ebay finds that PWCC engaged in shill bidding?

[BobC]

Originally Posted by Peter_Spaeth

So Bob and Mark, were the victims of shill bidding in Mastro at fault themselves for overpaying?

Peter, I agree with you wholeheartedly that that was wrong. However, by doing what they did, it ended up showing what many bidders had set as their max amounts to pay, which I think is a more accurate indicator of true FMV for a lot of those items being auctioned. I am definitely against shill bidding and market manipulation as well, and only reference it as it tends to end up showing the max amount someone was willing to pay. Do not condone or support any of those shenanigans at all.

The difference I'm talking about relates to differences in how people perceive FMV for a a particular card. It seems that a very common, accepted thinking is to look at recent past auction and Ebay data as current market value indicators, which it most certainly helps point to. But I'm also saying you can't just look at the last auction sale and emphatically state that is the current market for a specific card. There are too many variables, as I've already alluded to in previous posts, and that the majority of thinking seems to base a card's value not on the most someone will pay, but the second most someone who just happens to be participating in that particular auction will pay. I don't feel that thinking is all that accurate, plus by following that thinking it makes someone more susceptible to being taken in by the adverse effects of shilling and market manipulation.

Another thing with the recent surging in card prices is the volatility in prices on almost a daily basis it seems anymore. So to base decisions on past transactions may not be that smart. I think about how they price gasoline at the pump. My understanding is the price you pay is what they expect it will take to replace the gallon of gas you just bought, and is altogether not based on the actual cost of the gas you just pumped. So if you know someone was willing to pay $100 for a card that recently had a reported sale at $50, that might prove helpful in knowing the next time that same card comes up for sale or auction. Doesn't necessarily protect you from shill bidding and market manipulation, but at least gives you more information on which to decide for yourself what to pay for a card you are interested in.

I've never said being manipulated into overpaying for a card at auction is right. But it doesn't change the fact of what someone was willing to pay, which indicates what their perception of a card's FMV was. I feel you have to look at your own finances and card needs/wishes in deciding what your own perceived value of a card is, and bid/pay accordingly. Go back and look at that recent thread about the M101-2 Sporting News Supplements in the last Memory Lane auction about some truly head scratching prices paid to see an example of what I'm talking about. Can't believe those are sustainable prices given my knowledge about that issue and what else is out there, but can also believe many people just looking at those most recent sales to determine FMV will believe those are now gospel. I am strictly a collector though, and these flippers/investors taking over the market have their own needs and ways of looking at things such as FMV, and good for them. I have already concluded there are a good many sets I'll never complete now because I won't pay the asking prices today of many of the key cards I'm still missing. Time will tell.