Posted By:
petecldHi Wayne,
There is no answer to reserves that will make everyone happy. Truth be told, I'm kinda in both camps. As a buyer, I don't like them but I don't let them stop me from bidding while an unusually high opening bid will stop me from bidding. As an employee of an auction house who's is trying to get a consignment, it is an effective feature that I can offer.
Yes, Heritage has reserves but unlike eBay or any other auction house we disclose the reserve amount well in advance of the end of the auction. With Heritage, bidders have plenty of time to place a fully informed bid. If a card is expected to sell for $5,000, you will never find a $4,900 reserve. Our policy with consignors is to keep reserves well within reason as compared to the anticipated final bid and only on items we feel will sell for at least $1,500. Yes, I have lost a consignment because I would not accept an excessive reserve. I don't worry too much about that happening because my goal (and others at Heritage) is to do our best to satisfy both buyers and sellers IN THE LONG TERM. Single hit and run deals that never sell will fill a catalog but only once. Hopefully I have many years of catalogs to offer items and a combination of both happy consignors who like the prices they see and happy bidders who build their collections via Heritage auctions is the best way to accomplish that goal.
If you can't wait a few more days I'll let everyone in on a little inside information....
THERE ARE VERY, VERY FEW RESERVES IN THIS AUCTION and most are on non-card lots! I talking only about 5-10% of the lots overall have reserves and I can only think of two or three card lots (all sets) that have reserves but I will add that there may be a few others I don't know about. NONE of the boxing card lots have reserves!
Good luck to everyone!
BTW - Wayne, I'm almost 100% sure I know what card you want... there is no reserve.
Peter