PWCC vault?

[A2000]

I'm disappointed there's not been a Seinfeld reference yet..very disappointed!

https://www.youtube.com/watch?v=_COssGgD1aY

[Peter_Spaeth]

Originally Posted by A2000

I'm disappointed there's not been a Seinfeld reference yet..very disappointed!

https://www.youtube.com/watch?v=_COssGgD1aY

You should read the thread then. Post 11 and a couple of follow ups.

[A2000]

My faith in Net54 has been restored

[Peter_Spaeth]

Originally Posted by a2000

my faith in net54 has been restored

lol

[barrysloate]

There's a Seinfeld episode for every occasion.

[BeanTown]

Originally Posted by barrysloate

Again, as a former auction house owner I can tell you both bidders and consignors have questions, and both expect honest answers.

I miss your great auctions Barry. I remember when I would call you in extended time and ask you what I should bid on to win. I took your advice everytime and all turned out to be great investments. I never heard of Just So tobacco before you. Collectors are always seeking education on items they collect or want to collect. Turning to an auctioneer isnt always a bad thing even though they may be bias a little bit.

[swarmee]

This is different though than actively discouraging a buyer from purchasing a consignment. The fact that Brent is so blase to mention it openly during an interview for Forbes Magazine is shocking.

[barrysloate]

Thanks JC. My auctions weren't large but I admit I did have interesting and historic material. I always focused on baseball history, and rarely had high grade cards. The hobby has changed a bit since then.

[Sean]

Originally Posted by barrysloate

Thanks JC. My auctions weren't large but I admit I did have interesting and historic material. I always focused on baseball history, and rarely had high grade cards. The hobby has changed a bit since then.

I recall that you had a nice Plank in 2004 or 2005. I bid, but didn't come close in the end.

[Aquarian Sports Cards]

Originally Posted by steve B

but the bigger auction houses also get higher bids by calling the people who want an item they just got consigned to let them know about it a bit in advance, and to recommend it to them.

That is doing your duty to the consignor. Telling someone not to bid is not.

[Aquarian Sports Cards]

Originally Posted by barrysloate

So if I were to ask the auctioneer to help me secure the best cards, is he obligated to say all the cards in the sale are equal? If you were the bidder asking that question, would you find that answer satisfactory?

I agree, as an auctioneer myself for many years, that I had more of an obligation to consignors than to bidders. Consignors sign contracts, while bidders are on their own. But if someone asked me that question I would feel obligated to give an honest answer.

There's a difference between being honest about a card's merits, and talking a buyer out of a card.

If a buyer asks me specifics about a card, of course I can be honest about the card's qualities.

[barrysloate]

Originally Posted by Aquarian Sports Cards

There's a difference between being honest about a card's merits, and talking a buyer out of a card.

If a buyer asks me specifics about a card, of course I can be honest about the card's qualities.

Of course. You have to be fair to both your consignors and your bidders, who sit on opposite sides of the fence. Consignors want the highest prices possible, and bidders are looking for the best deals, and during the course of an auction you are going to have to interact with both of them.

And yes Sean, I had a couple of Planks over the years and remember them well. I had an SGC 50 that set a price record that held up for many years. Today, it looks like an incredible bargain.

[Republicaninmass]

Quick inner net search says

"*If*the retailer does not*collect sales tax, the purchaser has the obligation to pay use*tax*directly to the state where the property is used as long as the item is taxable. ..:"

Awfully thin line there

[steve B]

I must say that I'm enjoying the bit of discussion between Barry and Scott.
It's always nice to get the views of someone who has or is actually in that business.

Let me rephrase my thought on recommending against bidding.

Lets say there's someone who is spending loads of money every auction, and buys stuff looking at quality and investment. And their question is something like "what do you think of card X? should I go for it?"
Now lets say the card is a 9, but not a great 9 and the auctioneer knows that buyer won't ultimately be happy with it OR, a card that they feel may have peaked and should be available for less in a year or two...


I think that saying either of those things is the only honest answer. Plus, while it may not serve the consigner best, someone who regularly spends a lot may over time generate far more for the auction house.


Or, I could be entirely wrong. I'd love to hear the perspectives of people actually doing business at that sort of level.

[barrysloate]

I think you have to be honest, that's the answer. And I know as an auctioneer I need to be careful.

If I told that hypothetical bidder he might not be happy with the card and he chooses not to bid, the card is still likely to sell for a retail price, and bidder, consignor, and auction house should all be happy (hopefully).

But if I tell the bidder falsely thst he will love the card, and he gets and not only doesn't like it but wants to return it for a refund, I have a bit of a disaster on my hands. Then I might not be able to pay my consignor if the underbidder doesn't want it.

So best thing is to tell the truth. It might cost the consignor one extra bid, but IMO that's the best way to resolve that problem.

[swarmee]

"No comment" is both a lack of an answer and an answer at the same time. Maybe that's the correct response.

[MULLINS5]

What would happen if Oregon suddenly passed sales tax legislation?

[Goudey77]

Originally Posted by MULLINS5

What would happen if Oregon suddenly passed sales tax legislation?

It’s a lost cause to try and impose a sales tax in Oregon. I believe it’s been defeated by voters like a dozen times through the years. Plus the state benefits a lot from a very high income tax. Both voters and the government are comfortable where they are at.

Instead the city of Portland is toying with the idea of a beer tax in this brewery loving town.

Oregon could be the last man standing in this country when it comes to this subject.

But I never say never.

