Goldin Vault

[Schlesinj]

Originally Posted by BobC

Not necessarily geared for investors either. Maybe more for for flippers or dealers who can simply have their purchases sent to one of these "vaults", and then just tell them when to put things up for sale/auction. The idea of investing has the potential for holding on to things for quite a while in many cases.

I wonder if the two "vault" operators aren't also assuming a lot of people will use their services to simply get around paying sales taxes on their purchases, and then hope that since these individuals are so cost conscious that instead of asking for their items back at some point to maybe send out to a different seller/AH, they can save on the shipping costs and fuss and risks in handling and just have either PWCC or Goldin handle the subsequent sales/auctions for them. Basically these "vaults" could end up being built-in pipelines for additional consignments to both PWCC and Goldin.

In addition as at some point this will lead to ongoing revenue vs cyclical revenue from one time sales of items. Based on what I briefly read the fees are free for a year or so but will kick in eventually.

[Exhibitman]

Banks are subject to separate and very specific regulations under Federal and state laws, so it is not analogous and does not carry the same risks. You are also granted specific possessory rights in the box itself; you aren't handing the contents to the bank and letting it do whatever with it. A separate warrant or court order is needed to enter the box. Leases are technically conveyances of an estate in land; the land becomes yours insofar as the authorities are concerned, which is why the cops need a separate warrant to enter each apartment. Storage lockers are much the same as leases; you are granted exclusive right to occupy the space, which is why the entry into and disposition of contents is highly controlled (see Storage Wars) and again, separate warrants needed.

AHs are just another business. Unlike the storage locker you are not granted an exclusive right to enter and use the space. You just hand over your stuff.

[mrreality68]

Originally Posted by Exhibitman

Banks are subject to separate and very specific regulations under Federal and state laws, so it is not analogous and does not carry the same risks. You are also granted specific possessory rights in the box itself; you aren't handing the contents to the bank and letting it do whatever with it. A separate warrant or court order is needed to enter the box. Leases are technically conveyances of an estate in land; the land becomes yours insofar as the authorities are concerned, which is why the cops need a separate warrant to enter each apartment. Storage lockers are much the same as leases; you are granted exclusive right to occupy the space, which is why the entry into and disposition of contents is highly controlled (see Storage Wars) and again, separate warrants needed.

AHs are just another business. Unlike the storage locker you are not granted an exclusive right to enter and use the space. You just hand over your stuff.

Alot more involved then I thought and alot of differences in opinions on how they work and how it might impact the people that use it

I will pass on it for now

[BobC]

Originally Posted by Exhibitman

Banks are subject to separate and very specific regulations under Federal and state laws, so it is not analogous and does not carry the same risks. You are also granted specific possessory rights in the box itself; you aren't handing the contents to the bank and letting it do whatever with it. A separate warrant or court order is needed to enter the box. Leases are technically conveyances of an estate in land; the land becomes yours insofar as the authorities are concerned, which is why the cops need a separate warrant to enter each apartment. Storage lockers are much the same as leases; you are granted exclusive right to occupy the space, which is why the entry into and disposition of contents is highly controlled (see Storage Wars) and again, separate warrants needed.

AHs are just another business. Unlike the storage locker you are not granted an exclusive right to enter and use the space. You just hand over your stuff.

I figured the banks had separate rules so that seizure of assets didn't apply to safe deposit box contents, and pretty much knew the rental/leasing of storage units/apartments and such were also subject to do different rules and protections from the seizure of contents as well. But what if as I suggested, PWCC or Goldin set up an entirely new legal entity and business, separate from their auction/sales businesses, in a separate physical location from their AH/sales businesses, and actually kept people's storage "vault" items there in say separate spaces like they do with post offices boxes where you rent the mail box space and they separate your mail from everyone else's and keep it in your designated, separate mail box or space until you come and pick it up. I am fairly certain your mail is protected from such seizure if it is at the U.S. Post Office. What I'm referring to is for things kept and held in mail boxes run by private companies that offer a similar P.O. Box type service to individuals, under a specific, written rental or service agreement. Would that type of operation keep a person's assets safe from seizure were the private mail box company to go bankrupt? And if so, wouldn't such protection from seizure in that case also carry over to assets held in a "vault" operation, as I described above with a written and signed rental/service agreement, if kept completely separate from a related AH/sales business?