2nd Place Winner, 1st Place Loser, In Auctions

[Rhotchkiss]

Been there, done that (too many times!).

Back in early 2017, Heritage had an auction with a number of great T206 HOF front-back combos, including a Tinker bat on Lenox, a Matty dark cap Carolina Bright, a Wajo portrait Hindu, a Lajoie portrait Hindu, and a Speaker Drum. It was the Speaker Drum that I really wanted. The final night of the auction comes and right before we enter the 30-minute per lot extended bidding, I bid on all of these cards, thinking I would bid outbid on most and I could see how it goes.

Immediately, I am outbid on all of them. So I focus on the Speaker Drum. In a matter of minutes, my foe and I bid the Speaker up to well over double where it was before extended bidding started. So, finally, at $26.5k, which was nuts at that time, I walk away and focus on the Matty. Same result. So then I focus on the Tinker, same result. Same thing with the Wajo. At this point I have been outbid on all the cards I wanted, and I am pissed, so I decided to buy the Lajoie Hindu come hell or high water. I won it, for $6,000, probably 3x what it worth at the time.

Epilogue:
(A) I later found out who I was bidding against. At one point he reached out to me and offered me the Speaker Drum for something like $80k. I countered at like $40k, and he seemed insulted. Later, I bought a Speaker Drum at auction for $31.2k. Then, a few months after, that the original Speaker Drum sold at auction for $24,600 (to Luke L). So this dude lost $2k on the card, when he could have made $14k accepting my way-above market offer., and I got a Speaker Drum for $9k less than I offered, but for $7k more than Luke paid for the original Drum I wanted (and his is as nice as mine).

(B) I consigned the Lajoie Hindu to REA and it was in their Fall/Winter auction that ended in December (last month). It sold for $6,900 with BP and I profited whopping $180 after holding it for 5 years.

Morals of the story: (1) Pigs get fat, hogs get slaughtered, and (2) if you buy good stuff and hold it long enough, you can almost always recoup most, if not all, of a clear overpayment.

[MuncieNolePAZ]

Originally Posted by Rhotchkiss

Epilogue:
(A) I later found out who I was bidding against. At one point he reached out to me and offered me the Speaker Drum for something like $80k. I countered at like $40k, and he seemed insulted. Later, I bought a Speaker Drum at auction for $31.2k. Then, a few months after, that the original Speaker Drum sold at auction for $24,600 (to Luke L). So this dude lost $2k on the card, when he could have made $14k accepting my way-above market offer., and I got a Speaker Drum for $9k less than I offered, but for $7k more than Luke paid for the original Drum I wanted (and his is as nice as mine).

I remember you winning the Speaker in the later auction. I was considering doing a Speaker back run at the time. Had 3 or 4 at the time, but knew if I was serious about it, I needed to get the Drum. It turned out I wasn't very serious because I wasn't even close on the bidding. I later traded all my Speakers and picked up a WaJo or two for my main collection.

Chad

[ALBB]

Yes, silly bidding. Almost like " revenge " bid ..revenge against who ? Ha Ha

But you want to prove an point and show somebody " who they think there messing with " !..and the reward is a card you didn't really want !

[Rhotchkiss]

Originally Posted by ALBB

Yes, silly bidding. Almost like " revenge " bid ..revenge against who ? Ha Ha

But you want to prove an point and show somebody " who they think there messing with " !..and the reward is a card you didn't really want !

100% correct!

The only winners in revenge bidding are the consignor and the auction house. Boy have I made both winners one too many times.

Chad, I am working on a speaker back run, actually. I needed the Carolina Brights that sold recently and I bid that sucker up to well over $30k before I walked (having at least learned that winning at all costs is not winning). I think that is all I need, besides the T213-2 (I have the T214 and T213-3 Fact 8); is there a T215-2 or pirate? Here is the Drum I won.

[MuncieNolePAZ]

Originally Posted by Rhotchkiss

Chad, I am working on a speaker back run, actually. I needed the Carolina Brights that sold recently and I bid that sucker up to well over $30k before I walked (having at least learned that winning at all costs is not winning). I think that is all I need, besides the T213-2 (I have the T214 and T213-3 Fact 8); is there a T215-2 or pirate? Here is the Drum I won.

I look forward to seeing them all together one day. I was wondering if you were bidding on that Carolina Bright not that long ago. Really cool back run. There is definitely a T215 Pirate and a T215-2 RC. Not sure if or when they will ever be available but they exist.

Chad

[Rhotchkiss]

Crap. There’s another back run I will never finish!

[MuncieNolePAZ]

Originally Posted by Rhotchkiss

Crap. There’s another back run I will never finish!

You never know. (My inner voice since I want same WaJo cards with similar odds).

[Leon]

Originally Posted by MuncieNolePAZ

I look forward to seeing them all together one day. I was wondering if you were bidding on that Carolina Bright not that long ago. Really cool back run. There is definitely a T215 Pirate and a T215-2 RC. Not sure if or when they will ever be available but they exist.

Chad

My best guess is they will never be available.
.

[Exhibitman]

Lots of bad purchases in my collection came from getting competitive, getting that auction fever. My worst purchase ever was 100% the result of being emotionally invested and wanting to win something. In 2008 and 2009, an epic collection of boxing cards went to auction with Heritage, the Hull Collection. I liquidated a lot of my boxing items to amass a five-figure bankroll for the initial auction. Unfortunately, some other people had more money than me, and I lost lot after lot. Eventually, I got so frustrated that I went all-in on a T226 Red Sun Jim Jeffries card. I recall thinking at the time “Well, goddamnit, I sold all this stuff to bankroll this auction, so I am going to win something.” I dropped $5,000 on a card that was never worth close to that again. Argh! I grew to hate that card over the years and got rid of it at a huge loss.

Very expensive lesson learned. Better to make no deal than a bad deal. Fortunately, I am a reasonably quick learner and I haven't made that sort of stupid move in years at another auction. Well, at least none that I have found out about yet