REA Summer Auction is open

[Bobbycee]

Originally Posted by BRY68

As of 11:06 pm EST, “reserve not met”

The Reserve was 300K. As a complete T206 set owner, of similar grade average- that ending was not what I wanted to see.

[rand1com]

So $300K reserve becomes $360K to the buyer plus sales tax of another $20K or so depending on the state. This set missing 2 keys of the 520 is not worth close to $400K to a collector. Hence, no buyer. If it had been announced at the outset that there was a reserve, it would have saved a lot of bidding.

At least Heritage starts their auctions at the reserve if there is one. They would have started it at $300K and there would have been zero bids. Saves a lot of wasted time for bidders.

[sb1]

Originally Posted by rand1com

So $300K reserve becomes $360K to the buyer plus sales tax of another $20K or so depending on the state. This set missing 2 keys of the 520 is not worth close to $400K to a collector. Hence, no buyer. If it had been announced at the outset that there was a reserve, it would have saved a lot of bidding.

At least Heritage starts their auctions at the reserve if there is one. They would have started it at $300K and there would have been zero bids. Saves a lot of wasted time for bidders.

Heritage posts the reserve and raises the lot to the reserve 48 hours prior to the auction ending, not at the start. Although they might mention it has a reserve from the beginning.

[packs]

Seems like all other Cobbs outside of T206 are doing well in low grade. The E95 went for a strong price. I also liked the RPPC but would have gone harder if it showed more of his face.

[rand1com]

Originally Posted by sb1

Heritage posts the reserve and raises the lot to the reserve 48 hours prior to the auction ending, not at the start. Although they might mention it has a reserve from the beginning.

Generally, from what I have seen, they do not announce a reserve but start the item at a price that reflects the reserve. Maybe they do some both ways depending on the consignor's wishes.

At any rate, I want to know in advance if there is a reserve so I can ignore the auction because it is not an auction if there is a reserve. An auction indicates the high bidder wins the lot. That is simply not the case when a reserve is used.

[timber63401]

I got murdered on everything I bid on except the 13000 card late 70s lot so I must of really overpaid for that one. Also of course it was by far the one I wanted the least.

[parkplace33]

Originally Posted by Bobbycee

The Reserve was 300K. As a complete T206 set owner, of similar grade average- that ending was not what I wanted to see.

Was the reserve added later or at the beginning of the auction?

[Bobbycee]

Originally Posted by parkplace33

Was the reserve added later or at the beginning of the auction?

It was set from the beginning but I don't think REA noted it until mid way through the auction. Only then was it stated "Reserve Not Yet Met". Never was a Reserve Price mentioned.