Not sure if this has been posted..Mastro in the Chicago Tribune

[barrysloate]

Jim- I was more than a bit skeptical when I saw the "I'm not bidding in Legendary Auctions" thread. I suspect most of those who vowed to boycott will end it at the first sign of a card they need.

I don't mean to be cynical but that's part of the problem. Auction houses know how obsessed collectors are and they take full advantage of it. They know that they can get away with just about anything and the collectors will still come back.

And they long ago identified those collectors who won't stop bidding on an item until they get it, regardless of the price. Those are the ones, sadly, who were shilled the most.

[Jim VB]

Originally Posted by barrysloate

Jim- I was more than a bit skeptical when I saw the "I'm not bidding in Legendary Auctions" thread. I suspect most of those who vowed to boycott will end it at the first sign of a card they need.

I don't mean to be cynical but that's part of the problem. Auction houses know how obsessed collectors are and they take full advantage of it. They know that they can get away with just about anything and the collectors will still come back.

And they long ago identified those collectors who won't stop bidding on an item until they get it, regardless of the price. Those are the ones, sadly, who were shilled the most.

I agree that most houses will laugh off any attempted bidder boycott. But not paying consignors, and a subsequent consignor boycott, will catch up to them much faster.

[calvindog]

Does anyone know if Bob Gibson has loud, barking dogs?

[barrysloate]

I agree that consignors can and should boycott.

[Matt]

Hopefully the more these articles make it into the mainstream media, more consignors will know of the issues. For someone like the consignor of the Goudey lot described in the article he wouldn't otherwise have any way of knowing about these issues. I can't imagine that anyone who knows they may not get paid for months and even then only with a fight would consign to such a house.

[autograf]

isn't Ketap backwards for Patek? Maybe former KC Royal Freddie Patek is somehow involved in all this..........

[Anthony S.]

I can't imagine that telling Bob Gibson his consignment check was delayed would end well.

[mikedenero]

Originally Posted by autograf

isn't Ketap backwards for Patek? Maybe former KC Royal Freddie Patek is somehow involved in all this..........

Ha! Now THAT would be hilarious!

[Vintagedegu]

-

[Exhibitman]

"It's not a shell game where we said, 'Let's close this company and start a new one,' " Allen said. "It's not that."


Riiiggghhhtttt.....

[David W]

Originally Posted by Jim VB

I agree that most houses will laugh off any attempted bidder boycott. But not paying consignors, and a subsequent consignor boycott, will catch up to them much faster.

That seems to be the issue. It doesn't sound like buyers never received their cards, but consignors didn't get the cash.

So it's safe to buy but not to consign, apparently.

Who then, would consign anything of significant value to them without a significant cash advance?

[Rob D.]

Steve,

Your fly is open.

Signed,

Dean Jones

[Peter_Spaeth]

Hypothetically speaking, it would be very interesting to see the documentation of the Mastro/Legendary transaction.

[mikedenero]

I agree, hypothetically (of course).

[botn]

trans⋅ac⋅tion  Pronunciation [tran-sak-shuhn, -zak-]
–noun
1. the act of transacting or the fact of being transacted.
2. an instance or process of transacting something.
3. something that is transacted, esp. a business agreement.

[mikedenero]

Originally Posted by David W

Who then, would consign anything of significant value to them without a significant cash advance?

Good point. To take it a step further, aren't there enough other viable big (or medium sized) auction house consignment (not to mention non-auction house) options out there?

[Jim VB]

Originally Posted by David W

That seems to be the issue. It doesn't sound like buyers never received their cards, but consignors didn't get the cash.

So it's safe to buy but not to consign, apparently.

Who then, would consign anything of significant value to them without a significant cash advance?

Dave,

I'm not an attorney, but some here would tell you that receiving your cards does not put you in the clear. If Mastro never pays the original consignor, no title has passed. The deal is incomplete and your cards could be confiscated at a later date and returned to the consignor.

[RichardSimon]

Auction house exec: I'm shocked, shocked to find that shilling is going on in here!

[a collector hands the exec a pile of money]

Collector: the winning bids, sir.

Auction house exec: [sotto voce] Oh, thank you very much.

[aloud]
Auction house exec: Everybody out at once!
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