T206 Ty Cobb Red background Lenox back

[cammb]

Thats complete and utter bull----!!!

[Mountaineer1999]

Haha.... the red lenox cobb melodrama continues

[pokerplyr80]

Originally Posted by cammb

Thats complete and utter bull----!!!

It's actually a common practice on Heritage and is posted in their terms and conditions. As are these:

"Nominal Bids. The Auctioneer in its sole discretion may reject nominal bids, small opening bids, or very nominal advances. If a lot bearing estimates fails to open for 40–60% of the low estimate, the Auctioneer may pass the item or may place a protective bid on behalf of the consignor."

"The Auctioneer, its affiliates, or their employees consign items to be sold in the Auction, and may bid on those lots or any other lots. Auctioneer or affiliates expressly reserve the right to modify any such bids at any time prior to the hammer based upon data made known to the Auctioneer or its affiliates."

In my opinion, these practices seem very similar to those in the Mastro auctions. At least they're not trying to hide them but if any other AH were doing this I think a lot of people on this site would not be happy.

Jake is also correct in that Heritage mentions a consignor may have to pay a reduced commission if an item doesn't sell for the minimum reserve. They also say the consignor can bid the item up past this minimum, but if they win they're responsible for the full commission.

[t206hound]

Originally Posted by pokerplyr80

It's actually a common practice on Heritage and is posted in their terms and conditions. As are these:

"Nominal Bids. The Auctioneer in its sole discretion may reject nominal bids, small opening bids, or very nominal advances. If a lot bearing estimates fails to open for 40–60% of the low estimate, the Auctioneer may pass the item or may place a protective bid on behalf of the consignor."

"The Auctioneer, its affiliates, or their employees consign items to be sold in the Auction, and may bid on those lots or any other lots. Auctioneer or affiliates expressly reserve the right to modify any such bids at any time prior to the hammer based upon data made known to the Auctioneer or its affiliates."

In my opinion, these practices seem very similar to those in the Mastro auctions. At least they're not trying to hide them but if any other AH were doing this I think a lot of people on this site would not be happy.

Jake is also correct in that Heritage mentions a consignor may have to pay a reduced commission if an item doesn't sell for the minimum reserve. They also say the consignor can bid the item up past this minimum, but if they win they're responsible for the full commission.

That is not what occurred in this case. This item had a reserve; Heritage auction lots ALL have a message stating that "Reserve (if any) Will Post On" statement.

Here's there info on reserves:

Reserve (If Any) Not Posted Yet:

Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.

Consignor Has Not Yet Submitted a Reserve:
Although the consignor's agreement allows a reserve on this lot, the deadline for submitting such a reserve has elapsed. If consignor submits a reserve post-deadline and the item fails to meet that reserve, we may charge the consignor a higher reserve fee.

No Reserve:
This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)

Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.

Reserve Met:
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.

Opening Bid:
Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).

[cammb]

It seems to me you have to be a fool to consign or buy at this auction house.

[Peter_Spaeth]

Originally Posted by cammb

It seems to me you have to be a fool to consign or buy at this auction house.

Then there sure are a lot of fools, as they are establishing a dominant position in the hobby.

[1952boyntoncollector]

Originally Posted by Peter_Spaeth View Post
Why give up 20 percent to an AH and risk a weak sale, if you can sell it direct?

'IF' being the operative word...........AH's must be around for a reason...

you paying 25k for the card peter? go save this guy 5k by buying it direct...

plus he did agree to take 20k i think at one point direct...

[823dek]

41 pages ?.....overkill. If not sold, sell it. I want to buy a REd Cobb that is for sale , so it anyone has a nice 2 or 3, lemme know .I thought that this was a frickin BST !

[Peter_Spaeth]

Originally Posted by 1952boyntoncollector

Originally Posted by Peter_Spaeth View Post
Why give up 20 percent to an AH and risk a weak sale, if you can sell it direct?

'IF' being the operative word...........AH's must be around for a reason...

you paying 25k for the card peter? go save this guy 5k by buying it direct...

plus he did agree to take 20k i think at one point direct...

I agree, it's not always possible to sell direct, but if I recall correctly the point of my post was that he shouldn't be faulted for giving direct a shot first.

[cammb]

Originally Posted by Peter_Spaeth

Then there sure are a lot of fools, as they are establishing a dominant position in the hobby.

Don't think there are a lot of foolish collectors but an abundance of foolish investors. Because a certain price is paid for a certain card doesn't mean that that price will be sustained in the future. eBay is littered with overpriced cards that sellers seek because they live and die by VCP. Personally, I pay no attention to VCP and purchase cards that I feel is the right price for me.