My Dealings with Memory Lane...GREAT read :/

[grundle20]

Happy Sunday everyone!

I'd like your opinion on this one, if you will:

So, I'm a collector of the 1948 Leaf Set, and have been contemplating the purchase of a Ruth PSA 8 on EBay offered by Memory Lane. So, I sent this email to Memory Lane on 10:30 PM on Thursday night:

Hi (Name...you all know it),
Hope you're well. I'm interested in this card here:
http://www.ebay.com/itm/350627891334
I'm wondering how much is the cost if I pay you direct, cash?
Additionally, is this card still available at $4200 here:
http://ownitnow.memorylaneinc.com/gallery.aspx?id=1212
Please LMK on both, thanks.

NOTE: At the time of sending this email, the Ruth PSA 8 on EBay was listed at $5000 exactly. When you look now, you will see $5750. This will come into play later on.

So then, I receive a reply a day later from Memory Lane, first thing in the morning on Friday from (A guy you all know):

The one on eBay I can do for 4750 cash and the one in own it now I can so for 4450. The price in own it now didn't include the buyers fee of 15%. Lmk

I'm thinking, OK, fine, fair enough. The only weird thing, I must admit, was the fact that there was now a buyer's fee on the Own It Now. I don't know why you'd show a fixed price on a website for a card where the real price is actually higher. Frankly, if that is the case and I'm not getting screwed, they ought to make that clear.

So, you know, I'm thinking about the one on EBay for $4750. I like it. It's an OK price, I suppose. So I take a WHOLE day to think about it. Wow. One day. On Saturday, I decide to buy. I send this email to Memory Lane:

I thought about it today and I've decided I'll do it at $4750. Please let me know how to proceed.

Then, this morning, I get a reply from (Name you all know) at Memory Lane:

I can no longer do the one on eBay for 4750 as the consignor re priced it yesterday.

Might I add, in addition, all of a sudden the EBay price on the Memory Lane EBay store as you see, has magically risen to $5750. That price changed yesterday I suppose at some point.

In subsequent emails, as you can imagine, I told him I thought this was BS and he in essence told me 'tough.'

So, there are two things I'd like to say about this:

1 - My suspicion is that Memory Lane saw the auction results of the HA auction this week, and noted that a 1948 Leaf Ruth PSA 8 sold for $5600 or so, with the Buyer's fee, and quickly realized that they could squeeze me or someone else for more money, so they went ahead and rescinded a deal they made to me a whole single day earlier. Mind you, they didn't proactively TELL me they were rescinding the deal, they just waited until I said I'd buy the card to bait and switch me.

2 - Yes, I do understand that there is probably a consignor involved. Does that genuinely mean that Memory Lane is going to back out on a deal that they offered in writing (albeit email)? Know what a reputable auction house would do? Go through with the sale and eat the commission on the one card among the hundreds of others it earns money on, for sake of maintaining a pristine reputation. Do you think any other major auction house would pull a stunt like that?

I mean, let's be honest, we already know that dealers are in this for money. That's no secret. But I've never been treated this way by anyone else in the "hobby."

[Ladder7]

Sleazy... Out of principal, I won't deal with them, ever. When they catch wind of this thread and realize it's time for damage control. I hope you don't cave and purchase the damn thing.

[egbeachley]

I thought an offer remained an offer until rescinded or accepted.

[ullmandds]

Thats totally unscrupulous! Its a good thing there are some new auction houses on the block as the list of houses I will deal with is dwindling!

[Peter_Spaeth]

Originally Posted by egbeachley

I thought an offer remained an offer until rescinded or accepted.

It was accepted before it was rescinded, as I read the chronology. An offer that does not specify a time for acceptance remains open for a reasonable time. A day surely seems a reasonable time. JP should, in my opinion, honor the bargain struck. If he no longer was able to take the price he had offered because the consignor repriced, he should have told the OP BEFORE the OP accepted.

[grundle20]

Peter and Eric,

I do appreciate your commentary. For the record, your assumptions are correct. There was absolutely no "rescinding" of the deal from Memory Lane. Absolutely not. I took one day to consider their deal, and took it. The next morning is when I was told they would not accept the deal.

I mean, technically, doesn't that still constitute a legally binding offer? I was pretty sour about the whole ordeal. I mean, I'm not top 3 money spenders in the hobby, but I thought this treatment was, frankly, crude.

