Disappointed consignor
 

Poor guy.

https://twitter.com/darrenrovell/sta...23810995085312

Wonder what the reserve was? Damn!

10 would seem possible but who knows.

I bet $10Mil was the reserve and it was close! It was more like an item to make publicity of the auction house. Pretty sure the consignor consigned a few other Robinson items in this auction, if Goldin told him he couldn't set such high reserve he would probably go to Heritage or somewhere else. In fact, there are always a few items on Goldin has high reserves and didn't sold everytime.

This reminds me of the Cobb rare backs auction. Not all cards were priced to sell but some were. But at least Heritage would post the reserve at the end.

consignor
 

I don't possess the chops to describe the high bid or the expectations of
this consignor...wow.

I'd love to know how much it cost to produce the jersey originally, then to
figure the markup on it's value per this auction (ie, the jersey drew a ___-
percent increase in value over it's original cost).

Trent King

Maybe its owned by a conglomerate of people.

I mean 8.5 million, even allowing 3M for taxes, has to be a life changing score for 99.99% of the population.

Maybe 50 cents?

Things not selling is bad publicity for an AH

Ah, I don't know . . . .I've always assumed the old adage any publicity is good publicity is true in almost all instances.

+1. Say what you want just spell my name correctly!
.

Goldin Auctions did their job - they got a record bid for a jersey. The fact the seller wanted more isn't their fault. they brought a great item to market and they got a huge bid for it.

I can imagine the conversation:
Consignor: I don't need the money and I want to keep it.
Goldin: Suppose you could get $10 million? Then would you sell?
Consignor: Well, for that kind of cash, I'd be a fool not to, I guess.
Goldin: Let's try. It can't hurt.

+1 agreed.
However doesn’t the Auction House still get some money if it did not meet the reserve. I seem to recall that some auction houses still take 20% from the seller for items with a reserve that do not hit the reserves

1st world problems that has nothing to do actual collecting.

On a spectacular item like this, or a Wagner, I'm sure everything is negotiable. I think Goldin Auctions was paid in full from the publicity that shirt brought to their auction.

Like the traveling card show museums. Cards are for sale, just not for market price

Very good point.

Looks like Goldin sold the same jersey in 2019 for $562,500. That is a nice ROI.

https://goldinauctions.com/mobile/lo..._robinson_game

But since Goldin reserves the right to bid up to but under the reserve, did they REALLY get a high bid?

No idea if this happened, but an AH running an item up knowing they can stop just under the reserve price seems, well, a little problematic.

There are a couple that give themselves that right in their T&C. Goldin is one of them. As long as it's disclosed it's legal.

Actually, if they did place that last bid, and who knows how many other bids leading up to that last bid, there is no way of knowing if they did get a record bid.

Oh.. u found it! I know this jersey was familiar but i thought it was by Lelands

Yah, that seems odd too. Person, or persons, buys it for 562K, flips it less then 3 years later, so obviously they were not buying it as a collector, for their collection, yet they were unhappy turning 562K into 8 million.

Very odd.

It's a joke. I'm guessing we hear from the bidder that it was a "legit" bid. maybe his new buddy Drake?

Scott,

Again, hypothetically speaking ….

If an auction house knows what the reserve is, it knows that its bids essentially are a nullity and have no chance of actually winning an item …. there is no ethical issues raised by this?

So an AH could have TWO bidders running something up with full knowledge that neither of them could possibly buy it?

Weird.

What is legal and what is ethical are unrelated.

I will never place a bid with an auction house that gives themselves the right to bid and run the price up, or has been caught doing so. I'm surprised just a little bit that this is still a minority view.

I have learned to stop offering opinions where other companies are concerned. My new hobby is stating facts. :)

Well, not to get overly arcane here, but there are legal doctrines under the common or statutory law and arguments based in notions of equity. An equitable argument could be that while this was some act was not technically illegal under a specific law it was unfair under principles of fundamental fairness and should not be allowed to stand.

Who was damaged?

eh.....Heritage does it too, not sure who else, guessing more than a few. I'm more perplexed why Goldin, knowing this just sold not too long ago for 500K would agree on a Reserve of at least 8 Million.

I have always thought that reserves are stupid. Just start the auction at 10M. All those arguments about starting low to build momentum, draw in more bidders, etc are ridiculous. If someone thinks it’s worth it, they bid…always.

Problem is it is specifically elucidated as legal in the UCC auction section. Notification is necessary, and the terms and conditions serve that purpose.

"If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale."