Interesting thread on the non-sports board

[barrysloate]

Rhett- what I heard, and this baffles me, is that mid-auction the consignor decided he no longer wanted to sell it, asked for it back, and the house capitulated. I can't of course confirm that.

When I ran auctions if a consignor had asked for his material back while my auction was in progress I would have told him tough noogies (did I spell "noogies" correctly?).

[uffda51]

I've seen it spelled "nougies," but I'm no expert.

[uffda51]

I agree completely with Jim VB. With the so-called Heritage Rule 21 in play, it ceases to be an auction and becomes something else entirely. I'm not sure what, but as Elaine Benes once said, "Do I smell something? What am I, hard of smelling? Of *course* I smell something."

[iggyman]

I have a "big" problem with an auction house bidding in its own auction, so I simply DO NOT bid on any Heritage auction! Tough titty!!!

Lovely Day...

[calvindog]

Originally Posted by iggyman

I have a "big" problem with an auction house bidding in its own auction, so I simply DO NOT bid on any Heritage auction! Tough titty!!!

Lovely Day...

Well, at least Heritage tells you upfront that they're bidding in their own auctions. That makes them more honest than the rest of them.

By the way, is it true that Frank DiRoberto is working for Heritage now? Anyone know?

[iggyman]

Originally Posted by calvindog

Well, at least Heritage tells you upfront that they're bidding in their own auctions. That makes them more honest than the rest of them.

True. But that so called "honesty" gives them "carte blanche" to shill and makes it real easy for them to flip the lot in a future auction/eBay, or on "Grand Slam" (Leon, I'm advertising for ya.....don't forget me when you are on the cover of "Fortune 500").

Lovely Day...

[calvindog]

Iggy, the ones that don't advertise their shill bidding also think it is their birthright to steal, as well. And unlike the other unmentioned auction houses, at least Heritage is not violating the US Criminal Code.

[Rob D.]

I'd much rather not know I'm bidding against the house. Thankfully, I think quite a few auction houses respect my wishes.

[calvindog]

Lol

[Wite3]

I have not bid in a Heritage auction in a long time...they shill, supposedly on behalf of the consignor to protect a hidden reserve. I wonder if they go so far as letting the consignor bid themselves?

Joshua

[bbeck]

Barry-a very little known fact that knoogies has a silent k in front of it. Those silent k's are killers.

[calvindog]

Iggy, I'm satisfied with Chris Ivy's explanation. It is transparent and not unfair. That the usual Greek--woops, I mean Goodwin--chorus has not come out to loudly support Heritage also comforts me.

[Jim VB]

Originally Posted by calvindog

Iggy, I'm satisfied with Chris Ivy's explanation. It is transparent and not unfair.

Jeff,

My reading is a little different. Heritage has a rule in place that allows them to bid in their own auctions. Chris' explanation is transparent and not unfair, but he basically, just narrows down the times when Heritage DOES bid in their own auctions.

So there is still a gap between what they CAN do and what they DO do. I do happen to believe him, but their rules ought to be more narrow in scope and more specific about what they are doing.

[Fred]

The bottom line is that the prices realized in the auctions influenced by house or consignor bidding creates a somewhat inflated view of the prices realized.

Whose to say that the house doesn't put a maximum bid on an item and that the consignor doesn't also bid it up. What happens if the house and consignor bid up the auction as the only two bidders (because the actual market value for the item is less) and the final hammer price (including juice) is used as a bench mark in value for that particular card. It's all bull$hit... lets make some money and to heck with the hobby(ist)... I suppose the above scenario doesn't play out too often but once is too much...

[bobbyw8469]

I actually asked this question on another board, but got no responses, so maybe I put it in the wrong board. After reading this thread, maybe I can ask this here:

The latest Legacy Rarities auction. I was the high bidder on the 1955 Bowman Football set at $1,150. I was bid #11. I was outbid with bid #12, but the bid is now $1,950. Why would the next bidder jump the bid in an $800 increment? Wouldn't he want to win the item as cheaply as possible?? I was just curious as to everyones' thoughts on this......

[CTDean]

Originally Posted by bobbyw8469

I actually asked this question on another board, but got no responses, so maybe I put it in the wrong board. After reading this thread, maybe I can ask this here:

The latest Legacy Rarities auction. I was the high bidder on the 1955 Bowman Football set at $1,150. I was bid #11. I was outbid with bid #12, but the bid is now $1,950. Why would the next bidder jump the bid in an $800 increment? Wouldn't he want to win the item as cheaply as possible?? I was just curious as to everyones' thoughts on this......

Bobby, my guess would be the lot had a reserve (say $1900). If the bid following yours was a MAX bid that exceeded the reserve, the new lot price jumps past the reserve.