Lots of bad purchases in my collection came from getting competitive, getting that auction fever. My worst purchase ever was 100% the result of being emotionally invested and wanting to win
something. In 2008 and 2009, an epic collection of boxing cards went to auction with Heritage, the Hull Collection. I liquidated a lot of my boxing items to amass a five-figure bankroll for the initial auction. Unfortunately, some other people had more money than me, and I lost lot after lot. Eventually, I got so frustrated that I went all-in on a T226 Red Sun Jim Jeffries card. I recall thinking at the time “Well, goddamnit, I sold all this stuff to bankroll this auction, so I am going to win something.” I dropped $5,000 on a card that was never worth close to that again. Argh! I grew to hate that card over the years and got rid of it at a huge loss.
Very expensive lesson learned. Better to make no deal than a bad deal. Fortunately, I am a reasonably quick learner and I haven't made that sort of stupid move in years at another auction. Well, at least none that I have found out about yet