[calvindog]

Look at the bright side: at least you're not an 80 year old grandmother from Brooklyn who received a cold call from JP. It could always be worse, trust me.

[hammer]

Be patient that card has a print dot right after the word Babe on the front of the card, Another will come by and you will know it's the right card for you. As for the $4450.00 You still have it in your pocket and with the way this economy is that's nothing to sneeze at. They will be a long time trying to unload it. I'd rather be you then them. Good luck and take your time.

[Forever Young]

The market changed overnight. Why can't they change the price? Really, your beef here is that they didn't email you first? I bet the fact that it brought that money in ha is a main reason why you decided to buy ?? Is this true? The fact that there is a consigner involved is a HUGE thing . Perhaps after getting your email they told the consigner it sold and at that point they were told no. I really do not see anything wrong with this at all. Zero... It sucks that you couldn't get it cheaper after the one sold in ha but now to suggest memory lane is doing something unethical because their consigner now wants market value and they support it is very unfair IMO .

Originally Posted by grundle20

Happy Sunday everyone!

I'd like your opinion on this one, if you will:

So, I'm a collector of the 1948 Leaf Set, and have been contemplating the purchase of a Ruth PSA 8 on EBay offered by Memory Lane. So, I sent this email to Memory Lane on 10:30 PM on Thursday night:

Hi (Name...you all know it),
Hope you're well. I'm interested in this card here:
http://www.ebay.com/itm/350627891334
I'm wondering how much is the cost if I pay you direct, cash?
Additionally, is this card still available at $4200 here:
http://ownitnow.memorylaneinc.com/gallery.aspx?id=1212
Please LMK on both, thanks.

NOTE: At the time of sending this email, the Ruth PSA 8 on EBay was listed at $5000 exactly. When you look now, you will see $5750. This will come into play later on.

So then, I receive a reply a day later from Memory Lane, first thing in the morning on Friday from (A guy you all know):

The one on eBay I can do for 4750 cash and the one in own it now I can so for 4450. The price in own it now didn't include the buyers fee of 15%. Lmk

I'm thinking, OK, fine, fair enough. The only weird thing, I must admit, was the fact that there was now a buyer's fee on the Own It Now. I don't know why you'd show a fixed price on a website for a card where the real price is actually higher. Frankly, if that is the case and I'm not getting screwed, they ought to make that clear.

So, you know, I'm thinking about the one on EBay for $4750. I like it. It's an OK price, I suppose. So I take a WHOLE day to think about it. Wow. One day. On Saturday, I decide to buy. I send this email to Memory Lane:

I thought about it today and I've decided I'll do it at $4750. Please let me know how to proceed.

Then, this morning, I get a reply from (Name you all know) at Memory Lane:

I can no longer do the one on eBay for 4750 as the consignor re priced it yesterday.

Might I add, in addition, all of a sudden the EBay price on the Memory Lane EBay store as you see, has magically risen to $5750. That price changed yesterday I suppose at some point.

In subsequent emails, as you can imagine, I told him I thought this was BS and he in essence told me 'tough.'

So, there are two things I'd like to say about this:

1 - My suspicion is that Memory Lane saw the auction results of the HA auction this week, and noted that a 1948 Leaf Ruth PSA 8 sold for $5600 or so, with the Buyer's fee, and quickly realized that they could squeeze me or someone else for more money, so they went ahead and rescinded a deal they made to me a whole single day earlier. Mind you, they didn't proactively TELL me they were rescinding the deal, they just waited until I said I'd buy the card to bait and switch me.

2 - Yes, I do understand that there is probably a consignor involved. Does that genuinely mean that Memory Lane is going to back out on a deal that they offered in writing (albeit email)? Know what a reputable auction house would do? Go through with the sale and eat the commission on the one card among the hundreds of others it earns money on, for sake of maintaining a pristine reputation. Do you think any other major auction house would pull a stunt like that?

I mean, let's be honest, we already know that dealers are in this for money. That's no secret. But I've never been treated this way by anyone else in the "hobby."

[egbeachley]

Originally Posted by Forever Young

The market changed overnight. Why can't they change the price?

