I think auction LOAs are a bad joke as well, but they don't really bother me because I only buy autos for my personal collection. If I were trying to flip them (or if I have to in the future), it would irk me more. It is certainly a good idea to keep valid records of anything you buy from an auction house for various reasons, one of them being the ability to show some provenance when selling. If you trust a TPA's opinion, and bought an item on that opinion, any proof that the item has been purchased in an auction might ease a buyer's mind in terms of TPA.
I have not consigned with an auction house, but I can imagine buying an item with an auction LOA and then trying to resell through the same auction house only to be faced with higher consignment fees due to the need for an auction LOA. Anything for an extra buck in this business (I mean hobby).
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