Any Reaction to Legendary Auction Prices

[CTDean]

Originally Posted by kenjrrice

I placed the $20,000 bid actually more to just bid on it. It said "you are the high bidder but your bid did not meet the reserve" and upped the bid to $21,000. The auction ended at that price, reserve not met.

I checked my catalogue and lot 76 has no mention of a reserve. So what's the difference in an undisclosed reserve and shill bidding? Shouldn't the lot at least carry a "Reserve" notation?

[daviddbreadman]

The probably have to use reserves now as they probably have to protect what little capital they have. After all they are supposively a start-up company.
They probably have to go into the markets to buy inventory for consignments so that they have something to offer for sale on their auctions. Its not probable that anyone with any brains would consign something to them. They probably have to make sure any capital they probably spent on purchasing items would be recovered in their auctions. They are also probably wouldn't mention anything about these reserves up front because you probably wouldn't bother bidding.

[RichardSimon]

That is what happens when your organization is made up of so many good guys.

[Jim VB]

Don't mean to be picky Richard, but they're great guys, not good guys.

[Leon]

Originally Posted by daviddbreadman

The probably have to use reserves now as they probably have to protect what little capital they have. After all they are supposively a start-up company.
They probably have to go into the markets to buy inventory for consignments so that they have something to offer for sale on their auctions. Its not probable that anyone with any brains would consign something to them. They probably have to make sure any capital they probably spent on purchasing items would be recovered in their auctions. They are also probably wouldn't mention anything about these reserves up front because you probably wouldn't bother bidding.

I am not so sure about this statement. In today's economy and hobby I think reserves aren't a bad thing depending on how they are done. Ask any consignor that has taken a huge loss and they will agree. Sometimes it's better not to sell than to take that big of a hit. Personally, I like to know about reserves if there are any. I doubt they were doing reserves to protect things they might have owned anymore than they would do one with a consignors item(s). Just my opinion on that. As for offering things they might own it is no concern to me unless there is nefarious activity going on. I don't really care who owned an item I am buying unless it's a hobby pioneer and then the provenance is kind of neat. Knowing there is a reserve will sometimes prevent some bidding...so that is a potential explanation on that issue. regards

[Kotton King]

Rather then set a hidden reserve, why not just start the auction at that price? I realize that it might discourage bidders from bidding if the initial price is sky high, but they'll probably loose bidders because of this use of a hidden reserve (unknown until now), because they didn't disclose it.

As for auctions they own:

"the following lots are owned by the auction house, an auction house employee, or a related party of the auction house: 154, 355, 358, 362, 421, 563, 587, 774, 775, 776, 777, 780, 782, 783, 800, 804, 837, 898, 924, 928, 929, 930, 931, 932, 934, 935, 937, 939, 939, 941, 946, 950, 958, 959, 960, 961, 971, 972, 973, 976, 987, 989, 994, 995, 997, 998."
-taken directly from their Rules/FAQ section

[Matt]

Originally Posted by Kotton King

Rather then set a hidden reserve, why not just start the auction at that price? I realize that it might discourage bidders from bidding if the initial price is sky high, but they'll probably loose bidders because of this use of a hidden reserve (unknown until now), because they didn't disclose it.

This is actually appears to be a "double hidden reserve": Not only was the amount of the reserve hidden (which is the traditional meaning of "hidden reserve") but the fact that there was a reserve at all also seems to have been hidden.

[calvindog]

Originally Posted by Matt

This is actually appears to be a "double hidden reserve": Not only was the amount of the reserve hidden (which is the traditional meaning of "hidden reserve") but the fact that there was a reserve at all also seems to have been hidden.

Um, you may want to change that to triple hidden reserve then; you forgot one.

[Exhibitman]

Originally Posted by Matt

This is actually appears to be a "double hidden reserve": Not only was the amount of the reserve hidden (which is the traditional meaning of "hidden reserve") but the fact that there was a reserve at all also seems to have been hidden.

Greg Marmalard: But Delta's already on probation.
Dean Vernon Wormer: They are? Well, as of this moment, they're on DOUBLE SECRET PROBATION!

[Kotton King]

Originally Posted by Matt

This is actually appears to be a "double hidden reserve": Not only was the amount of the reserve hidden (which is the traditional meaning of "hidden reserve") but the fact that there was a reserve at all also seems to have been hidden.

Haha...nice Matt! It definitely makes sense, even though I had to read it about 4 times for it to make sense.

[barrysloate]

I'm still trying to figure out why in two days of bidding, being outbid, and coming back to bid again, I never received a single email from Legendary. Did anyone receive their bid confirmation and outbid notices?

[Potomac Yank]

"As the Market Turns" ..... or _ _ _ "As the Stomach Turns" ...

[chris]

I'm just happy that I won both lots I really wanted. The Dietsche Postcard set and the Dietsche Cobb Rookie. I thought the set sold for a steal, way under my max bid, which never happens to me..

Chris