[pokerplyr80]

Originally Posted by Republicaninmass

Quick inner net search says

"*If*the retailer does not*collect sales tax, the purchaser has the obligation to pay use*tax*directly to the state where the property is used as long as the item is taxable. ..:"

Awfully thin line there

If the asset is shipped to Oregon, stored there, then eventually sold and shipped from there, I fail to see the issue. Perhaps I'm missing something, but the line doesn't seel thin to me at all.

Now if it's shipped to the vault, stored for a month or 2, then shipped to CA or NY I cam foresee an issue arising.

[Peter_Spaeth]

"The asset?" Oh no is Brent-speak contagious?

[vintagetoppsguy]

Originally Posted by pokerplyr80

If the asset is shipped to Oregon, stored there, then eventually sold and shipped from there, I fail to see the issue. Perhaps I'm missing something, but the line doesn't seel thin to me at all.

Now if it's shipped to the vault, stored for a month or 2, then shipped to CA or NY I cam foresee an issue arising.

Right! Not sure why people aren't getting this. It's not a service I'd use, but its perfectly legal. I would assume that if the buyer wanted to take possession of it later, then taxes would be due at that time.

[Peter_Spaeth]

Originally Posted by vintagetoppsguy

Right! Not sure why people aren't getting this. It's not a service I'd use, but its perfectly legal. I would assume that if the buyer wanted to take possession of it later, then taxes would be due at that time.

Taxes being due and taxes being paid are two different things particularly where the state doesn't know what you bought, I would assume. Whereas if it's collected at the time of sale, there's no payment issue.

[pokerplyr80]

Originally Posted by Peter_Spaeth

"The asset?" Oh no is Brent-speak contagious?

Just keeping with the spirit of the thread. I am curious if any tax professionals or CPAs know how if there is an amount of time something shipped to and kept in Oregon needs to stay there so that it wouldn't be legally taxable when transported out of the state.

[Peter_Spaeth]

Originally Posted by pokerplyr80

Just keeping with the spirit of the thread. I am curious if any tax professionals or CPAs know how if there is an amount of time something shipped to and kept in Oregon needs to stay there so that it wouldn't be legally taxable when transported out of the state.

It might depend on the use tax laws and regulations of each state, although I'm not sure a temporal gap really matters if the owner continuously retained ownership even if the "asset" was physically elsewhere.

[pokerplyr80]

Originally Posted by Peter_Spaeth

It might depend on the use tax laws and regulations of each state, although I'm not sure a temporal gap really matters if the owner continuously retained ownership even if the "asset" was physically elsewhere.

If I buy a car in Oregon, register it there, and leave it there for 6 months I can then drive it to CA legally and not pay sales tax. Not sure about cards though.

[AGuinness]

Originally Posted by pokerplyr80

If I buy a car in Oregon, register it there, and leave it there for 6 months I can then drive it to CA legally and not pay sales tax. Not sure about cards though.

That might work for some nice Trucks (Virgil Trucks, that is)...


Sent from my iPhone using Tapatalk

[Peter_Spaeth]

Originally Posted by pokerplyr80

If I buy a car in Oregon, register it there, and leave it there for 6 months I can then drive it to CA legally and not pay sales tax. Not sure about cards though.

Are you sure you wouldn't then owe use tax to CA?

[frankbmd]

382 years ago I invested in tulips, but lost my shirt when they couldn’t be stored and then restored. Everyone knew they were altered.

My question then is:

Will the PWCC Vault be able to store my tulip bulbs as well as my other assets?

According to the tenets and definitions, I would think so.

What goes around comes around, eh?

[Peter_Spaeth]

Originally Posted by frankbmd

382 years ago I invested in tulips, but lost my shirt when they couldn’t be stored and then restored. Everyone knew they were altered.

My question then is:

Will the PWCC Vault be able to store my tulip bulbs as well as my other assets?

According to the tenets and definitions, I would think so.

What goes around comes around, eh?

Whatever you're drinking this early, I would like some.

[Fuddjcal]

Originally Posted by Peter_Spaeth

Right -- you never have to see or touch the stupid card. It's just an asset on a balance sheet.

A trimmed asset that never leaves the vault, how stupid can people be? Very stupid apparently.

[Fuddjcal]

Originally Posted by barrysloate

I think you have to be honest, that's the answer. And I know as an auctioneer I need to be careful.

If I told that hypothetical bidder he might not be happy with the card and he chooses not to bid, the card is still likely to sell for a retail price, and bidder, consignor, and auction house should all be happy (hopefully).

But if I tell the bidder falsely thst he will love the card, and he gets and not only doesn't like it but wants to return it for a refund, I have a bit of a disaster on my hands. Then I might not be able to pay my consignor if the underbidder doesn't want it.

So best thing is to tell the truth. It might cost the consignor one extra bid, but IMO that's the best way to resolve that problem.

Imagine That Barry... Just Tell the truth, LOL. You do it but that's one thing PWCC has a hard time with because he would incriminate himself, IMHO

[pokerplyr80]

Originally Posted by Peter_Spaeth

Are you sure you wouldn't then owe use tax to CA?

Not from personal experience but people with addresses in both states do this all the time. You can even buy a car in ca and transport it out of state to avoid the sales tax. But if they catch you driving it in CA during the next 6 months you can be charged back for the tax.

[chalupacollects]

Originally Posted by pokerplyr80

Not from personal experience but people with addresses in both states do this all the time. You can even buy a car in ca and transport it out of state to avoid the sales tax. But if they catch you driving it in CA during the next 6 months you can be charged back for the tax.

Might want to ask Derek Jeter about the long term effect when the state of NY came after him for income taxes when he was saying he lived in Florida... didn't go so well for him...