Memory Lane sold cards they didn't have per SCD

[anchorednw]

It will be interesting to hear from Ryan on this. I for one didn't receive a call/email, but I just had some mid grade T206 and a T200. Old Mill E Collins PSA 6 was most valuable. Lots of winners of of Cracker Jacks posting in the ML auction thread here.

The article mentioned T206, Cracker Jacks, Caramel cards and Brunners as missing.

[jacksons]

And Exhibits.

Originally Posted by anchorednw

It will be interesting to hear from Ryan on this. I for one didn't receive a call/email, but I just had some mid grade T206 and a T200. Old Mill E Collins PSA 6 was most valuable. Lots of winners of of Cracker Jacks posting in the ML auction thread here.

The article mentioned T206, Cracker Jacks, Caramel cards and Brunners as missing.

[Casey2296]

Originally Posted by anchorednw

It will be interesting to hear from Ryan on this. I for one didn't receive a call/email, but I just had some mid grade T206 and a T200. Old Mill E Collins PSA 6 was most valuable. Lots of winners of of Cracker Jacks posting in the ML auction thread here.

The article mentioned T206, Cracker Jacks, Caramel cards and Brunners as missing.

My CJ wins would not have made the Strongsville cut, I'm curios about the Matty though, that's not a card that would miss detection in the hobby. Much like trying to sell the Mona Lisa at a flea market, it's too hot. Unless a Russian Oligarch wants to bury it in his collection.

[gabrinus]

Holy shit that sucks...I understand the insurance angle but that money could have gone to other cards in the auction...Jerry

[brianp-beme]

Originally Posted by gabrinus

Holy shit that sucks...I understand the insurance angle but that money could have gone to other cards in the auction...Jerry

Definitely a great point...not only did this hurt the winning bidders of the missing cards, some of whom perhaps would have shifted their bidding money to other non-stolen lots, but the consigners of some non-stolen cards in the auction perhaps could have had the action on their lots potentially minimized because of the decision to keep the stolen auction lots open.

Condolences to all involved, and just a sucky situation all around that, with some common sense precautions, probably could have been avoided in the first place.


brianp(arker)-beme

[Brian Van Horn]

I didn't see this yesterday, but this is one heck up of a wake up this morning.

[Brian Van Horn]

99.9% sure this isn't related, but given the name of the town in the title:

https://www.news5cleveland.com/news/...-district-says

[Carter08]

From the way they shipped such expensive cards to running a phantom auction on items that were stolen seems pretty crazy. If I were an insurance company I’m not sure I’d take the results of a dummy auction as setting a value. Seems too easy to manipulate.

[Rhotchkiss]

I received a call after Sunday night (a day after auction ended) telling me that a box of cards had been stolen. First, I was assured that I will be paid out 100%, on the final value of the auction, which I have no doubt will happen, whether insurance covers it or not (and I am sure they will). Second, I was told the auction had to continue in order to establish the fair market value of the cards, otherwise, how does anyone establish the value/hammer price. Third, I was told anyone who won a stolen card will be given the option, but not obligation, to buy the card at the hammer price + BP if they are found. Plus, they are optimistic the cards will be found.

A few other things:

1. The cards were stolen, not lost or misplaced. The cards got to their intended destination, were signed for and stored, and then taken. As far as I can tell, ML has done nothing wrong or irresponsible.

2. It sucks for the buyers, but they are out no money, only expectations. They may have missed out on another card, but they are in no worse position than before the auction started. The bigger issue would have been how much do you pay the consignors? Do you guess, do you just settle, do you litigate? Running the auction, which I am sure was done at the advice of both counsel and insurance, to establish value is certainly the best path with the least damage given the crappy situation that’s nobody’s fault. There is no winning answer under these circumstances. It sucks, millions $$ of cards got stolen and ML is on the hook. No bueno all around

3. ML owes me a lot of money. I have complete confidence I will get every dime (and have proactively been assured numerous times of that and I will get paid before insurance ever kicks in). I do not blame ML for this and I think they are doing all the right things under real crappy circumstances. I think it sucks balls for the collecting community bc the cards may be gone from the hobby forever. Hopefully the turn up.

[notfast]

Originally Posted by Rhotchkiss

Third, I was told anyone who won a stolen card will be given the option, but not obligation, to buy the card at the hammer price + BP if they are found. Plus, they are optimistic the cards will be found.

Probably should eat that buyers premium.

[Powell]

I agree with you Ryan. I won the Bat Off Cobb PSA 7.5. I don’t blame Memory Lane. I blame the thieves. Memory Lane is reputable and will do the right thing.

[BRoberts]

I think it is admirable that a consignor, Ryan, is handling spokesperson duties here for Memory Lane. It has been established that Joe T. Is the best catalog writer in the business. Maybe he or another ML representative could come on the board and make a post or two to clarify the situation about what exactly happened and what expectations are moving forward.

[parkplace33]

Originally Posted by Rhotchkiss

I received a call after Sunday night (a day after auction ended) telling me that a box of cards had been stolen. First, I was assured that I will be paid out 100%, on the final value of the auction, which I have no doubt will happen, whether insurance covers it or not (and I am sure they will). Second, I was told the auction had to continue in order to establish the fair market value of the cards, otherwise, how does anyone establish the value/hammer price. Third, I was told anyone who won a stolen card will be given the option, but not obligation, to buy the card at the hammer price + BP if they are found. Plus, they are optimistic the cards will be found.

