Need advice on navigating a collection purchase, including T206s

[Four Pitches]

Often reader, seldom poster.

I've purchased several collections over the years, from hundreds of dollars into the thousands. This one is larger so I'm in need of some wisdom!

I've an opportunity to buy an inherited collection from someone whom I've vetted independently and believe to be legit.

Seller is not interested in going through the cards one by one as they have a couple hundred thousand cards and are no more knowledgeable than what an eBay sold listings search will tell. Problem is their asking price is pegged to a handful of ungraded cards, including some nice T206s. Second problem...I've never paid this much for a collection and don't exactly have this kind of money laying around burning a hole in my pocket. On the upside, if the cards are genuine the value would be much more than asking price.

They've sent several pictures of cards that are worth $1-2k each, so I do believe this collection to be valuable. I have no reason to doubt the seller, but I also can't look through so many cards in an hour or two!

Here's where I need help. My strategy - 1) go see the cards (duh). I'll bring comparable T206s and others, along with my loupe for close inspection. I won't have time to look through all the cards so I'll have to choose a few boxes and estimate a value based on what I see. 2) assuming I like what I inspect, make an offer contingent upon authentication of a few of the key ungraded cards.

I need access to the cards for days(!), however, to go through everything. So I'm considering an up-front payment--earnest money, if you will, to get the cards in my hands. And if the raw cards are then successfully authenticated, a larger payment would follow. Am even open to setting this up contractually. I just can't lay out a large sum when I'm unsure about authentication. I have a mortgage, after all

I'm sure some of you have done something similar to help finance a larger purchase. Any advice you can offer on what worked well? What did not? Changes to my strategy?

Additionally...I don't think seller is going to be too interested in letting me play around for extended periods. I'll need to have the authentications done and have him paid fully within a few months.

Any help is appreciated!

[CardPadre]

A bit of a dilemma for sure. If you post the pictures you’ve received so far, you can likely get some authenticity questions answered as that seems to be one of your biggest concerns.

[swarmee]

You may be better off by taking a local partner in the purchase of this collection. Someone who can shoulder part of the outlay, and guide you through the process better. Is there a local card shop, dealer, or collector that you can coordinate with?

[CardPadre]

I would not have much confidence in a local card shop’s ability to be helpful with anything vintage that’s not in a slab. People who run or work in shops just don’t handle cards and learn about cards anymore…they don’t have to and they don’t. They know slabs and boxed products.

That’s just my own generalized opinion. There are certainly people who run shops that have useful knowledge. I just don’t feel that can be taken for granted anymore.

[ullmandds]

where r u located? i'd hope that if the collection is real it'd be worth exponentially more than the asking price...not just more than????

[Peter_Spaeth]

Originally Posted by Four Pitches

Often reader, seldom poster.

I've purchased several collections over the years, from hundreds of dollars into the thousands. This one is larger so I'm in need of some wisdom!

I've an opportunity to buy an inherited collection from someone whom I've vetted independently and believe to be legit.

Seller is not interested in going through the cards one by one as they have a couple hundred thousand cards and are no more knowledgeable than what an eBay sold listings search will tell. Problem is their asking price is pegged to a handful of ungraded cards, including some nice T206s. Second problem...I've never paid this much for a collection and don't exactly have this kind of money laying around burning a hole in my pocket. On the upside, if the cards are genuine the value would be much more than asking price.

They've sent several pictures of cards that are worth $1-2k each, so I do believe this collection to be valuable. I have no reason to doubt the seller, but I also can't look through so many cards in an hour or two!

Here's where I need help. My strategy - 1) go see the cards (duh). I'll bring comparable T206s and others, along with my loupe for close inspection. I won't have time to look through all the cards so I'll have to choose a few boxes and estimate a value based on what I see. 2) assuming I like what I inspect, make an offer contingent upon authentication of a few of the key ungraded cards.

I need access to the cards for days(!), however, to go through everything. So I'm considering an up-front payment--earnest money, if you will, to get the cards in my hands. And if the raw cards are then successfully authenticated, a larger payment would follow. Am even open to setting this up contractually. I just can't lay out a large sum when I'm unsure about authentication. I have a mortgage, after all

I'm sure some of you have done something similar to help finance a larger purchase. Any advice you can offer on what worked well? What did not? Changes to my strategy?

