PWCC t206 set break auction frustration (AITA???)

[mrreality68]

I believe this is a left over effect of the prior regime. New Ownership just took over and would not have had time to make any changes of meaning to their process. They would let business go as usual until they got in and started their work.

Hopefully it all works out for you.

If it means anything the Net54 Team Trusts you

[JustinD]

I would provide my bank details for a mortgage application, not to a website operation. Let alone one that is a possible 6 months from boarding up the windows. That is a huge no on bidding in their items in the future or likely ever.

Thanks for the insight, I know now I am on the right track.

[raulus]

Pretty much every auction house does some due diligence on their customers to make sure that they can pay, and don't just have some jokers running around and bidding obscene amounts that they'll never be able to actually pay. eBay being the exception, of course.

Obviously for most shops, it's merely a matter of getting references.

I think with PWCC and their premier auctions, they usually target a price point well into 5 figures, and often even into 6 or 7 figures. So they want some additional confidence in a bidder's ability to honor that bid. Obviously there are more (and less) invasive methods of getting there.

Not sure why the T206 auction is on their premier platform, but maybe they didn't have another box where it fit nicely, so this was sort of the closest thing they could come up with. Obviously for the seller, it's a problem if a large number of potential bidders are frozen out. But I suppose most around here would suggest that's what they get for working with this AH to begin with.

[sonnyu2]

Originally Posted by raulus

Not sure why the T206 auction is on their premier platform, but maybe they didn't have another box where it fit nicely, so this was sort of the closest thing they could come up with. Obviously for the seller, it's a problem if a large number of potential bidders are frozen out. But I suppose most around here would suggest that's what they get for working with this AH to begin with.

Unless something changed recently, the minimum commission charge for any lot in the Premier auction was $2,000. So, definitely does not make any sense why the T206 selection is in the Premier. Maybe they waived that minimum fee for a consignor in this scenario? But, would have made much more sense to list them in their weekly auctions to allow more bidders access to bid.

[Bobbycee]

Just received this email only 5 minutes ago from PWCC:

Thank you for your interest in participating in our T206 Premier Auction. We need additional information to approve you to bid. Please provide the information below, so we can verify you:

Time-stamped screenshots of your bank, portfolio, or credit card statements, including your full name, showing that you have the means to follow through with a purchase in our Premier Auction. Please redact private information before sending the statement to us.

This process approves you for our Premier Auction only. You should already be able to bid in our regular Weekly Auctions.

Areyanna Gardiner
PWCC Marketplace

So, they are still going to treat this as a Premier auction- which is foolish. I haven't responded to them yet but I will tell them 'no thanks'. You need my bank or credit card info to bid on a couple of cards which probably won't exceed $650 total? I just won 2 cards from them in their weekly auction ending 7/16- (which haven't even been shipped yet), and they can't see the hypocrisy in their request? It's simple: Call REA, my #1 reference, and ask them about my buying history. Done. If I'm the consigner of this set, I am not happy. They've just limited their buying pool by a large amount.

[gonefishin]

To each his/her own on what personal information they willing to submit - which will be on electronic file forever for any and everyone to steal at some point.

With that said - I would NEVER - NEVER provide such information to anyone for the opportunity to bid on their items! One is not buying a house, or isn't being ordered to provide such from a judge.

If no one bids on their items, I'm sure those in-house requirements would change quickly or they would be out of business - I forgot for a moment - they already sold out!

The question one must ask themselves is: Do I really need to go through all this to give them the privilege of having my business?

This isn't Christies or Julian's auction house we are talking about here. This is a company that was banned - banned - from ebay! Damn, how much worse can it get?

[ullmandds]

obviously they seem to have had/have a big issue with winners who don't pay?

[mrreality68]

Originally Posted by Bobbycee

Just received this email only 5 minutes ago from PWCC:

Thank you for your interest in participating in our T206 Premier Auction. We need additional information to approve you to bid. Please provide the information below, so we can verify you:

Time-stamped screenshots of your bank, portfolio, or credit card statements, including your full name, showing that you have the means to follow through with a purchase in our Premier Auction. Please redact private information before sending the statement to us.

This process approves you for our Premier Auction only. You should already be able to bid in our regular Weekly Auctions.

Areyanna Gardiner
PWCC Marketplace

So, they are still going to treat this as a Premier auction- which is foolish. I haven't responded to them yet but I will tell them 'no thanks'. You need my bank or credit card info to bid on a couple of cards which probably won't exceed $650 total? I just won 2 cards from them in their weekly auction ending 7/16- (which haven't even been shipped yet), and they can't see the hypocrisy in their request? It's simple: Call REA, my #1 reference, and ask them about my buying history. Done. If I'm the consigner of this set, I am not happy. They've just limited their buying pool by a large amount.

Please understand I am not agreeing with them. I am not a fan of PWCC and I am hoping that new owners changes that.
I do not know what their requirements are but I do know for me to bid in Hunt Auction Recently as a premier bidder(or whatever it was called) and in Goldin at a certain limit those types of items were requested for me to be able to bid.

And Hunt did not distinguish between price points to be approved but for the specific type of auction

So what they are asking for is not uncommon in the business.

[Kidnapped18]

The current process for the premier is BS! I have bid regularly in PWCC auctions and have a history with them. I never had an issue paying for my cards so to me it makes no sense to now require my bank info and references to bid in this auction. It would make sense if I only purchased cards in the hundreds of dollars and now want to purchase tens of thousands of dollars of cards but some of these T206s will not crack $1,000 mark. If PWCC has a concern then they could cap you bids at $2,500 total, $5,000 total unless you present more financial info. The total on the two cards I saw will probably be between $500 to $1,250 base on recent sales. I agree the consignor is getting screwed by limiting the bidders unless that is what they specifically requested on consignment. Just my two cents...