Interesting thread on the non-sports board

bbeck · #1 01-30-2010, 09:27 PM

Barry-a very little known fact that knoogies has a silent k in front of it. Those silent k's are killers.

calvindog · #2 01-30-2010, 09:34 PM

Iggy, I'm satisfied with Chris Ivy's explanation. It is transparent and not unfair. That the usual Greek--woops, I mean Goodwin--chorus has not come out to loudly support Heritage also comforts me.

Jim VB · #3 01-30-2010, 10:16 PM

Quote:

Originally Posted by calvindog

Iggy, I'm satisfied with Chris Ivy's explanation. It is transparent and not unfair.

Jeff,

My reading is a little different. Heritage has a rule in place that allows them to bid in their own auctions. Chris' explanation is transparent and not unfair, but he basically, just narrows down the times when Heritage DOES bid in their own auctions.

So there is still a gap between what they CAN do and what they DO do. I do happen to believe him, but their rules ought to be more narrow in scope and more specific about what they are doing.

Fred · #4 01-31-2010, 12:03 AM

The bottom line is that the prices realized in the auctions influenced by house or consignor bidding creates a somewhat inflated view of the prices realized.

Whose to say that the house doesn't put a maximum bid on an item and that the consignor doesn't also bid it up. What happens if the house and consignor bid up the auction as the only two bidders (because the actual market value for the item is less) and the final hammer price (including juice) is used as a bench mark in value for that particular card. It's all bull$hit... lets make some money and to heck with the hobby(ist)... I suppose the above scenario doesn't play out too often but once is too much...

buymycards · #5 01-31-2010, 06:49 AM

Here are my thoughts: (As if anyone cares)

1. Bidding on items that are consigned to your auction. Totally unethical. The auction house has the chance to inspect the items and make a purchase offer before they are placed in the auction. Once the auction begins, then it should be hands off.

2. Bidding on your own items that you consigned to an auction house. Totally unethical.

3. An auction house putting their own items in their own auction. OK, as long as they are disclosed as their own items.

4. An auction house bidding on their own items in their own auction. Totally unethical.

5. Employees of an auction house bidding on items in their auction. Totally unethical.

Rick

calvindog · #6 01-31-2010, 07:47 AM

Quote:

Originally Posted by buymycards

Here are my thoughts: (As if anyone cares)

1. Bidding on items that are consigned to your auction. Totally unethical. The auction house has the chance to inspect the items and make a purchase offer before they are placed in the auction. Once the auction begins, then it should be hands off.

2. Bidding on your own items that you consigned to an auction house. Totally unethical.

3. An auction house putting their own items in their own auction. OK, as long as they are disclosed as their own items.

4. An auction house bidding on their own items in their own auction. Totally unethical.

5. Employees of an auction house bidding on items in their auction. Totally unethical.

Rick

Now imagine if auction houses do all of these things -- and don't disclose any of this to its bidders. Suddenly, Heritage doesn't look so bad.

PolarBear · #7 01-31-2010, 08:25 AM

Quote:

Originally Posted by calvindog

Now imagine if auction houses do all of these things -- and don't disclose any of this to its bidders. Suddenly, Heritage doesn't look so bad.

True, but being the least unethical compared to their peers, still isn't a place where a company should want to be.

Wesley · #8 01-31-2010, 01:53 PM

Quote:

Originally Posted by buymycards

Here are my thoughts: (As if anyone cares)

1. Bidding on items that are consigned to your auction. Totally unethical. The auction house has the chance to inspect the items and make a purchase offer before they are placed in the auction. Once the auction begins, then it should be hands off.

2. Bidding on your own items that you consigned to an auction house. Totally unethical.

3. An auction house putting their own items in their own auction. OK, as long as they are disclosed as their own items.

4. An auction house bidding on their own items in their own auction. Totally unethical.

5. Employees of an auction house bidding on items in their auction. Totally unethical.

Rick

That pretty much sums up my thoughts as well, Rick. Whether it is spelled out in their policies or not, I am simply not comfortable with Heritage placing bids.

calvindog · #9 01-31-2010, 03:45 PM

Quote:

Originally Posted by Wesley

That pretty much sums up my thoughts as well, Rick. Whether it is spelled out in their policies or not, I am simply not comfortable with Heritage placing bids.

Of course, you guys are right, but good luck finding a single auction company that is fully ethical and honest -- you simply will not. Finding one that does not break the law is difficult enough.

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