Great post and commentary here. A few thoughts:
4) I am still perplexed at collectors seeming infatuation with auction houses for a large majority of the items that get sold there. For cards with a good supply and an easily established "market price", an educated collector could get more $$ consigning privately (shameless plug), or the same $$ selling outright to a reputable dealer wanting said card(s) for their inventory.
Howard, I don't get either, but they have now set the standard for everything. Have a bin full of old tobacco cards? Send it to an auction house. Have a low grade Ruth? Send it to an auction house. Collectors and consignors are now bound by this process for a majority of cards and the AHs know it. Why do you think they are set up at every major card show? To show off upcoming sales but also take in consignments.
I understand the attraction of a reserve for the consignor, and I have often considered one when I consign. But then I recall a story by one AH owner who recounts when he tried to convince the consignor not to put a reserve on a lot, the card did not sell at the reserve, the consignor was mad so the AH purchased the card for the reserve amount, the AH then put the same card in its next auction without reserve and it closed well above the reserve amount.
Ryan, I think consignors set a reserve for a lot of factors, but I think the number 1 reason is fear. They are fearful of selling the card and not getting what they think is the value of the card. So they set the reserve. If it hits, great. If not, great, still have the card.
One last thing to consider - Heritage makes the consignor pay the BP on all amounts that do not meet their reserve. So, even if the consignors are getting 50% of the BP on the Mantle and Young, they will fork over $20k+ likely to watch their item not sell; this is the second time the Young consignor will suffer that fate. Please note, this is not about Heritage - almost all AH’s will offer reserves and I expect most take a BP even if the item does not sell; it’s just that these examples are in the current Heritage auction.
They will never tell, but I would LOVE if we could get some truth on this from these AHs. I think in the past yes, but now a days? And again, everything is negotiable.
Last edited by parkplace33; 11-15-2023 at 11:05 AM.
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11-15-2023, 10:58 AM
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