auction turnaround

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Posted By: Scott M

Scott,

I have no issue with yourself or anyone bidding on auctions, and what you do with the material after you own it is your business.

What I have an issue with (if I read what is happening correctly) is that by changing the terms of credit the auction house is in essence setting a floor bid above the minimum and allowing yourself to take the material into a seperate auction before its owned by you. ie. you receive the material and place it in another auction prior to completing the sale - with the expectation or hope that it will realize more than what you paid. I have no issue at all with you completing the sale in the same manner as all other bidders and then doing with the material what you like. But as described the auction house is in essence saying that there is a secondary bid that will take the material into another auction and other bidders.

If the auction house wishes to do this, that is their right - but it should be disclosed and the lots on which this arrangement is made should be disclosed. I especially have an issue if this is done on some of the larger lots these auction houses often offer. My time is worth a lot to myself, and I can say I wouldn't bother trying to figure out what I would be willing to pay on a large lot to start a new set if I knew that an arrangement has been made under which some secondary limit exists - and someone is going to be given the cards to auction off one by one and submit payment later.

Regards,

Scott