Restored Honus Wagner at SCP Auctions

mrreality68 · #1 10-26-2021, 04:51 PM

Quote:

Originally Posted by Fred

Why don't the AHs just indicate there's a frigging RESERVE on the lot and either tell what it is or at least indicate when the reserve price is met.

Unfortunately every auction house does what they think is best for their client base.

I know that both Heritage Auctions and SCP both say there is a reserve and when it is met
Heritage does it a few days prior that a Reserve was met or not met
SCP upfront post that there is a Reserve and when it is met it lets you know.

I thought there was another 1 or 2 but I am drawing a blank

robertsmithnocure · #2 10-26-2021, 07:13 PM

Quote:

Originally Posted by mrreality68

Unfortunately every auction house does what they think is best for their client base.

I know that both Heritage Auctions and SCP both say there is a reserve and when it is met
Heritage does it a few days prior that a Reserve was met or not met
SCP upfront post that there is a Reserve and when it is met it lets you know.

I thought there was another 1 or 2 but I am drawing a blank

Mile High high does also. I personally do not have a problem with it as long as they disclose it. Here is the text from the MHCC website:

d) Minimum Bids- Each and every lot within the auction does have a minimum bid designated in both the catalog as well as online. A very few of the lots in the auction have a reserve price (please note the vast majority of the lots within the auction do not have a reserve price) A reserve price is the confidential minimum price that a consignor will accept before they will sell the material, this means that a bid of equal or greater than the confidential reserve must be placed for a successful bid to be accepted on that lot. MHCC may implement this reserve by bidding on behalf of the consignor and may place a bid up to the amount of the reserve, by placing successive bids if necessary. In the limited instances where MHCC has a financial interest in a lot beyond our commission, we may place a bid to protect our financial interest. Reserves when in place will be pre-determined and set within the auction software prior to the start of the auction. Again, please note the vast majority of the lots in every auction will be offered without a confidential reserve in place. For all items in the auction (unless an item is withdrawn during the auction)without a reserve, they will be sold to the highest bidder at or above the minimum bid.

MattyC · #3 10-26-2021, 07:23 PM

I was bidding on something at SCP and once I saw how they handle their reserves, I ran for the hills and now refuse to bid with them anymore.

As others have nailed in prior posts within this thread, it is the false perception of demand that they are creating that is the problem.

I had competing bids coming in on the item in question, and there is no way for me to tell if these are real buyers and thus real demand for the item at a certain price point, or if I am just the only moron willing to pay a certain amount and the house is just stringing me along. Hard pass.

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