A few other things:

1. The cards were stolen, not lost or misplaced. The cards got to their intended destination, were signed for and stored, and then taken. As far as I can tell, ML has done nothing wrong or irresponsible.

2. It sucks for the buyers, but they are out no money, only expectations. They may have missed out on another card, but they are in no worse position than before the auction started. The bigger issue would have been how much do you pay the consignors? Do you guess, do you just settle, do you litigate? Running the auction, which I am sure was done at the advice of both counsel and insurance, to establish value is certainly the best path with the least damage given the crappy situation that’s nobody’s fault. There is no winning answer under these circumstances. It sucks, millions $$ of cards got stolen and ML is on the hook. No bueno all around

3. ML owes me a lot of money. I have complete confidence I will get every dime (and have proactively been assured numerous times of that and I will get paid before insurance ever kicks in). I do not blame ML for this and I think they are doing all the right things under real crappy circumstances. I think it sucks balls for the collecting community bc the cards may be gone from the hobby forever. Hopefully the turn up.

Ryan, I misread your original post. I originally read that you were notified the Sunday after the cards were stolen. I now see that you were notified the Sunday after the auction ended (May 5th). Sorry if my previous responses reflected that incorrect information.

Any concern with the the lag time between when the cards were stolen and when you were notified?

[B O'Brien]

That’s some bad news. I’m crossing my fingers as I won two of the tougher T206’s in the auction. I just watched a couple of the YouTube videos from Strongsville to see if if they happened to be in the videos, but I didn’t see any T206 on their tables during a couple of the YouTube videos.

No VM or emails, so I’ll keep my fingers crossed.

Bob

[calvindog]

Of course ML had insurance on the cards in case of theft at or loss on the way to a show.

There were 50 cards or so stolen, cards that are easily identifiable if they're either offered for sale at auction or sent into PSA or SGC, who I presume have already been provided scans of the cards and are on the lookout for these cards if sent in raw for grading. Anyone who buys the cards as slabbed would be buying stolen property; not a great investment I promise.

And I have no doubt Ryan will be made whole as if his cards sold for the prices realized at auction; that's what insurance is for.

My guess is some hotel employee stole them, having no idea either the value or rarity of the cards. He's probably panicked at this point, not appreciating what he stole at the time. I just hope he didn't dump them somewhere in an effort to get rid of the evidence. While it's incredibly frustrating for any of the winners of these really rare, special cards, the buyers aren't out any money, just a few hours of sleep. Travis, that can be count two of your humdinger of a lawsuit.

[gabrinus]

Now other auction houses can say "at least our stuff doesn't get stolen in crappy hotel rooms and we pay our consignors within 30 days"...Jerry

[Snowman]

Originally Posted by calvindog

Travis, that can be count two of your humdinger of a lawsuit.

My lawsuit has nothing to do with this. It's a small claims court filing.

Also, I am less confidence than you that the insurance company would pay out on this claim. Hopefully the cards are recovered.

[calvindog]

You’re actually going to take the time to sue ML in small claims court? And then take a judgment from one state and try to enforce it in another state?

[Casey2296]

Originally Posted by calvindog

You’re actually going to take the time to sue ML in small claims court? And then take a judgment from one state and try to enforce it in another state?

I’m reminded of the great Morris Albert hit of 1977 “Feelings”.

https://m.youtube.com/watch?v=CyBcHU...FsYmVydA%3D%3D

[Fred]

Just curious - let's say the cards were found and a perp was arrested - would they have to be held as evidence until a trial? Or could ML sell them and ship them out to the winning bidders and use pictures/scans as evidence?

What if the perp was going to plead innocent. Doesn't that make it even more likely that law enforcement would hold on to the cards as evidence?

[calvindog]

My guess is ML would care more about getting the cards to the auction winners than pressing charges. I have no doubt that’s all that matters to the auction house.

[Kidnapped18]

Interesting case for that amount of cards to be stolen and still auctioned!! Hate it for all the winning bidders especially the 14 CJ winners!

FYI Police detectives will only hold onto the cards as long as necessary to conduct their investigation. They would not be holding $2M worth or cards in property for the duration of a trial. All US courts are backlogged with cases since COVID so a case going to trial will likely take months to years.

Think about it if your 2020 Tesla was stolen and the police recovered it they certainly would not hold onto it for a trial to take place a year later. That would cause too many inconveniences especially if that was your only mode of transportation. Once the investigation is complete the property will be returned to the owner.

Originally Posted by Fred

Just curious - let's say the cards were found and a perp was arrested - would they have to be held as evidence until a trial? Or could ML sell them and ship them out to the winning bidders and use pictures/scans as evidence?

What if the perp was going to plead innocent. Doesn't that make it even more likely that law enforcement would hold on to the cards as evidence?

[doug.goodman]

Originally Posted by Kidnapped18

Think about it if your 2020 Tesla was stolen...

What about my 91 Honda CRX?

[Snowman]

Originally Posted by calvindog

You’re actually going to take the time to sue ML in small claims court? And then take a judgment from one state and try to enforce it in another state?

Yep. They pissed me off. Plus it'll be a fun learning experience.

Same state.