T206 Wagner Nun card

[hangman62]

Anybody hera this story, sounds very confusing.. Heritage Auction...sold the Nun's card..bidder re-negged..Auction house called a friend..they bought it.. but the prices all over the place - 45,000- 200,000 ..seems like a lot of info is being left out
RalG

[Shoeless Moe]

http://www.google.com/hostednews/ap/article/ALeqM5gjBmUq81xMBN7daIIHVeAc0L5YPQ?docId=dcea3e3fe 63c4860987e8b0685fa7227

It's been a blessed year for the School Sisters of Notre Dame, who catapulted to prominence when they put a rare Honus Wagner baseball card up for auction to support their charitable mission.

Problem was, the winning bidder never paid up.

On Monday, the Baltimore-based order of Roman Catholic nuns got their $220,000 — the original bid — but have a different collector to thank.

Dr. Nicholas DePace (dih-PAHTCH-ee), a Philadelphia cardiologist, wired them the money and owns the card. He's been collecting sports memorabilia for 30 years, and he's a longtime client of Dallas-based Heritage Auctions. A staff member at the auction house reached out to him in early December after the winning bidder missed a 30-day deadline to purchase the card, and DePace agreed immediately to buy it.

"God bless him," said Sister Virginia Muller, the former treasurer of the School Sisters of Notre Dame, who was entrusted with the card.

The winning bidder was Doug Walton of Knoxville, Tenn., who owns seven sports card stores in the Southeast. He told The AP at the time that he was willing to overpay for the card because of the story behind it and said he was the highest bidder by $45,000.

Walton did not return a message left on his cell phone Monday. Greg Rohan, president of Heritage Auctions, said the auction house had been unable to reach Walton.

"Once in a blue moon, every auction company has a strange situation like this," Rohan said. "It doesn't happen very often, but you have to be prepared for it."

The Wagner card, produced as part of the T206 series between 1909 and 1911, is the most sought-after baseball card in history. About 60 are known to exist, and one in near-perfect condition sold in 2007 for $2.8 million, the highest price ever for a baseball card.

The School Sisters of Notre Dame inherited their card from the brother of a deceased nun after he died earlier this year. It had been in the man's possession since 1936 and was unknown to the sports memorabilia marketplace. It's in poor condition, but collectors prize any Wagner card.

The American Tobacco Company ended production of the card shortly after it began. According to sports historians, Wagner was either upset about his image being used to promote tobacco products or the shortstop simply thought he wasn't being paid enough.

"The Flying Dutchman," played for played for 21 seasons, 18 of them with the Pittsburgh Pirates. He compiled a .328 career batting average and was one of the five original inductees into baseball's Hall of Fame.

DePace, a Catholic, said he was moved that the nuns planned to use the money for their schools and ministries for the poor in 35 countries and didn't want to see them shortchanged. He bid on the card when it was auctioned but thought the price was too high. Now, he feels the price is more than fair.

"I'm ecstatic about it. ... I will argue that this Wagner card is the most significant Wagner card because it's the American story about how people just get a baseball card and they hide it in the safe," DePace said. "There's a treasure there, and the treasure comes out, and now the treasure's going to be shared with tens of thousands of people."

Muller said the order wasn't informed until Monday about the snag in the sale. She said she was surprised by the 11th-hour development but said Heritage Auctions handled the matter appropriately.

"If we hadn't received the money today, then I would have been concerned," Muller said. "They went ahead and pursued someone else. There was no reason for us to know."

DePace's vast memorabilia collection includes game-worn uniforms of Ty Cobb, Babe Ruth, Jackie Robinson and Wilt Chamberlain and a game ball from the 1958 NFL championship game between the Baltimore Colts and New York Giants, known as "The Greatest Game Ever Played."

He plans to open a nonprofit museum next year in Collingswood, N.J., a Philadelphia suburb, to showcase his holdings, and will display the card there.

[profholt82]

What a great story. I can't believe that the winning bidder didn't pay up though, especially considering all of the publicity that surrounded the auction last month.

[vintagecpa]

Perhaps it is simply a case of the positive publicity hits the front page of the local newspaper and the negative publicity of non-payment hit page 36. The gentlemen had his moment of glory and now simply screens the telephone until the reporters and story goes away. He has already promoted his business with a bunch of free newspaper space. Strange deal.

[insidethewrapper]

Did I miss something in this story ? It appears the top bidder did not pay, doesn't the second highest bidder get a chance at the card ? Was there any other bids ? Was the Doctor the second bidder ? Did the Doctor bid in the auction at all ? Or was he contacted after the auction ? I'd hate to have the second highest bid and not get the card. Anyone with any other information. Thanks

[barrysloate]

When I sold my T206 Wagner back in 1987, I encountered the same problem. The winning bidder called the auction house the Monday after the sale and said he had changed his mind and had no intention of paying for the card. I had to hire an attorney and sue him for it. Ultimately I won and he paid for it. I think many bidders get caught up in the frenzy, and then when the dust settles realize that they made a mistake. Buying at auction isn't always rational.

[bobbyw8469]

The ironic part Barry, is that you had to sue him to make him pay, and now at today's prices, I bet you wish you had the card back!!!

[barrysloate]

Well, I netted roughly 16K on the card, so that answers your question I guess!:(

[ls7plus]

Barry's note takes me back to the only time in my life that I likely could have afforded a T 206 Wagner--the mid to late '70's. Unfortunately, I was into mofifying and building high performance big block Corvettes for street racing instead at that time. Had a lot of fun then, but wish I'd been back into collecting instead now (didn't get back into baseball cards until 1990--timing is everything)!
Speaking as a litigation attorney, however, way to go Barry--glad you sued the guy to make him live up to his agreement!

[barrysloate]

It really never got as far as a lawsuit. Simply the threat of one, and knowing that he was going to lose it and be responsible for my court costs, was enough of an incentive for him to pay for the card.

[benchod]

Lot of unanswered questions the biggest being what was the last legitimate bid for the Wagner?

[insidethewrapper]

Was the second highest bidder contacted ?