Would you use Ebay to flip a big $$$ card?
 

I thought this was rather strange. This m101-4 Joe Jax card sold for just over $10K in Legendary 5 months ago: (sorry for the huge scan)
http://www.legendaryauctions.com/Lot...a-copy_lg.jpeg
http://www.legendaryauctions.com/Lot...x?lotid=114118

Last night, Broadway Rick sold the exact same card on Ebay for $7965.
http://cgi.ebay.com/ws/eBayISAPI.dll...K%3AMEDWX%3AIT

This is puzzling to me for a few reasons. First, I would never part with that card unless financially required to do so, and while m101 Joe Jax cards routinely get flipped eventually, this is awfully fast. Second, the Legendary price was not cheap, so I wouldn't expect to make out on any flip. Third, if you need/want to flip it, wouldn't you stand to get more bang out of one of the auction houses than ebay? (note: he listed it with $7865 reserve, meaning he was willing to take a $2K loss and did).

Just curious as to your thoughts on why someone might do it this way.

Selling it on Ebay is one thing. I think if promoted properly from the right seller, Ebay prices can be just as strong as auction house prices.

What I don't understand about this auction is it was only listed for 5 days. Spend the extra 40 cents and list it for 10. Gives the big dollar buyers a bit more of a heads up.

It looks like somebody needed some cash flow, possibly for another purchase or to settle debts, and was willing to take a loss for this particular card.

Isn't the seller Broadway Rick?

yes and....
 

Yes and he could be the buyer too :(

I would only part with a card like that if my near 80 year old mother needed major $$$ or if I were being threatened with a trip to the bottom of a river

WOW, an auction that went from 9.99 to 7900+ in only 9 bids, that might be some kind of record

Broadway Rick
 

Leon--that was great, I needed a good laugh like that!

Kind of surprised he didn't post it in the April pick-ups thread and say how thrilled he was to get it, then wait a week before listing it on eBay. That seems to work well for a lot of folks.

Assuming the seller didn't sell the card to himself (or a friend), I would assume this is a firesale, and the seller needed money. Ebay is the fastest way to get payment if you need funds immediately. Consignments will typically get you higher prices, but it takes time for you to get paid off, and sometimes you need funds immediately for whatever reason.

How about the consignor of the card to Legendary somehow got the card back and then put it up on e-bay?

hypothetically, the consignor could have bought the card for $5k, 'won' his own card at $10k thereby setting the market and making an $8k sale look like a deal. As I recall, Lew Lipsett wrote an article about how prevalent that was, back in the LATE 1970s!

only problem here is that he would have had to pay the buyers premium of $2K. Then when he sells on ebay he's looking at fees on that end. Net profit of a couple hundred not a couple thousand.

In my hypothetical, you presume the seller was out the full BP to Legendary, but who knows what was negotiated. Even if that is true, the seller had no way of knowing what the eBay one would sell for - worst case, put a reserve at your break even; best case, have it sell for close to what the market was 'set' at and make a few thousand.

true that. I agree with your possible scenario. Hopefully it didn't pay well and he won't do it again.

Could be the buyer needs the money for something they like better in the REA auction.... the chase is sometimes better than when I actually have the card in hand

I agree with the propostion that it would be one of the last cards I would sell. I ran a few adds in Sports Collectors' Digest back in the late '90's as a dealer (Forever Summer Cards) just to see how I'd like that perspective, and my wife really put the nix on it because I tended to be my own best customer (couldn't stand to part with the good stuff!). Unless you're immune to the appeal of vintage, my guess would be he needed money, in this economy.

Regards,

Larry

In case
 

Anyone is curious about Leon's comment:

Here is the story on the internet about Broadway Rick -- and notice this was not denied

http://www.msnbc.msn.com/id/3078735/...h_and_gadgets/

Since BR is a known shiller you have to take any auction result with a large grain of salt.

yep
 

That is so true. After I get something looking on to the next chase.