Posted By:
leonyou said:
"There's nothing morally wrong with your example of a seller buying back their own card, but it is an unusual situation."
I agree it is not morally wrong if you disclose it. I disagree that it would be unusual as I think many sellers would prefer to buy back a card and pay the fees than lose a ton of money.
then you said:
"It is also collusion. The buyer and seller is artificially jacking up the price for another buyer. However, in this situation the buyer and seller is the same person."
I agree the price could be getting jacked up by the consignor but if the other bidder knows that going in then they can make an informed decision about how much they want to pay. Lets say I have 10k into a card and I consign it. At the ending of the auction it's sitting at 5k.....I don't want to sell it for that so I put in a bid of 5.5k....the other bidder says to themself...well, that's still a good price at the next increment so they bid 6k....Now I say to myself I will go ahead and let it go at that.....both parties are happy and the other bidder knows it very well might have been the seller on the other end bidding against him....but it's ok as he still feels he got a good deal......btw, this scenario happens in every single auction...REA, Mastro, SCP, etc etc.....it's just done through friends bidding for other friends....and no, I have never done this on either side. I know folks that do, and have, though. So then I say.....ok, then lets get it out in the open......total disclosure.....but I understand some won't agree with this mode of thinking.....regards