PWCC Auctions - Mystery Bid Post Auction?

mrreality68 · #1 10-26-2021, 06:26 AM

The concept is potentially good for the right person. ie investors. Also many like it so that you can take a loan against it (in some cases) for extra funds
Other auction houses are trying to duplicate this basic concept.
But I am more a collector and would prefer to have the cards under my control and more accessible.
Also since I am not comfortable in general with PWCC reputation it just makes me pause.
In addition the time it can take to get the card processed in and out of their vault also concerns me(as mentioned above in the thread)

So I am sure this service is right for many people and all well and good but it is just not for me

BobC · #2 10-26-2021, 09:27 AM

Quote:

Originally Posted by mrreality68

The concept is potentially good for the right person. ie investors. Also many like it so that you can take a loan against it (in some cases) for extra funds
Other auction houses are trying to duplicate this basic concept.
But I am more a collector and would prefer to have the cards under my control and more accessible.
Also since I am not comfortable in general with PWCC reputation it just makes me pause.
In addition the time it can take to get the card processed in and out of their vault also concerns me(as mentioned above in the thread)

So I am sure this service is right for many people and all well and good but it is just not for me

Right you are Jeff. I didn't even get into the loan aspect of what they are offering, that is a whole other kettle of fish. But you're correct, the PWCC vault concept and how they are presenting and handling things, is akin to working with an investment advisory firm that holds your investments for you, assists in sales and purchases, and even gives out margin loans. About the only thing they don't do, at least not yet, is have you just open an account with them in which you simply deposit money, and then they go out and acquire cards for you that they feel will be good investments and grow in value for you down the road. I think if they did start doing that though, they may cross a line where they could possibly be viewed as a form of bona fide investment advisor, and actually become subject to all the applicable federal and state laws, licensing and the myriad of rules and regulations that have to be followed. Which I seriously doubt they would want to do, at least not now.

Who knows down the road though? They clearly are smart and ahead of the game in realizing that our wonderful little hobby has gone from being just that, a simple hobby, to a booming industry with surging prices that have caught and grabbed ahold of the attention and interest of serious people in the investment industry. They've set themselves up to be at the forefront of this change from being a pure hobby to more of a serious investment vehicle. Just look at some of the threads we've had recently talking about a potential IPO by Topps, which was undermind by strategic investments of various professional sports leagues and player groups in a major distribution company which then apparently stole future licensing rights right out of the hands of Topps and other card companies. Or the takeover and privatization of the major TPG of our hobby, quickly followed by the announcement of their acquisition of another company heavy into AI technology. Heck, we're starting to read like the Wall Street Journal in some threads. The only thing we're still missing is for Warren Buffet to come out during Berkshire-Hathaway's next annual meeting and declare they're going to start heavily investing in sports cards. And if Buffet were to go even further and expand on how they'll focus on acquiring cards of who he felt was the greatest pre-war baseball player ever, and didn't name Ruth............I can only imagine the thread(s) that would generate on this forum!!!!!!!!

Snowman · #3 10-26-2021, 03:50 PM

PWCC responded to my inquiry. This is what they said regarding the discrepancy between the emailed invoices and the website hammer prices at checkout.

Quote:

Originally Posted by PWCC

It appears that our system issues out winning bid emails early with the bids that were current when items entered into extended bidding on our website. The invoice you received through your account on our website reflects the correct high value after extended bidding on the item ended. Please rest assured that this is indeed the correct value for your item/s.

This is definitely not correct though. I went into a bidding war on a 1953 Topps willie mays card that was at $2k when extended bidding started. We bid it up multiple times after that, and the card was extended into multiple future time windows. My max bid on the card was set at $2800, which is what it shows at checkout. I took the bidding lead at $2700 and then placed a $2800 max bid after that as a blocker bid. Then the auction ended. I don't know if someone bid me up to $2800 or not, but I do know that the website showed $2800 at the last second after I thought I had it at $2700. My emailed invoice shows $2700 though, not $2,000 which is where it was at when extended bidding started. But at checkout and on the website it shows $2800.

notfast · #4 10-26-2021, 08:35 PM

Quote:

Originally Posted by Snowman

PWCC responded to my inquiry. This is what they said regarding the discrepancy between the emailed invoices and the website hammer prices at checkout.

This is definitely not correct though. I went into a bidding war on a 1953 Topps willie mays card that was at $2k when extended bidding started. We bid it up multiple times after that, and the card was extended into multiple future time windows. My max bid on the card was set at $2800, which is what it shows at checkout. I took the bidding lead at $2700 and then placed a $2800 max bid after that as a blocker bid. Then the auction ended. I don't know if someone bid me up to $2800 or not, but I do know that the website showed $2800 at the last second after I thought I had it at $2700. My emailed invoice shows $2700 though, not $2,000 which is where it was at when extended bidding started. But at checkout and on the website it shows $2800.

I think the glitching happened when, during extended bidding, the item was bid up to a previously made max bid.

Example. Card was at $180. I bid $200. Someone comes in during extended and bids $200. I win auction because I bid $200 first.

I got email saying $190 was tots on one like that. Invoice showed the proper $200 when looking now. Waiting to pay and have them shipped to me (which is very easy so I�m not sure what you guys are talking about with being unable to do so) until all weeks auctions are done.

Stampsfan · #5 10-27-2021, 03:07 AM

Not being a vault fan, and a collector... if I wanted to win a auction and then have nothing in hand, I'd bid on an NFT.

Stampsfan · #6 10-27-2021, 03:08 AM

Question for those who did bid. I read the auction rules on closing, and there is nothing in there pertaining to who can bid in extended bidding.

Do you have to bid on an item prior to the 7PM Pacific closing, or can anyone bid in the extended bidding period?

Snowman · #7 10-27-2021, 04:03 AM

Quote:

Originally Posted by Stampsfan

Question for those who did bid. I read the auction rules on closing, and there is nothing in there pertaining to who can bid in extended bidding.

Do you have to bid on an item prior to the 7PM Pacific closing, or can anyone bid in the extended bidding period?

You have to bid prior to the extended bidding period in order to participate.

notfast · #8 10-27-2021, 05:55 AM

Quote:

Originally Posted by Stampsfan

Question for those who did bid. I read the auction rules on closing, and there is nothing in there pertaining to who can bid in extended bidding.

Do you have to bid on an item prior to the 7PM Pacific closing, or can anyone bid in the extended bidding period?

Yes.

Also it�s in the faq�s.

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