[Rhotchkiss]

Honestly, I was quite disappointed with the results of my consignments last night, including the Brown Lenox you bought last night Jamie (congrats!). Granted, the market is softer now than this time last year, especially rare back T206s, but I thought the results were less than satisfactory. That said and luckily, my consignments in this auction were immaterial compared to the entirety of my Memory Lane consignment, the total result of which I am very content with.

Last year I decided to sell a huge chunk of my collection and I spoke seriously to 4 auction houses. I was buying a farm and I wanted to pay cash, which impacted my decision. In making my decision, I considered the following factors, in no specific order: (i) amount of cash advance, (ii) amount of buyer's premium I would get, (iii) who did I trust and think would do a good job, and (iv) how much control I had over the phasing of the sales. Regarding (iii), I felt confident in all 4 AHs and have relationships with all 4 -- that's why I spoke with them specifically -- so that factor is relative and nuanced. Ultimately, I (obviously) chose Memory Lane ("ML").

The cards I sold had been acquired between 2016 - 2023, with the average year of acquisition being 2020.

As part of the process, Joe T (formally of ML) and I sat down and we valued every single card, which included a 521 T206 set, complete 1914 CJ and D304 sets, numerous back runs, etc., and we created a spreadsheet that broke each card into high, mid, and low value estimates. 78.5% of the consignment went in the Spring 2024 auction (I had to pay back the substantial cash advance that ML gave), 17.5% was in the Summer 2024 auction, and 4% was in last night's Winter auction. Here are the results, which include the all-in price (hammer + BP):

Auction 1: Final sales price was 104.62% of the mid-value estimate
Auction 2: Final sales price was 92.77% of the mid-value estimate, but 106.6% of the low-value estimate.
Auction 3: Final sales price was 75.5% of the mid-value estimate, and only 85% of the low-value estimate.
Total All Auction: Final sales price was 100.57% of the mid-value estimate

Thus, the overall results were very satisfactory, and the size and outperformance of the first auction was sufficient to offset the underperformance of auctions 2 and 3, which, combined, only represented 21.5% of the total value.

On the whole, I think ML did a good job with the consignment and I am satisfied. The other 3 AHs offered me a larger part of the BP than ML offered, but ML gave me a very healthy advance and I was very comfortable giving ML such a large consignment, which paid off when I was paid, in full and on-time in the first auction despite many of my cards had been stolen at the Best Western. Honestly, I do wonder whether the results of Auctions 2 and 3 would have been better with Joe there -- he left for Goldin a few weeks before Auction 2; we discussed the move and I was fully supportive despite my consignment. But again, the total results were literally 0.57% above the expected estimates, so i cant complain with getting what was expected!

Thanks JP, Leslie and ML gang. You guys did a great job with a major consignment and I really appreciate the time, effort, and results!!