Heritage Auction
 

Posted By: <b>Bruce Dorskind</b><p><br /><br /><br />The upcoming Heritage Auction has a great selection<br />of rare cards, may in very high grades.<br /><br />Whilst it is a week away from deadline-the bids thus<br />far appear to be very modest, at best.<br /><br />What is your read on this situation?<br /><br /><br />Bruce Dorskind<br />America's Toughest Want

Heritage Auction
 

Posted By: <b>LetsGoBucs</b><p>Could you be more specific? Regards.

Heritage Auction
 

Posted By: <b>Marc S.</b><p>One thing we routinely disfavour is bidding against ourselves. Whilst there are some extra ordinary high-grade vintage cards that we are interested in, the preponderance of hidden reserves at Heritage causes us pause in aggressive bid strategies which a true auction may not support.

Heritage Auction
 

Posted By: <b>Jeff Lichtman</b><p>Hidden reserves is better than fake bidders I guess. Or maybe it's the same. Well, I'm pretty certain at least one of them is illegal.

Heritage Auction
 

Posted By: <b>leon</b><p>For a full disclosure Heritage advertises here (obviously) and many of their employees I consider friends.<br /><br />As for the reserves I think they say that towards the end of the auction, if there is a reserve, then it will be made known. Did I miss something? I am not sure I consider that a hidden reserve? (though it is for the first part of the auction, obviously)

Heritage Auction
 

Posted By: <b>Jeff Lichtman</b><p>Maybe Pete C. can clear all this up. Working at Mastro and Heritage -- I'm sure he can provide some insight.

Heritage Auction
 

Posted By: <b>Bruce Dorskind</b><p><br /><br />Thank you gentlemen<br /><br />We forgot about the "hidden reserves"<br /><br />Whilst we have no problem with a reserve, we don't understand<br />the strategy of having a hidden reserve in the beginning of the auction<br />and then revealing said reserve a few days before close.<br /><br />We suspect that that is a strategy that Heritage uses in its coin<br />auctions.<br /><br /><br />Bruce Dorskind<br />America's Toughest Want List

Heritage Auction
 

Posted By: <b>leon</b><p>Jeff- No need (necessarily) for Heritage to clear up the reserve issue. I just looked and don't see it but I am sure it is what I said. At the end there will be no hidden reserves.<br /><br /><br />Bruce- Scott and I have employed the same strategy at times. Showing the reserve towards the end can help the bidding at the start. I am not speaking for Heritage but that is why we have done it before. Personally, as long as I know the reserve while there is time remaining to bid in the open auction (not extended only bidding) then I don't have an issue with it....Just my opinion though..(Peter might be on his way to the Oldcardboard/Hardeman chili cook off today, in Austin)..best regards

