Quote:
Originally Posted by 1952boyntoncollector
Still amazes me to hear people saying an auction like robert edwards that advertises and has a member list of the people who buy old cards ends up selling a card at 'rock bottom prices' easy for a seller to say that..
but as a buyer i would say thats 'market price' for that piece of cardboard..thats the highest bid..not on craiglist in a sale in a mother's attic..but on an internet weeks long auction with the most well heeled people bidding..
now you could say 'market price without shill bidding'..
i do wonder if you shill bid and 'win' your item.what happens? you just pay 20% and keep your card? that seems to take all of the market price profit out of it..
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Market price is NOT the result of a single auction. You can argue all day about that one, but it simply isn't true. I sold an item for $3,100 that had previously sold at least twice for $6,000 or more. The market price didn't go from $6,000 to $3,100 overnight. If the card were put back in auction tomorrow with a reserve of $6,000 and I bid and won it back, would that change the market value back to $6,000? No.
REA is not any more immune to auction anomalies than any other auction house. They have things that we have seen go for twice what we thought market value is. And yes, they have had things go for rock bottom prices.
What happens if you (or one of your shillers) win your own auction? You get to keep owning it.