Heritage & PWCC and the PSA 9 Mays

[Rhotchkiss]

Originally Posted by BobC

Leon,

If this buyer lived in a state with say a 7% sales tax rate, using PWCC's vault just saved him about $6,500 he'd otherwise have to pay as sales tax. That savings could allow someone to pick up a few really nice additional cards as well for one's collection. And it has been discussed before about how we don't know the specific policy of each of these "vaults" currently out there on how they'll treat sales tax on items removed from them after they've been left in one for an extended period of time. Chances are that after enough time has passed, you could remove items from the vault and not owe any sales tax.

So granted, a real collector would likely want such a great card in hand. But how many real collectors may be willing and happy to wait an extra six months, a year, or maybe even longer, and leave the card in the vault before asking it be sent to them, knowing that by doing do so they may have saved enough in sales tax to buy a decent T206 Cobb as well? And in this case the card is slabbed, so it's not like the owner would be able to truly hold, feel, or even smell the actual card anyway.

Now this may not be acceptable to you, but I wouldn't be shocked to find out that quite a few true collectors wouldn't hesitate to take advantage of something like this, if presented with the proper situation. Just saying.....

Well said Bob. +1

And I would add to that: While all of my cards reside near me, I rarely look at them person. I much more often look at pictures of them on my phone, which I could just as easily do if my cards were in a vault instead of in safe deposit box nearby.

[BobC]

Originally Posted by Rhotchkiss

Well said Bob. +1

And I would add to that: While all of my cards reside near me, I rarely look at them person. I much more often look at pictures of them on my phone, which I could just as easily do if my cards were in a vault instead of in safe deposit box nearby.

Great point as well Ryan. Many people opt to keep their more valuable cards in a safe deposit box, so like a vault, they're not handling and looking at their actual cards on an ongoing basis. Couple that with some potentially serious money to be saved on sales taxes, and you're likely to start getting more and more people to ask why wouldn't a true collector take advantage of someone's vault.

[Peter_Spaeth]

Just a guess that people dropping 100K type world record money on a card aren't THAT concerned about sales tax. And storing cards close to home with a heavily regulated bank just isn't the same as storing them remotely with a private company with a world of legal problems. You couldn't pay me to put my cards in Brent's custody.

[BobC]

Originally Posted by Peter_Spaeth

Just a guess that people dropping 100K type world record money on a card aren't THAT concerned about sales tax. And storing cards close to home with a heavily regulated bank just isn't the same as storing them remotely with a private company with a world of legal problems. You couldn't pay me to put my cards in Brent's custody.

Don't disagree with anything you're saying Peter, but very often I would think that someone who has that kind of money to spend on a card was able to accumulate it from taking advantage of smart, frugal measures at some point in their life. Like using a vault to save on sales taxes. And once someone has developed such thinking and habits, especially in regards to money and finances, I would think they tend to stay with them.

Having said that, a vault is not my optimal idea of collecting either. And can definitely understand people's hesitancy to maybe use one vault provider option over another, for various reasons. LOL

[Peter_Spaeth]

Originally Posted by BobC

Don't disagree with anything you're saying Peter, but very often I would think that someone who has that kind of money to spend on a card was able to accumulate it from taking advantage of smart, frugal measures at some point in their life. Like using a vault to save on sales taxes. And once someone has developed such thinking and habits, especially in regards to money and finances, I would think they tend to stay with them.

Having said that, a vault is not my optimal idea of collecting either. And can definitely understand people's hesitancy to maybe use one vault provider option over another, for various reasons. LOL

People shattering world records for cards do not, in my judgment and experience, tend to be frugal types.

[BobC]

Originally Posted by Peter_Spaeth

People shattering world records for cards do not, in my judgment and experience, tend to be frugal types.

I'm just following the info in that article. The guy buying the card does not sound like a billionaire with money to burn.

So let me ask you. If you went to buy this card and found using a vault could potentially save you thousands of dollars in sales taxes, would you ever consider using a vault to do so, or not?

[Peter_Spaeth]

Originally Posted by BobC

I'm just following the info in that article. The guy buying the card does not sound like a billionaire with money to burn.

So let me ask you. If you went to buy this card and found using a vault could potentially save you thousands of dollars in sales taxes, would you ever consider using a vault to do so, or not?

No. I don't want someone else, other than a local bank, having possession of my card.