Memorabilia in Mastro auction

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Posted By: Rob D.

I'm curious about your reactions to prices realized on memorabilia in Mastro's auction. Admittedly there were few things this time around that drew my interest, and I think the pre-auction consensus was that this auction was pretty disappointing in terms of memorabilia.

One lot that left me stunned and amazed was the group of 21 different 1948-52 Cleveland Indians pencil clips. There aren't many -- if any -- areas of collecting where I feel really comfortable offering what even approaches an "expert" opinion, but Indians pencil clips are one collectible that I feel I know pretty well.

Of the 90 known pencil clips from these series, there are a number of known scarcities. Most of them are of lesser players (Al Gettel, Mike Tresh, Dick Weik, Merrill Combs, to name a few) although Paige and Veeck also command a premium because they're fairly scarce and they feature Hall of Famers.

The group in Mastro sold for $3,600, which works out to $171 a clip. This lot contained no clips that are considered even fairly scarce. It did have seven Hall of Famers, but all of them are pretty easy to find as far as Indians pencil clips are concerned. I routinely see clips of common players sell for less than $25 on eBay, and a quick check today showed three commons with BIN prices of $49.95. I know I'm rambling here, but it's hard to put into context just how crazy of a price this lot realized.

I understand that this is useless information to most of you because these clips are a non-mainstream collectible (which, come to think of it, makes the selling price even more puzzling). I just felt the need to post because it's so amazing to me.

I'd like to hear some opinions on other items and their selling prices.

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Posted By: Paul Muchinsky

Rob,

Here we go again. You know more about these clips than I, but I know enough about them to know they were sold out of the bounds of their market value. If I recall correctly, a few years back some major auction house sold many more clips from this set in a lot, and (I recall) it sold for LESS money. What makes this lot so bizarre is that it wasn't a bidding war between two (or more) bidders in pursuit of a single scarce item. These clips were but a small portion of a much larger set. In reading the opinions of net members on high selling prices, it seems the most commonly offered view is "shill bidding". I am open to other explanations because I don't want to believe it is true. But what might they be?

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Posted By: Rob D.

Paul,

A friend and I were discussing today all the possible scenarios that might explain this lot.

I ruled out shilling, simply because once the price reached half of $3,000, an informed seller should have been doing cartwheels. So endangering that high of a selling price (in the $1,600 neighborhood) by shilling would be foolish.

We also pretty much ruled out the possibility that a buyer needed only a few in this lot en route to completing the set and bought the group with plans to sell off the duplicates. I suppose this could be the answer, but if you're collecting these, you have to know that no way could you recoup an amount of money that would make this scenario a smart one. Plus, as I mentioned, there are no rarities in this lot, so the "gotta have it" rule just doesn't seem to apply.

I was kind of hesitant to make my first post for fear of the buyer reading it and getting ticked off. I believe you should collect what you like, and if you can afford to pay X amount of dollars, more power to you. Collecting these clips was one of my favorite hobby endeavors ever, and I paid what probably were considered crazy prices when I was down to needing my last half-dozen. I'd just love to know the particulars of this sale.

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Posted By: Mark

Great post, Rob....

I have watched memorabilia in these high-end catalogue auctions for well over a decade now, so I have a pretty decent basis for opinion. I am finding a lot less consistency than in past years. This current Mastro Auction is all over the board, and an excellent example...

Your Pencil Clips example was a good one for the high-end. Another is the Cubs Figural Paperweight, which is currently at $2,300 (and may still go higher). I got mine (in the same exact condition) from Hunt's for about $650, and saw another identical piece sell for maybe $725 just last year.

Another example is the Gibbs Conner pair of Brooklyn Dodger Banks. ITPC has had a number over the past couple years. Even though they're prototypes, quite a few got out (even on ebay). Last I checked, this pair was at $2,750 + the 20% juice. I would have consigned my two, if I knew they would fetch half that amount!

Darktown Battery Bank... Nice all-original ones have been going for $1,700 - $2,200 in recent years. The Mastro example somehow went for $4,250!

There were two large George Lawrence Panoramas in Mastro... both gorgeous, but with some condition issues, and nearly identical (in terms of content as well as condition). Check out Lots 141 and 142. One went for $2,500 (about what you'd expect) and the other went for a whopping $8,000! No rhyme or reason, other than two people with a ton of money wanted that particular one.

Surprisingly there were plenty of bargains as well... I won two lots for about 65% of the normal hammer price. There were plenty of others. Much of the autographed items went very cheap compared to recent years' sales. This post is way too long, so I won't list them, but there were plenty of bargains.

Bottom line... these auctions have become more fickle and volatile, and it seems any given lot can explode if the right people go after it. Perhaps it's due in part to the Country's shrinking middle class and current rough economy. The lower income (but typically more sensible) bidders are dropping out, while the really wealthy bidders have few limits on the pieces they desire. Just my 2 cents... sorry for rambling.

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Posted By: barrysloate

Auctions are all about bidders. When I get a great price in my auction it is generally due to a good mix of bidders. It's as much about the people pursuing it as it is about the item.