The market may have changed and they can change the price to whatever they want to. But that does not override the fact that the legitimate offer made was still valid until rescided. Basic law and basic common sense.

And yes, if they didn't want it to be accepted then they should have sent notice immediately. That's how it works.

[Forever Young]

Originally Posted by egbeachley

The market may have changed and they can change the price to whatever they want to. But that does not override the fact that the legitimate offer made was still valid until rescided. Basic law and basic common sense.

And yes, if they didn't want it to be accepted then they should have sent notice immediately. That's how it works.

No it does not.. Especially when a consigner is involved that can change their mind at a drop of a hat. We are not talking about buying real estate here.

[Leon]

If you guys want to argue or call out a company your full names should be in your posts. Even if you want to say something good the same rule applies. thanks

[tiger8mush]

Originally Posted by Forever Young

No it does not.. Especially when a consigner is involved that can change their mind at a drop of a hat. We are not talking about buying real estate here.

So Ben if I offer you (lets pretend I have a card you want) a card for $x today and tomorrow you reply and say "I'll take it", its fine if i say "sorry, its now $x+10%". You're okay with that? Nothing wrong with that? Normal business to make an offer and not follow thru with it?

Rob Gordy

[botn]

Hearing grundle20's unfortunate story about Memory Lane and JP Cohen certainly does not come as a shock to me and shouldn't to anyone who knows about JP's criminal history. What shocks me is that more of these stories do not get posted.

JP's business will continue to thrive. If his involvement in defrauding innocent people out of 50 million dollars has not discouraged buyers from dealing with him then his breaching an agreement over 5K is almost laughable. It is unfortunate that grundle20 did not get the card but apparently ending up on the wrong side of a deal can be expected when dealing with Memory Lane and JP Cohen.

I am Greg Schwartz and I approve this post.

[Forever Young]

Originally Posted by Ladder7

Sleazy... Out of principal, I won't deal with them, ever. When they catch wind of this thread and realize it's time for damage control. I hope you don't cave and purchase the damn thing.

Originally Posted by tiger8mush

So Ben if I offer you (lets pretend I have a card you want) a card for $x today and tomorrow you reply and say "I'll take it", its fine if i say "sorry, its now $x+10%". You're okay with that? Nothing wrong with that? Normal business to make an offer and not follow thru with it?

Rob Gordy

Am I happy about it? No.. Do I understand?? Yes..ESPECIALLY if my buying decision was altered(in any way)by the very same reason the sale price increased(ha sale). On top of that, a consigner is involved. Disappointed ?? Yes. Would i post it on a public board and suggest it is unethical?? Obsolutely not. Ben Weingarten

[egbeachley]

Originally Posted by Forever Young

No it does not.. Especially when a consigner is involved that can change their mind at a drop of a hat. We are not talking about buying real estate here.

When a consignor changes their price, the auction house should have told them that they will change it ASAP but there is an offer outstanding that they need to rescing first. No different than if someone hit the buy-it-now button. And the same offer/acceptance rules apply to real estate, it's not different. Both examples have offers go through an "agent"

[Paul S]

Originally Posted by Forever Young

The market changed overnight. Why can't they change the price? Really, your beef here is that they didn't email you first? I bet the fact that it brought that money in ha is a main reason why you decided to buy ?? Is this true? The fact that there is a consigner involved is a HUGE thing . Perhaps after getting your email they told the consigner it sold and at that point they were told no. I really do not see anything wrong with this at all. Zero... It sucks that you couldn't get it cheaper after the one sold in ha but now to suggest memory lane is doing something unethical because their consigner now wants market value and they support it is very unfair IMO .

Gimme a break. If you stroll down Memory Lane expect some shade.

[packs]

They shouldn't have said they'd accept an offer of XYZ unless they were authorized by the consigner to accept that offer. You tell a guy you'll sell for a price and as soon as they pull out their cash you think to yourself maybe you could get a little more. That's not good business.

[egbeachley]

Originally Posted by packs

They shouldn't have said they'd accept an offer of XYZ unless they were authorized by the consigner to accept that offer. You tell a guy you'll sell for a price and as soon as they pull out their cash you think to yourself maybe you could get a little more. That's not good business.

They wouldn't have. They almost certainly had a "minimum" acceptable offer. Plus it's possible the consignor was within the company, maybe even the guy sending the emails.