Goldin Auction - Honus Wagner “Rookie Card”

[Aquarian Sports Cards]

Originally Posted by benjulmag

NYC has gone even further off the deep end -- https://www.huntonak.com/hunton-reta...rning-auctions

Yikes

[oldjudge]

Hi Corey! The easy solution is that if people find these terms egregious they can choose not to bid in these auctions until the terms are changed. Voting with your feet may work better than waiting for legislative changes. Do I think this will happen on any meaningful scale—no.

[Peter_Spaeth]

Originally Posted by oldjudge

Hi Corey! The easy solution is that if people find these terms egregious they can choose not to bid in these auctions until the terms are changed. Voting with your feet may work better than waiting for legislative changes. Do I think this will happen on any meaningful scale—no.

You're right. People's feet are going to go where the "stuff" is, just how it is.

[benjulmag]

Originally Posted by oldjudge

Hi Corey! The easy solution is that if people find these terms egregious they can choose not to bid in these auctions until the terms are changed. Voting with your feet may work better than waiting for legislative changes. Do I think this will happen on any meaningful scale—no.

As we are learning from this thread, many people do not and will not know what is taking place. So yes, I can vote with my feet, and in fact that is what I do. But how can a person do that if he/she doesn't know what is going on? Isn't that what legislatures are supposed to do -- prohibit shady practices that the average Joe would otherwise not realize are taking place and therefore not take the proper precautions to protect themselves?

[Republicaninmass]

After the blatant shenanigans with the champs hats jackie card...i have a hard time even with REA. Consigned by brother. Bought by brother...or something like that to make it "legit". Both are still able to bid and consign to REA I'd imagine, despite rock solid evidence.

[Lobo Aullando]

At the simplest level, if there's a scenario where

1. A buyer would pay up to $150,
2. The seller wants at least $100, and
3. No other potential buyer would bid above $50

... then how is the transaction that the first two parties want to take place actually going to happen? (I'm leaving out max auto-bidding and other fancy stuff, just focusing on the base concept.)

Lots of different hairs getting split in this thread, but I'm not seeing a net loss, regardless of how the reserve gets hit. The auction house is also supposed to get the most for the consigner, so if the extra motion draws a few more fish – I know, I know, or whales, which are mammals – then they're fulfilling that.