Heritage Auction - #1 T206 PSA Registry Set - Ends September 20th!

[petecld]

Hey Everyone,

As you may have heard, Heritage is offering a near complete set of T206 cards. Yes, it is a very special set. We are offering the #1 All Time Finest T206 Set on the PSA Set Registry! Bidding has already started! Ending date is September 20, 2018. The ending of the auction is the same format it has been for years with open bidding ending at 10pm central time then an extended period where each lot ends on an individual basis based on a 30-minute clock rule. You have to have placed a bid on a lot before 10pm central time to be able to bid during the 30-minute extended period. No second session this time. All 520 lots end on the 20th. The home page for the auction is HERE (https://sports.ha.com/c/search-results.zx?N=55+793+794+1577+2088+4294947101&ic=hero-1909-11-T206-PSA-viewLots-auction50008-082318)

Coming from someone who has handled thousands of T206 cards over these many years I can say this set is just incredibly nice. These are by far the nicest T206s I have ever seen. Some might feel one would get bored looking at them but that just doesn’t seem to happen with these cards. When we began to catalog the set the PSA census had recorded over 223,000 cards. By the time the catalog was completed the count was over 225,000 and the pop numbers for these cards had not changed. The only cards missing are the Doyle variation, Mordecai Brown/Cubs Jersey, Fielder Jones/Hands at Sides and Honus Wagner.

Highlights & Facts:
- There are 520 lots. Every card is being offered as a single card.
- Well over 90% of the set is graded NM-MT, MINT or Gem MINT!
- There are 13 cards on the census graded PSA 10. This set has nine of the thirteen.
- The John McGraw “Finger In Air” is the only known T206 HoFer in Gem MT.
- Ty Cobb – All four are NM-MT 8.
- Christy Mathewson – One Mint 9, one NM-MT+ 8.5 and one NM-MT 8.
- Napoleon Lajoie – Throwing is Mint, the other two are NM-MT.
- Cy Young – “Bare Hand” is Mint, “Portrait” is NM-MT and “Glove Shows is NM.
- Joe Tinker – “Bat Off Shoulder” is Mint, the others are all NM-MT. His portrait card is unbelievable.
- Walter Johnson – Both MINT 9!
- Southern Leaguers… Fans of this select group are going to have an early X-mas. They are all NM-MT 8 or MINT 9 and most of them have “Old Mill” backs.

If you ever wanted to treat yourself with a special T206, this is the ideal auction to do so.

Registration is free!

Catalogs – They are in the mail and some should have them already. If you would like a free catalog please email me all of your mailing information: peterc@ha.com and we will send one out. To keep getting free catalogs we ask (okay, require) that you place a min. of $1,000 in bids in each and every catalog (including Platinum) auction. Bids need to be placed in each catalog auction. Monthly auctions do not count. If there is no activity for even one auction they may not send out a catalog. I know this may sound harsh but catalogs are expensive and we are sending out more and more with each auction.

Good Luck and Thank You for Bidding,

Peter

[petecld]

Hi Everyone,

Just a bump to let you know you there are less than 3 days to get your bids in. Thank you to Everyone who participates.

Good Luck!


Peter

[brianp-beme]

If you are new to vintage and collecting T206, check out the Heritage auction and then check out Jon's T206 520 thread, and you will get the extremes in the spectrum of how you can collect them.

Brian

[Rhotchkiss]

Peter, can you advise why Heritage is now taking the position that they need to withhold state tax on certain states, but not others? I know you have physical locations in Texas, New York, etc. but now I see Maryland, North Carolina, etc. What is your nexus to these states? Also, it would be helpful if you listed the states you must withhold on and the applicable tax rates -- when someone is buying $30k cards through Heritage, it would be nice to know how much extra will need to be paid without having to google sales tax rates. Thank you.

Ryan Hotchkiss

[petecld]

Bidding for the premier T206 set in the hobby ends tonight! Open bidding ends at 10pm central time so you still have time.

Good Luck!


Ryan Hotchkiss - I am not a tax expert. I did email your post to our CFO and I am waiting for a response to your questions.

Peter

[petecld]

Since another asked - If there were reserves on any of the cards they would have been revealed days ago.

Every card in this auction is being offered with NO reserve!

[Rhotchkiss]

Thanks Peter, I appreciate that. Having to pay state tax is now a game changer and hurts much when bidding on expensive cards regularly. And it seems no other auction house has taken the same aggressive position regarding state taxes; I understand if you have a physical presence somewhere, but I can’t imagine Heritage just opened locations in Maryland, North and South Carolina, etc on the heels of a similar announcement for other states a while back

[petecld]

Per our CFO:

Heritage has physical locations I the following states and has been collecting taxes upon the opening of those locations: New York, Illinois, Florida, Texas, California. Heritage would prefer not to be in a position to collect sales taxes from clients in states for which we do not have a physical presence, however, we are now being required to do so due to recent legislation.

The Supreme Court of the United States (SCOTUS) decided in a case involving Wayfair v. South Dakota that a seller could have “economic” nexus in South Dakota and based on that economic nexus (different than a physical nexus), South Dakota could require the seller to collect and remit South Dakota sales tax on shipments of product into South Dakota to South Dakota residents/addresses. This ruling set the standard for any state to establish sales tax laws like South Dakota and accordingly, require sellers to collect and remit sales tax for that state when product was shipped into that state to residents/addresses in that state. Since the SCOTUS ruling, a number of states have passed and implemented legislation requiring sellers like Heritage to register, collect and remit sales taxes in the states.

The specific percentage that a client will pay can vary from state to state as well as possible add-on rates for county or municipality taxes. In addition, Heritage Auctions is made up of several different corporations and each corporation has to be measured against the threshold of business in the applicable state in order to determine if that corporation exceeds the threshold and as a result, must register to collect sales taxes. As such, Heritage Sports is not required to register in certain states, some states have no sales tax and the other states are in various stages of consideration in the change of law. We have a monitoring process so we know within just a few days when any state makes a change to the state law on sales tax.

If you are now required to pay sales taxes on your purchases from our Sports auctions, then you would have received an email informing you of such and you would have seen a notice when you log into the website.

Long story short - we are charging tax because we have to. If you have any questions about sales taxes in your state, you can always email me at peterc@ha.com but I have nothing to do with the implementation or collecting of sales tax but I'll work with you as best I can.

In a nutshell - Heritage is charging sales tax only when and where we are required to do so.

[Rhotchkiss]

Got it. So us Marylanders do enough business with Heritage that an economic nexus has been established.... Damn, we are victims of your success. I get it, and you all have to do what the law requires, but it stinks bad. I may have to move to Alaska just so I can avoid sales tax on Heritage auctions! But really, this will be interesting to see how all this shakes out on every level.

Peter, sincere thanks for the fast and comprehensive response.

[jcc6252]

Hi Peter,
I just received an email about Indiana Sales Tax. It states the following:

Please note: As of October 1st, Heritage Auctions will be required by state law to charge applicable sales tax on any items delivered to addresses in Indiana for the following categories: Art & Antiques, Comics, Entertainment, Historical, Jewelry, Timepieces & Luxury Accessories, and Movie Posters.

Does this mean the Sports category will not be taxed for Indiana? Are certain categories for certain states not taxed?

[petecld]

Yes, that means - at least for now - Sports invoices shipped to Indiana will not be charged sales tax. Only the dept. listed. If that changes, then we will let you and all clients based in Indiana know.