Legendary Auctions Does it Right !

[insidethewrapper]

The 30-minute rule is great . I was able to go to bed at 11:30pm
EDT ( 10:30 Central) because the lot closed at this time due to no bids for 30 minutes. I didn't have to stay up all night because someone bids on another "lot". I wish all auctions would be conducted this way. thanks

[Rob D.]

Originally Posted by insidethewrapper

The 30-minute rule is great . I was able to go to bed at 11:30pm
EDT ( 10:30 Central) because the lot closed at this time due to no bids for 30 minutes. I didn't have to stay up all night because someone bids on another "lot". I wish all auctions would be conducted this way. thanks

I think many bidders share your view. Consignors, maybe not so much. Every auction has two sides to it. (Sometimes three.)

[Jim VB]

As a buyer, there is no doubt the way you describe is preferable.

As a consigner, not so much.

Auctions houses should, and for the most part, do, cater to consigners. If they don't, their supply dries up and moves elsewhere.


(Edited to add: As a professional, Rob D types faster than I do. Plus that time zone thing!)

[Orioles1954]

Legendary and others who follow this popular "ending policy" have Huggins and Scott to thank for implementing it. By the way, we have an auction ending tonight and tomorrow too

[Rob D.]

Originally Posted by Orioles1954

Legendary and others who follow this popular "ending policy" have Huggins and Scott to thank for implementing it. By the way, we have an auction ending tonight and tomorrow too

I'm sure most collectors, when clicking with their mouse to place a bid, say a silent "thank you" to H&S.

[perezfan]

As a consignor, I was indeed disappointed.

I also don't understand why these auctions are all clustered together like this. Can they not make a simple phone call to their counterparts, to try to space these things apart? You can go several weeks with no auctions closing, and then 4-5 auctions will close over the same couple of nights. This has to impact their prices realized in a negative way.

[Orioles1954]

Originally Posted by Rob D.

I'm sure most collectors, when clicking with their mouse to place a bid, say a silent "thank you" to H&S.

They do, they do, they do

[Matt]

Originally Posted by perezfan

As a consignor, I was indeed disappointed.

No doubt, they did not realize strong prices on many lots last night.
November 2009, $1303:


Last Night, $830:

[Bicem]

$1300 seems pretty high for a PSA 2! Last night's price seems more realistic - great card btw! My fav. Ruth.

[oldjudge]

Their Old Judge prices were quite strong. I believe that their closing method is the best in the industry.

[Jim VB]

Originally Posted by oldjudge

Their Old Judge prices were quite strong. I believe that their closing method is the best in the industry.

Jay,

I agree that from a bidder's point of view, this way is the most convenient. But compared to REA, for example, this way may leave some money on the table.

On a lot I won in REA, I was 100% at my limit. I would not have gone one bid more. Had I been outbid, I would have walked. But I knew exactly which 3 lots I would have moved that money to.

Using the Legendary method, those lots might have already been closed. If that were the case, I would not have spent that money, and consigners somewhere would have been poorer.

[glchen]

The 33 Goudey complete set (239) went for $35K (41,475 including BP) in medium grade, which seems pretty high.

[oldjudge]

Jim--I understand what you are saying. I decide before the auction's last day which lots I will bid on. If I am knocked out on these lots I don't reallocate to others. I just stop. In REA I stay up to the bitter end so, for my purchases, the method of closing does not make a difference. In some other auctions that end at one time I don't bid on lots that I might otherwise bid on if the lots closed individually because I won't leave an up to with them and I won't stay up all night due to the lower-than-REA quality of material. In those auctions the "all lots close together" procedure actually reduces what I spend.

[DaveH]

Matt,
I bought that same Ruth PSA 2 with scratches from an auction in February for $479. Who would pay over $1300 in November and turn around and sell it on CCSA for $479 in February? Yes, that CCSA.

dh

[Matt]

Originally Posted by Dave Haas

Matt,
I bought that same Ruth PSA 2 with scratches from an auction in February for $479. Who would pay over $1300 in November and turn around and sell it on CCSA for $479 in February? Yes, that CCSA.

dh

[Exhibitman]

Originally Posted by Dave Haas

Matt,
Who would pay over $1300 in November and turn around and sell it on CCSA for $479 in February?

dh

If it was a stock I'd say me.

