Gehrig Jersey in REA

[Matt]

Still confused. Say the jersey sells at auction for $180k. Then, even though it was hammered to a winning bidder, you then buy it from the consignor at $240k and give it to the winning bidder? I guess the legal implications here of when the title changes hands is what has me confused. I understand what you are trying to do in principle and I solute REA for putting the cards on the table here.

[D. Bergin]

Are there that many 1938 Lou Gehrig jerseys out there, that it matters whether it's an A5, and A7 or an A9?

Or not being familiar with this part of the hobby.........does the grading have more to do with the taggings and the provenence, then whether or not Lou (or said consignor) slid into 2nd base with the uniform on?

[Shoeless Moe]

Originally Posted by D. Bergin

Are there that many 1938 Lou Gehrig jerseys out there, that it matters whether it's an A5, and A7 or an A9?

Or not being familiar with this part of the hobby.........does the grading have more to do with the taggings and the provenence, then whether or not Lou (or said consignor) slid into 2nd base with the uniform on?

I was thinking the exact same thing. Does a buyer, who has that kind of dough, really think of this is a A5 not an A8, who cares? It's a friggin' Lou Gehrig jersey. What are they gonna do, pass becuz of a grade, and wait around for an A7???

I too am confused by what Troy is saying by taking responsibility for it, what exactly does that mean? And if it means Troy promised the consigner a certain $ amount and then Troy gets more or less depending on the sale that sounds like what it is, he owns the jersey. Right?

[MEARSAUCTIONS]

The auction contract remains in the original consignors name. The consignor, due to the change of grade from A9 to A7, wanted to be protected from any loss that might occur due to the grade change.

In this instance I agreed to accept any and all responsibilty in the final sale price. This second agreement was between the consignor and myself, to protect him from any potential loss.

I haven't purchased the jersey or exchanged money. The final selling price will determine if any monies is owed by myself to the consignor.

The jersey will sell in the REA auction, the high bidder will get the jersey at the final selling price.

Any shortfalls will be paid by myself to the consignor, and profits will be paid by the consignor to myself, thus the secondary contract/agreement.

Regards, Troy R. Kinunen/MEARS

[Shoeless Moe]

So what happens if it doesn't sell?

[terjung]

Originally Posted by Shoeless Moe

So what happens if it doesn't sell?

It has a starting bid (and reserve) of $50,000. Given the (relatively) low number compared to its last sale, I think it is a pretty safe bet that someone will bid at least $50k on it.

Kudos to both REA and MEARS for full disclosure and taking responsibility, respectively. (As an aside, I wish all the items that I have consigned had a guarantee against loss of value! That would be very cool indeed.)