Any Reaction to Legendary Auction Prices

[Leon]

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.

If we are going to lambaste a company lets at least get the facts straight. I got this message from Doug this morning

"A prominant dealer bid 21k and the reserve was met and it sold as detailed on the site."

thanks......

[HeroesOfSport]

I am new to this board, but want to get a few opinions. I'm in the process of putting my first auction together, and have had a few consignors who want to put reserves on items. I usually try to discourage reserves because I feel it actually hurts the bidding potential on a lot. However, some consignors won't consign unless they have a reserve to protect their investment.

Do you think it is better to have a reserve or high starting bid?

[sports-rings]

I feel minimums are bad and they are worse when you don't know if and when a minimum is hit. If the seller must have a minimum, I feel it should be the starting price. If the starting price is too high for some bidders than so be it, at least with this method, the bidders know where they stand are not in for disapointment after they think they won an auction.

[Leon]

My opinion, and this is as a collector bidding in auctions, is that as long as I know what I am shooting for I don't care if it's a higher starting bid, in which case if I am the high bidder at end, and the item didn't meet reserve I will then have a shot at it at the minimum, or if it starts out at the minimum. I don't personally like completely hidden reserves or even worse, not knowing there is a reserve until after I think I won. At least if I know there was a reserve I don't get excited thinking I definitely won it when I am high bidder at auction end. Double or triple hidden reserves are the worst.....Just my 2.2 cents....

[daviddbreadman]

I wish Doug Allen would comment on some of the other questions that have been presented publicly.

[Matt]

Originally Posted by Leon

If we are going to lambaste a company lets at least get the facts straight. I got this message from Doug this morning

"A prominant dealer bid 21k and the reserve was met and it sold as detailed on the site."

thanks......

Wait - so Ken was wrong about the message he received, but Doug did confirm there was a hidden reserve on the lot?

[CTDean]

Originally Posted by Leon

If we are going to lambaste a company lets at least get the facts straight. I got this message from Doug this morning

"A prominant dealer bid 21k and the reserve was met and it sold as detailed on the site."

thanks......

Leon, if in fact Ken bid $20,000 and received the message "reserve not met" and the bid advanced to $21,000, that $21,000 bid had to be the auction house bidding the reserve. In that case the lot would have to receive a $22,000 bid to sell.

[Leon]

Originally Posted by CTDean

Leon, if in fact Ken bid $20,000 and received the message "reserve not met" and the bid advanced to $21,000, that $21,000 bid had to be the auction house bidding the reserve. In that case the lot would have to receive a $22,000 bid to sell.

I wouldn't hypothesize too much. I have an email into Doug for clarification. He did go on to to say :

"In total 6 Gibson items and the Mantle glove were the only Sports lots with reserves. Every one of them sold."

I don't want to post the whole email as I think he was frustrated but the pertinent parts have now been posted. Make of it what you want, I guess.

And to Matt- His email seemingly intimated there was a reserve.

[Matt]

Originally Posted by Leon

And to Matt- His email seemingly intimated there was a reserve.

To me, that's the bottom line issue that came out of Ken's post. I could care less if the Bob Gibson checks sold or not, but the revelation that Mastro/Legendary is putting double hidden reserves on lots is important.

[Leon]

Doug sent a bit of a clarification on the Legendary "reserve" situation....

this below is cut and pasted but was the entirety of 2 emails.....I hightlighted the one part below, he didn't.....



"Here are the reserves...as bids were accepted the site clearly stated if reserve was met:

1970 Gibson Cy Young - $40k reserve met.
Gibson Gold Glove - $10k reserve met
Gibson Checks - $20k reserve met
Gibson 11 Contracts - $10k reserve not met...Bob accepted bid of $5,500 after auction
Gibson 1964 World Series Ring - $30k reserve met.
Mantle Game Used Glove - $35k reserve met.

Other than a handful of coin lots there were no other lots with reserves in the auction."

Additionally we Do Not bid for the reserve. If there was no competitive bid the person would need to outbid themself in order to progress toward the reserve."

Doug

[Rob D.]

Thanks, Leon.

And thanks for continuing to serve as Net54's Annie Sullivan to Mastro/Legendary's Helen Keller.

[Leon]

Originally Posted by Rob D.

Thanks, Leon.

And thanks for continuing to serve as Net54's Annie Sullivan to Mastro/Legendary's Helen Keller.

No Problem, Rob. I've been called worse .

[Anthony S.]

Originally Posted by Rob D.

Thanks, Leon.

And thanks for continuing to serve as Net54's Annie Sullivan to Mastro/Legendary's Helen Keller.

Only 10:30 am here the on left coast and my day has already been made.

[oldjudge]

The fact that the reserve is not bid makes it a lot more palatable to me. At least that way there is no confusing the reserve with another bidder.

[Leon]

Originally Posted by CTDean

Leon, if in fact Ken bid $20,000 and received the message "reserve not met" and the bid advanced to $21,000, that $21,000 bid had to be the auction house bidding the reserve. In that case the lot would have to receive a $22,000 bid to sell.

I really don't know the answer to that. I am just the messenger of one email.