Additionally...I don't think seller is going to be too interested in letting me play around for extended periods. I'll need to have the authentications done and have him paid fully within a few months.

Any help is appreciated!

Are you in a position to be able to sell a "couple hundred thousand" cards? No disrespect but unless you are getting some massively underpriced deal it sounds like you may be a bit over your head if this isn't what you do, especially if you can't afford to make a mistake. You might be better off bringing in an experienced dealer (the ones i know would certainly give you a substantial referral fee if it works out).

[tiger8mush]

pics?

[Four Pitches]

Originally Posted by swarmee

You may be better off by taking a local partner in the purchase of this collection. Someone who can shoulder part of the outlay, and guide you through the process better. Is there a local card shop, dealer, or collector that you can coordinate with?

I've had that thought for sure. And I may do that in the end but my preference is to do the deal myself if possible.

[Four Pitches]

Originally Posted by ullmandds

where r u located? i'd hope that if the collection is real it'd be worth exponentially more than the asking price...not just more than????

Yes, the value could be many times more than. Greater than 10x!

[Four Pitches]

Originally Posted by Peter_Spaeth

Are you in a position to be able to sell a "couple hundred thousand" cards? No disrespect but unless you are getting some massively underpriced deal it sounds like you may be a bit over your head if this isn't what you do, especially if you can't afford to make a mistake. You might be better off bringing in an experienced dealer (the ones i know would certainly give you a substantial referral fee if it works out).

No disrespect taken! Buying collections, having some graded, selling what I don't want and keeping the rest to build my PC...this is part of me enjoying the hobby, so no issues with that. This one would be the latest in a series of collection purchases. Undoubtedly it would be the largest, though. I do spend a significant amount of my free time with cards...enough so that I disclose hobby income on my tax returns.

I understand the point about pulling in someone else as a partner, however. Definitely a consideration for me.

[Aquarian Sports Cards]

roughly where are you located? Any number of knowledgeable guys here might be willing to go with you just for the fun of seeing a fresh collection and in the interest of helping someone out.

[FrankWakefield]

2. Take a black light with you.

1. Take an experienced knowledgeable collector that you trust and who has deep pockets and an interest in buying the collection with you.

3. Minimally, open every box and look at the contents. You don't want to open a few boxes of cards from 1900 to 1935, and then find you've bought boxes of 1991 Donruss cards, too.


If you're excited about buying these cards, your excitement can cloud your reason... with another collector in tow, you guys could keep one another grounded.

Damn a loupe, take a black light first, then reading glasses, a magnifying glass, or a loupe. If there's a box of loose cards, you can illuminate them on their sides and learn A LOT in a few seconds.

Whoever has them probably wants to sell ALL at once, and not let you cherry pick.

You probably should not have a long conversation here; but find that friend collector and tack the convo off-line; lest someone ferret out this collection and buy it first.

[drcy]

Bring the severed head of a collector who wronged you, so he knows not to cheat you.

[Jewish-collector]

Originally Posted by Four Pitches

I do believe this collection to be valuable.

Define "valuable" ? Are you talking about the collection to be worth about $100,000 ? $500,000 ? $1 million ? $5 million ? $10 million ?
Regardless, partner with a knowledgeable collector.

[doug.goodman]

Originally Posted by Four Pitches

Seller is not interested in going through the cards one by one as they have a couple hundred thousand cards ... I have no reason to doubt the seller, but I also can't look through so many cards in an hour or two!

So, your plan is to NOT look at all the cards you are buying?

I won't have time to look through all the cards so I'll have to choose a few boxes and estimate a value based on what I see. 2) assuming I like what I inspect, make an offer contingent upon authentication of a few of the key ungraded cards.

And hope that the unopened boxes aren't all 1988 Topps baseball.

Additionally...I don't think seller is going to be too interested in letting me play around for extended periods. I'll need to have the authentications done and have him paid fully within a few months.

Bad idea for you pay the seller more money than the value of any cards you have actually looked at when you drive away.

If the seller wants all of the money before you have had a chance to go thru ALL of the cards, then walk away (either completely or with a partial purchase).

Good luck with your purchase,
Doug

[Four Pitches]

Thank you all for the advice. I like the idea of bringing another collector/dealer along, especially one who can help finance (or tell me I'm crazy). I know of one from that area who I trust.

I'll see the cards in person this week. Will post back here if I have a meaningful update!