Hopeful conclusion to the 1930 Goudey Ruth saga......

[Archive]

Posted By: Herman Taube

If I read this correctly, why should it matter on Steve's part if the item is fake or not as it relates to a refund? Isn't he essentially the middleman who is the agent for the consignor? If major industry forces have determined the card is illegitimate then just reverse the buying process. Refund the buyers money and dont pay the consignor. Yes, CS is out the vig but thats the risk of doing business. The owness and costs associated with is on the consignor as to getting the card legitimized or paper test or whatever. How is this CS's duty? Reverse the deal and everyone is safe and happy or am I not seeing something here?

[Archive]

Posted By: Steve M.

Steve has with your analysis Herman is that he has already paid the consignor and the consignor bought it from him originally. It would be pretty hard to go back now under those circumstances and recover anything from the consignor. I guess he could look to the original consignor whoever that might be.

[Archive]

Posted By: Corey R. Shanus

here's what you're not seeing. Auction houses do have duties to buyers, even though they are selling items on behalf of consignors. These duties, which can arise under applicable state law and/or the auction house's own terms and conditions of sale, can compel an auction house to refund to the buyer his/her money if the item turns out to be a fake. In such an instance, the auction house can then (i) turn to the consignor for restitution (if the consignor has already been paid) or (ii) withhold payment to the consignor (if the consignor has not yet been paid). In either case, though, it is the auction house's responsibility alone to deal with the consignor. To the good faith purchaser of the item, all he/she has to do is deal with the auction house.

[Archive]

Posted By: Dylan

Everyone wants to blame the investors, but dont think for one minute that the run up in prices is just due to investors. Collectors are just as guilty for spending vast amounts of money on cards