[bobbyw8469]

I agree as well.....no need to stay up ALL freaking night to have West Coasters keep sniping the lots in the wee hours of the morning.....basically, you are telling the bidders to s*** or get off the pot!!! I loved it!!!!

[glynparson]

I know I will never consign to legendary again.

[cbcbcb]

I think the item I won last night would have gone a lot higher if Legendary had the rule that takes bidding into the wee hours of the morning. The signed item I got went for about the same on ebay about 5 months ago, so the consignor must have lost money.

[oldjudge]

I think Legendary ran a good auction. Some items went stronger than one might have expected, some weaker, just like any other auction. The bitching so far could be applied to any auction. Things appear to be now working well at Legendary and they are becoming a significant auction house.

[Rob D.]

Originally Posted by oldjudge

Things appear to be now working well at Legendary and they are becoming a significant auction house.

No one person, no matter how much he or she might wish it to be true, can make a declaration that (insert name here) is "becoming a significant auction house."

The market and hobby will decide that.

[oldjudge]

Rob--I have no dog in this fight so I am not wishing anything, other than the normal wishing everyone well. I was expressing an opinion. Anyone can make that statement, we are not in North Korea. You may disagree and that is your perogative.

[glchen]

I read that some consignors have been complaining about how Legendary ends the auctions, and have said they will chose a different auction house next time. If so, which one? The obvious is REA, but REA is only once a year, and for REA, because there are so many items in the auction, there are often multiple lots of the same item, which also drives down prices.

[Rob D.]

Originally Posted by oldjudge

Rob--I have no dog in this fight so I am not wishing anything, other than the normal wishing everyone well. I was expressing an opinion. Anyone can make that statement, we are not in North Korea. You may disagree and that is your perogative.

I don't agree or disagree and don't really care much what happens to Legendary down the road. When they have something I want, I bid. Pretty simple.

But with all of the history there, to declare them "a significant auction house" implies that that is Legendary's status in the hobby. I just don't think someone can make that declaration.

Signed,

Rob in Haeju

[barrysloate]

See Jay, Rob is in North Korea. I think you misspoke.

[oldjudge]

Rob--With the material that they have offered in the last several auctions I think they are a significant auction house. They have had issues in the past which hopefully are behind them. If those type of issues arise again then they will have less consigned to them, have fewer bidders, and will not be a significant auction house. This is not a nomination for life to the Supreme Court. It is what I see today. Again, from your seat in Haeju, or on Happy Street, you may see things differently. That's fine, you're entitled to.

[perezfan]

Originally Posted by glchen

I read that some consignors have been complaining about how Legendary ends the auctions, and have said they will chose a different auction house next time. If so, which one? The obvious is REA, but REA is only once a year, and for REA, because there are so many items in the auction, there are often multiple lots of the same item, which also drives down prices.

Those auctions that focus most on cards include Memory Lane, Mile High Card Co, Goodwin, SCP, and B & L.

Those that focus about equally on Cards and Memorabilia include Hunt's, REA, Lelands, Clean Sweep, Heritage and Huggins & Scott.

So there are plenty of other options... and I know I omitted quite a few (sorry...)

In all fairness to Legendary, my consignments on the second night did quite well. As a consignor, I really don't like the Individual Lot closing format, but they did seem to realize some good prices in a bad economy. Although they're not anywhere near where Mastro was a few years ago, the quality of the items offered was great. I personally would classify them a "significant" auction house (uh oh - another poll coming?)

[Wesley]

Originally Posted by Rob D.

But with all of the history there, to declare them "a significant auction house" implies that that is Legendary's status in the hobby. I just don't think someone can make that declaration.

Aside from REA, which auction house sells more baseball cards?

[Leon]

The word "significant" will no longer be allowed on this board. Welcome to North Korea.

[Rob D.]

"Significant" joins "Botox" on the list.

[oldjudge]

As a Yankee fan, besides Significant and Botox, can we ban BoSox?

[Rob D.]

Originally Posted by oldjudge

As a Yankee fan, besides Significant and Botox, can we ban BoSox?

As an Indians fan, only if we can add ChiSox (and the rest of the American League, for that matter).

[Jim VB]

Originally Posted by oldjudge

As a Yankee fan, besides Significant and Botox, can we ban BoSox?

I'm with Jay on this one!

[Jim VB]

Originally Posted by Rob D.

As an Indians fan, only if we can add ChiSox (and the rest of the American League, for that matter).

As an Indian fan, you should push for the banning of the word "baseball."