Heritage Auction
 

Posted By: <b>petecld</b><p>Leon, I made this same, albeit altered, response in another thread.<br /><br />There is no answer to reserves that will make everyone happy. Truth be told, I'm kinda in both camps. As a buyer, I don't like them but I don't let them stop me from bidding while an unusually high opening bid will stop me from bidding. As an employee of an auction house who's is trying to get a consignment, it is an effective feature that I can offer.<br /><br />Yes, Heritage has reserves but unlike eBay or any other auction house we disclose the reserve amount (if there is one at all) well in advance of the end of the auction. Every lot has a entry about the reserve. With Heritage, bidders have plenty of time to place a fully informed bid. Our policy with consignors is to keep reserves well within reason as compared to the anticipated final bid and only on items we feel will sell for at least $1,500. All agreed upon reserves are done in writing. <br /><br />Yes, I have lost a consignment because I would not accept an excessive reserve. I don't worry too much about that happening because my goal (and others at Heritage) is to do our best to satisfy both buyers and sellers IN THE LONG TERM. Single hit and run deals that never sell will fill a catalog but only once. Hopefully I have many years of catalogs to offer items and a combination of both happy consignors who like the prices they see and happy bidders who build their collections via Heritage auctions is the best way to accomplish that goal.<br /><br />As for our upcoming auction, THERE ARE VERY, VERY FEW RESERVES IN THIS AUCTION and most are on non-card lots. I am trying to convince the powers that be that if we don't have a reserve to just say that from the first day of bidding but that may adversely affect the lots that do have reserves so it is a touchy issue for the auction house. You want to be fair to everyone which is why the full disclosure in advance approach is utilized. <br /><br />BTW - Bruce, we (and when I say "we" I mean the sports dept. at Heritage) aren't worried at all about the bids right now. The final days of any auction I have been a part of have always been the most spirited. Some bidders I've talked to just like to watch lots until the end and then place a single what I call a "win it or oh well" type bid. What no one sees are the emails and phone calls we are taking from interested bidders. Yes, I know that everyone who says they will bid won't but we are encouraged. When you give collectors weeks to bid it would be silly to think the numbers will just go up every minute of every day, reach the max almost a week before the end of the auction and just stop. That's totally against the nature of the collector. Auctions are still fun FUN for hobbyists. Remember having "fun" with the hobby? Those days aren't over by any means for most in my eyes. You can tell the world the sky is falling but for right now in Dallas, it's bright and sunny with few clouds in the sky.<br /><br />Good luck to everyone!<br /><br />Peter

Heritage Auction
 

Posted By: <b>Chris Bland</b><p>None of the Star Player Candy cards in the current Heritage auction have reserves - I can assure you of that. <img src="/images/happy.gif" height=14 width=14>

Heritage Auction
 

Posted By: <b>Cat</b><p>"Whilst it is a week away from deadline-the bids thus far appear to be very modest, at best."<br /><br />Being put on the "Cat's not going to buy from you any longer" list is painful. That's my explanation!<br />

Heritage Auction
 

Posted By: <b>Matt</b><p>What did they do to get on the list?

Heritage Auction
 

Posted By: <b>boxingcardman</b><p>they are certain to be higher in the final hours. I made a ton of placeholder bids and I will decide what to actually go after when the final day arrives. FWIW, the card I wanted most is deep into record-breaking territory already, far above my expectations, and the #2 on my hit list is close. But I would like to thank the Bruces for driving traffic to Heritage's auction by starting this thread. Nice bidding strategy there, boys. <br><br>Sic Gorgiamus Allos Subjectatos Nunc

Heritage Auction
 

Posted By: <b>Shane Leonard</b><p>We are very excited about the Heritage Auction currently running. Whilst the economy seems to be down, we feel that it is a great time to buy. So we are heading down to Heritage on Tuesday to meet up with Chris Ivy for a preview. We can't wait. We love us some Heritage auctions and we love us some Obama. <br /><br />Word-<br />Shane

Heritage Auction
 

Posted By: <b>Brian Martin</b><p>Peter,<br /><br />How many lots in the current auction would require the winning bidder to arrange his/her own 3rd party shipping?<br />I stopped bidding with Heritage after having to arrange pickup of a lot via a 3rd party Dallas shipper and it turned into a fiasco that took months to resolve. Thanks.

Heritage Auction
 

Posted By: <b>petecld</b><p>Hi Brian,<br /><br />I don't know, this is the first time that question has come up. I'll find out on Monday. Email me and I'll get back to you.<br /><br />Peter

Heritage Auction
 

Posted By: <b>petecld</b><p>Hi Brian,<br /><br />The Heritage database doesn't have a Brian Martin from Michigan or any other Brian Martin in our system.<br /><br />Can you email me and let me know what name you were registered under?<br /><br />Are sure this issue was with Heritage?<br /><br />Peter

Heritage Auction
 

Posted By: <b>Alan U</b><p>"What is your read on this situation?"<br /><br />That this is today's daily thread asking "What is the state of today's card market?"