such before the beginning of the sale with David Hunt personally conducting the bidding so as to eliminate any doubt as to the auction procedure. Although not all lots have reserve prices, when they do they are bid upon by Hunt Auctions on behalf of the consignor in a completely competitive fashion against other absentee, live, and telephone bidders. It is Hunt Auctions opinion that this system allows that all bidders are given a completely fair chance to win the lot without any one party having an advantage over another. He felt the reasons that there were a large amount of card lots in this offering that did not meet reserve were several, the main one being the specific venue for the live auction, which apparently caused the auction to be poorly attended with respect to card collectors and dealers. He said live bidders are usually responsible for winning about 40% of the lots. Furthermore, on occasion such off site unique venues such as Louisville can be a challenge to garner the in person attendance typically in place when card prices tend to be higher. Additionally, there is no question that the economy certainly has had an effect on the card prices most notably in the mid to lower grade examples which were not coincidentally primarily the categories that went unsold. He also wanted to stress that Hunt holds itself to the highest standards of honesty of any major auction house and feels that it would be difficult for any major auction house to truly claim more then 90% of lots sold. He was absolutely gracious and took the time to answer all of my questions and he deserves praise for that as well as his honesty in making some of the above statements."

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11-20-2008, 05:39 PM

Posted By: dan mckeeI don't stand corrected, I stand correct. "Those who attend the live auction would be interested to learn that if your bid does not meet the reserve, they DO bid you up with a house account to meet the undisclosed reserve (as SCP used to do). "