PWCC t206 set break auction frustration (AITA???)

[Bobbycee]

Just received this email only 5 minutes ago from PWCC:

Thank you for your interest in participating in our T206 Premier Auction. We need additional information to approve you to bid. Please provide the information below, so we can verify you:

Time-stamped screenshots of your bank, portfolio, or credit card statements, including your full name, showing that you have the means to follow through with a purchase in our Premier Auction. Please redact private information before sending the statement to us.

This process approves you for our Premier Auction only. You should already be able to bid in our regular Weekly Auctions.

Areyanna Gardiner
PWCC Marketplace

So, they are still going to treat this as a Premier auction- which is foolish. I haven't responded to them yet but I will tell them 'no thanks'. You need my bank or credit card info to bid on a couple of cards which probably won't exceed $650 total? I just won 2 cards from them in their weekly auction ending 7/16- (which haven't even been shipped yet), and they can't see the hypocrisy in their request? It's simple: Call REA, my #1 reference, and ask them about my buying history. Done. If I'm the consigner of this set, I am not happy. They've just limited their buying pool by a large amount.

[gonefishin]

To each his/her own on what personal information they willing to submit - which will be on electronic file forever for any and everyone to steal at some point.

With that said - I would NEVER - NEVER provide such information to anyone for the opportunity to bid on their items! One is not buying a house, or isn't being ordered to provide such from a judge.

If no one bids on their items, I'm sure those in-house requirements would change quickly or they would be out of business - I forgot for a moment - they already sold out!

The question one must ask themselves is: Do I really need to go through all this to give them the privilege of having my business?

This isn't Christies or Julian's auction house we are talking about here. This is a company that was banned - banned - from ebay! Damn, how much worse can it get?

[ullmandds]

obviously they seem to have had/have a big issue with winners who don't pay?

[raulus]

Originally Posted by ullmandds

obviously they seem to have had/have a big issue with winners who don't pay?

You could certainly interpret this policy in this fashion. Although I'm not sure that's necessarily the case.

In the crypto world, they use somewhat descriptive terminology to separate the big players from the smaller players - whales and minnows. Given the price points targeted in the premier auctions, I think the AH is really just trying to keep minnows from bidding in auctions where they haven't demonstrated an ability to pay. So maybe more of a preemptive strike to prevent someone who can't actually pay from even bidding at all.

And it's certainly possible that the inspiration for requiring these bona fides springs from non-payment problems that the AH experienced in non-premier auctions, perhaps even going back to their eBay days.

My own experience is that from time to time, items that I have consigned through brokers on eBay have suffered from non-paying bidders. In one situation in July 2020, the buyer who chose not to pay $8k to buy a piece that buyer had won (and I consigned) ended up helping me, because a month later it sold for $11k. And that buyer paid.

[mrreality68]

Originally Posted by Bobbycee

Just received this email only 5 minutes ago from PWCC:

Thank you for your interest in participating in our T206 Premier Auction. We need additional information to approve you to bid. Please provide the information below, so we can verify you:

Time-stamped screenshots of your bank, portfolio, or credit card statements, including your full name, showing that you have the means to follow through with a purchase in our Premier Auction. Please redact private information before sending the statement to us.

This process approves you for our Premier Auction only. You should already be able to bid in our regular Weekly Auctions.

Areyanna Gardiner
PWCC Marketplace

So, they are still going to treat this as a Premier auction- which is foolish. I haven't responded to them yet but I will tell them 'no thanks'. You need my bank or credit card info to bid on a couple of cards which probably won't exceed $650 total? I just won 2 cards from them in their weekly auction ending 7/16- (which haven't even been shipped yet), and they can't see the hypocrisy in their request? It's simple: Call REA, my #1 reference, and ask them about my buying history. Done. If I'm the consigner of this set, I am not happy. They've just limited their buying pool by a large amount.

Please understand I am not agreeing with them. I am not a fan of PWCC and I am hoping that new owners changes that.
I do not know what their requirements are but I do know for me to bid in Hunt Auction Recently as a premier bidder(or whatever it was called) and in Goldin at a certain limit those types of items were requested for me to be able to bid.

And Hunt did not distinguish between price points to be approved but for the specific type of auction

So what they are asking for is not uncommon in the business.

[Kidnapped18]

The current process for the premier is BS! I have bid regularly in PWCC auctions and have a history with them. I never had an issue paying for my cards so to me it makes no sense to now require my bank info and references to bid in this auction. It would make sense if I only purchased cards in the hundreds of dollars and now want to purchase tens of thousands of dollars of cards but some of these T206s will not crack $1,000 mark. If PWCC has a concern then they could cap you bids at $2,500 total, $5,000 total unless you present more financial info. The total on the two cards I saw will probably be between $500 to $1,250 base on recent sales. I agree the consignor is getting screwed by limiting the bidders unless that is what they specifically requested on consignment. Just my two cents...

[Bobbycee]

Anyone bidding in the T206 set break, ending tonight? The Extended Bidding was to start at 10:00 EST. The clock is malfunctioning and keep re setting at 4 minutes & change.

The bids are constantly rolling in but this auction is now off the clock in terms of a normal extension time. This will probably continue for awhile past midnight,and there is nobody answering questions in the chat.

[DCJayhawk]

Typical PWCC, I set my bids and am off to sleep. Will wake up to see what I did or didnt win.

[trambo]

Originally Posted by Bobbycee

Anyone bidding in the T206 set break, ending tonight? The Extended Bidding was to start at 10:00 EST. The clock is malfunctioning and keep re setting at 4 minutes & change.

The bids are constantly rolling in but this auction is now off the clock in terms of a normal extension time. This will probably continue for awhile past midnight,and there is nobody answering questions in the chat.

Their premier auction closes all at once. 5 minute resetting clock for the first 30 minutes, 2 minute resetting clock for the next 30 minutes and then 1 minute thereafter. No lot by lot. I totally forgot that was how they did it and figured this would be done after an hour of extended bidding. Nope.....

[t206fanatic]

Originally Posted by trambo

Their premier auction closes all at once. 5 minute resetting clock for the first 30 minutes, 2 minute resetting clock for the next 30 minutes and then 1 minute thereafter. No lot by lot. I totally forgot that was how they did it and figured this would be done after an hour of extended bidding. Nope.....

i also messed up how they closed, left a lot of cards unbid. oops

[Bobbycee]

Originally Posted by trambo

Their premier auction closes all at once. 5 minute resetting clock for the first 30 minutes, 2 minute resetting clock for the next 30 minutes and then 1 minute thereafter. No lot by lot. I totally forgot that was how they did it and figured this would be done after an hour of extended bidding. Nope.....

Did you add anything last night Troy? Some 6's went pretty cheap. HOF's too.
Also- congrats on your PSA 2 520!

[pawpawdiv9]

Sorry to bump...
I tried to register for the PREMIER auction last weekend, still pending it says.
(disclosure--only bidding b/c a item a Net54 member consigned interested me.
The site says up to 2 days...well its been a week now....nothing but chirps...so i sent a email, thus i have not sent any info as posted aboved (bank statemt, credit card info or etc.)
Too much hassle to just bid...as others mention to move on theres othere better places +1