Auction Houses-Going, Going..Gone? - Page 3

Archive · #**101** 02-12-2009, 04:08 PM

Posted By: Jeff Lichtman

I suppose it depends on how much shill bidding goes on.

Archive · #**102** 02-12-2009, 04:11 PM

Posted By: Eric B

Would one of the lawyers (or someone who stayed at a Holiday Inn) please check over Mastro's terms and clarify what happens if a bidder should win a lot, send in his money and then Mastro goes under? Is there risk of the card being seized or would it definitely be delivered to the winning bidder?

That's a good question Matt. If you were to pay for a service, and the company goes under, you are out the money. But if you pay for an item, then you have Title to that item.....except that so does the Consigner if he hasn't been paid. But I bet the Consigner has better legal recourse since he is the Owner UNTIL he gets paid (definition of to consign).

So Barry, I'm not so sure it's a bargain. I wouldn't bid unless I could work out a in-person switch of payment and item. Even then, if the company goes under, and the cash doesn't get to the Consigner, you will have to return the item. There was an article recently about folks buying used cars from Dealers who never paid off the loan from the trade-in. The courts took the car from the buyer and they were out the money since the Dealer had gone bankrupt - the lienholder (similar to consigner in this case) had all the rights.

I think I just answered Matt's question. The buyer would be out the cash AND even if he was to receive the goods, he would have to return it and file a non-secured claim.

So it may be safe to consign to an Auction House, but not to buy. But who would consign to a Auction House with no buyers? Mastronet is Dead unless they can post collateral to a 3rd party.

Archive · #**103** 02-12-2009, 04:13 PM

Posted By: marshall barkman

Believe me if they can possibly find a way to schill items they will continue to fire away.

Archive · #**104** 02-12-2009, 04:31 PM

Posted By: barrysloate

I can assure you if there are potential bargains still out there on the last night, people will be bidding. It's kind of a risk/reward scenario: I might lose my money, but I could also get a really good deal.

Archive · #**105** 02-12-2009, 04:32 PM

Posted By: leon

Sounds like I will be getting some great deals...

Archive · #**106** 02-12-2009, 04:33 PM

Posted By: rand

here is my thought.

mastro is owned by a private equity company. this company may have taken some huge hits with the stock market and banking situation. Mastro is a cash cow and they could be draining the accounts and telling mastro officers to figure it out. it may be or become a ponzi scheme. so it may be out of doug's hands somewhat. i am sure the officers of the company are paid very well, the building they reside in is not cheap, and perhaps Mastro's credit line was greatly reduced. so, maybe this has some truth to it????

Archive · #**107** 02-12-2009, 04:54 PM

Posted By: JimCrandell

Whoever said buy it and pick it up is onto something. If you have doubts and you know somweone who lives nead Chicago, Los Angeles or Denver the ask them to pick it up and send it to you.

Archive · #**108** 02-12-2009, 05:15 PM

Posted By: barrysloate

Wouldn't you think if someone from Mastro is reading this thread, they would come on the board and assure everybody they can bid with confidence?

Archive · #**109** 02-12-2009, 05:21 PM

Posted By: Rob D.

If I were a consignor to Mastro's current auction and saw this thread, I'd be strongly suggesting to them that they step up and publicly offer some assurances.

On a related note, I was wondering today what the over/under will be on the number of lots withdrawn.

Archive · #**110** 02-12-2009, 05:38 PM

Posted By: Jeff Lichtman

I would have at least expected to be firmly chastised by Doug on the board by now. That always did wonders to shake my strongly-held beliefs about Mastro. Ok, maybe not.

Archive · #**111** 02-12-2009, 05:53 PM

Posted By: Alan

Will they still have their annual summer auction on that Friday night during the National ?

Archive · #**112** 02-12-2009, 05:56 PM

Posted By: Rob D.

Alan, that might be a little like asking, as water continues to flood the Titanic, whether there still will be a captain's dinner on the last night of the cruise.

Archive · #**113** 02-12-2009, 06:10 PM

Posted By: marshall barkman

I am still waiting for the earth shattering hobby bomb the dorskind group is about to drop.

Archive · #**114** 02-12-2009, 06:10 PM

Posted By: Jamie

I'm going after the Latrell Sprewell game-worn jersey, so everyone please lay off that one;) Remember, he's got a family to feed...

I'm not sure Mastro would take this thread very seriously. It is just out of control speculation, and I seriously doubt that anything will go wrong. It almost borders on slander since it's not really based on fact or truth, just rampant speculation.

Archive · #**115** 02-12-2009, 06:43 PM

Posted By: Jeff Lichtman

Damnit, now I'm going to get sued. Sheesh.

Archive · #**116** 02-12-2009, 07:40 PM

Posted By: marshall barkman

I'll probably be banned. Wheww it's killing me.

Archive · #**117** 02-12-2009, 07:44 PM

Posted By: Jim VB

"Damnit, now I'm going to get sued. Sheesh."

Jeff,

Don't you worry about a thing. There are lots of lawyers on this board to protect you. Also, I went to the same high school as Judge Jeanine. Didn't know her as she's a few years older, but I bet I could get her to help you out. Maybe you'd get on her show!

Archive · #**118** 02-13-2009, 09:11 AM

Posted By: Josh Siegel

I have been hearing some buzz about a Chicago area auction house laying off staff this week. Has anyone else heard this in the past couple of days. I have heard that 15-17 people were involved. Why can't Coaches Corner be the one to go out?

Archive · #**119** 02-13-2009, 10:51 AM

Posted By: boxingcardman

Bid? Not bid? Consign? Not consign?

I like the folks at Mastro and don't want to see anything bad happen but the stuff I've read is not filling me with that warm confident feeling.

If they're late with their checks, that's the end of it for me as a consignor. They've always f****d with their consignors by delaying payment to the end of their 45 day period but to be late on payments as I've heard is the case lately, I would consider a further consignment to them to be a "cheat me once shame on you, cheat me twice, shame on me" situation.

As far as those who have stuff there or have items won and paid but not yet received (as will be the case in a few weeks), I'd file a UCC-1 in Illinois to perfect a security interest in the items. That way if they file for bankruptcy at least you should recover the items expeditiously.

Sic Gorgiamus Allos Subjectatos Nunc

Archive · #**120** 02-13-2009, 10:53 AM

Posted By: leon

You always make me so giddy with that legal talk...ooohhhh baby....

Archive · #**121** 02-13-2009, 10:57 AM

Posted By: Josh Siegel

Thr rumor is that they let 15-17 people go yesterday

Archive · #**122** 02-13-2009, 11:05 AM

Posted By: boxingcardman

It's free advice and worth the price...After all, people are entitled to their opinions but they're also entitled to my opinions.

Sic Gorgiamus Allos Subjectatos Nunc

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Auction Houses....fun for you or not?	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	22	02-25-2009 01:31 PM
All Auction Houses 25% BP? when will it happen?....	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	16	09-15-2007 12:57 PM
Auction houses vs. Ebay	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	7	04-07-2006 12:54 AM
Legitimacy of Auction Houses	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	15	03-02-2006 08:55 PM
Auction houses.....	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	13	05-12-2005 12:26 PM