Heritage Auctions - Boston Garters

[rand1com]

I'm sure Heritage has a disclaimer that covers any possible scenario and they have full authority to settle it in any manner they see fit.

I think they will leave it as is and sell to the individual bidders.

May not seem fair but it nets the consignor the most money and that is their #1 priority.

[Peter_Spaeth]

Originally Posted by rand1com

I'm sure Heritage has a disclaimer that covers any possible scenario and they have full authority to settle it in any manner they see fit.

I think they will leave it as is and sell to the individual bidders.

May not seem fair but it nets the consignor the most money and that is their #1 priority.

It also pisses off only one person, albeit of course one who is important to them.

[oldjudge]

We don’t know who won the individual lots. That said, as I said before, the right answer should be independent of the picket depth of the parties involved.

[ValKehl]

Originally Posted by Peter_Spaeth

It also pisses off only one person, albeit of course one who is important to them.

Peter, I disagree. Doing this will presumably piss off both Powell and the consignor, who would have realized more from the sale of his set if Powell had known he needed to increase his bid and been able to do so.

As I see it, FWIW, the only equitable solution is to re-auction these cards with only those who previously bid on them permitted to participate. And, obviously, the total of the bids on the individual cards needs to be made continuously available to all bidders. And, all bidders need to be able to increase their own bids, and all lots need to close at the same time.

[Peter_Spaeth]

Originally Posted by ValKehl

Peter, I disagree. Doing this will presumably piss off both Powell and the consignor, who would have realized more from the sale of his set if Powell had known he needed to increase his bid and been able to do so.

As I see it, FWIW, the only equitable solution is to re-auction these cards with only those who previously bid on them permitted to participate. And, obviously, the total of the bids on the individual cards needs to be made continuously available to all bidders. And, all bidders need to be able to increase their own bids, and all lots need to close at the same time.

And what if some of the individual bidders are pissed off and don't participate and it all goes lower? Heritage is not going to risk that IMO.

[jayshum]

Originally Posted by Peter_Spaeth

And what if some of the individual bidders are pissed off and don't participate and it all goes lower? Heritage is not going to risk that IMO.

I agree. No way they would start everything over from the beginning. If they're going to restart bidding, it will be from where everything currently is.

[Peter_Spaeth]

Originally Posted by jayshum

I agree. No way they would start everything over from the beginning. If they're going to restart bidding, it will be from where everything currently is.

I think they just take the goodwill hit and leave things as they stand. Too complicated and even in that scenario someone or soneones are still going to be unhappy. The folks who won the individual lots want their cards for what they bid, they don't care about fairness at this point.

[Casey2296]

Originally Posted by Peter_Spaeth

And what if some of the individual bidders are pissed off and don't participate and it all goes lower? Heritage is not going to risk that IMO.

If that happens the base price is what the aggregate lots closed for plus $1 which Powell has already agreed to so the consignor is protected and only has upside potential.

[Peter_Spaeth]

Originally Posted by Casey2296

If that happens the base price is what the aggregate lots closed for plus $1 which Powell has already agreed to so the consignor is protected and only has upside potential.

Val said re-auction, it sounded like he was saying do it all over again, not just from the point where it closed, but maybe I misunderstood.

[Casey2296]

Originally Posted by Peter_Spaeth

Val said re-auction, it sounded like he was saying do it all over again, not just from the point where it closed, but maybe I misunderstood.

If Heritage goes that way you can't re auction with access to everybody, you've already identified the 13 interested parties, those are the only people who should be allowed to bid.

[Powell]

At worst, I should be declared the winner at $1 more than the individual lots as the last bids on those closed the market. Otherwise, any “further bids” were intended to defeat the set price and were not specific to an individual card.
While still not right, the consignor gets the benefit of the doubt and the set stays together which I bet the consignor prefers as the story and legacy of the find continues.

[ValKehl]

Originally Posted by Peter_Spaeth

And what if some of the individual bidders are pissed off and don't participate and it all goes lower? Heritage is not going to risk that IMO.

Peter, Heritage could re-start the auction with the bids as they were (1) at the start of the overtime period, or (2) at the point in time when the bidding on the complete set was closed.

[Peter_Spaeth]

Originally Posted by ValKehl

Peter, Heritage could re-start the auction with the bids as they were (1) at the start of the overtime period, or (2) at the point in time when the bidding on the complete set was closed.

That would certainly make more sense than restarting, but IMO there is no way that is going to happen for reasons already stated, it pisses off too many people namely every guy who already won and is expecting his card(s). They don't care at this point what's fair to Powell. I'll be glad to be wrong, because I think fairness here favors Powell, but I think Heritage is going to let things stand.

[Casey2296]

Originally Posted by ValKehl

Peter, I disagree. Doing this will presumably piss off both Powell and the consignor, who would have realized more from the sale of his set if Powell had known he needed to increase his bid and been able to do so.

As I see it, FWIW, the only equitable solution is to re-auction these cards with only those who previously bid on them permitted to participate. And, obviously, the total of the bids on the individual cards needs to be made continuously available to all bidders. And, all bidders need to be able to increase their own bids, and all lots need to close at the same time.

Much like a live auction format with all 13 bidders on the phone, no 30 minute waiting period, Powell against 12, at that point it becomes who outspends the others, good for the consignor probably bad for Powell but it does give everybody a fighting chance, unfortunately you can never recreate auction night and bidder anonymity is no longer there.