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Mike PThis episode of COBB & EDWARDS GO TO MARKET turns on three errors by Connelly, the auctioneer and appraiser.
1. It's a mystery why Connelly appraised the card last year for $850,000. He says he relied on the evidence of authentication provided by the owners. But they have no provenance before about 1980 (to be generous). And even if the paper and printing consultants could say the card was old -- which they can't -- it wouldn't prove it is genuine. Rantanen, the creditable paper expert said in Michael Hirsley's August 16, 2006 Chicago Tribune article: "I couldn't discredit the card, but I couldn't absolutely verify its age." In short, the card needs to be authenticated by experts familiar with T206 cards before it could be properly appraised. Instead, Connelly is quoted in the Chicago Tribune as saying, "I want to find an authenticator of documents, not necessarily baseball cards, to verify this card as genuine." The man just doesn't get it. (Wish he'd look at john/z28jd's REPRINT card above.)
2. Connelly's error was compounded when about a year later he accepted the card for auction, and respecting the owners' wishes, didn't have it PSA graded -- as he did all the other cards he offered at the same time.
It is technically not a conflict of interest for an individual to be both auctioneer and appraiser, but as Warren Buffet has said, "Never ask a barber if you need a haircut." That goes double if you're the hirsute barber! Connelly's confusion about what constitutes authenticity is probably just that -- confusion. But his refusal to over-rule the owners regarding grading is not confusion. At the very least, it's bad business. More likely it's visions of sugar plums...
3. The idea that sports cards enthusiasts wouldn't give Cobb & Edwards a fair shake because of racial issues seems to have been put into play by the owners' attorney after a failed eBay outing. Of course, the owners have not been bashful about keeping the idea in the press (and on this Forum) themselves. But Real Sports and the Daily News seem to have succumbed to the race card frenzy because Connelly has. Hirsley in the Trib has this Connelly quote: "If these two guys were white, we wouldn't be having this problem."
David Smith in this thread predicted "that 2 things were going to happen; 1) the race card was going to be played and 2) somebody was going to get sued. Well, the first thing has happened. Now I am just waiting to see who gets sued."
Sooner or later Connelly will have to get the card authenticated by a recognized grader -- PSA, GAI or whoever -- which will end the owners' dreams of cashing in on the fake Wagner. Anybody want to hazard a guess at how that will play in Cincinnati? Any predictions Dave?
No matter how far you have gone on the wrong road, turn back.
-- Turkish proverb