News About Auctions That Will Affect All Of Us

[william_9]

Now he can wear that visor to the beach! Hope he bought a phaser too, he's gonna need it to keep the ladies off of him.

[Bosox Blair]

Originally Posted by william_9

Hope he bought a phaser too, he's gonna need it to keep the ladies off of him.

Hahahahaha! Set only to "stun" though...

Thanks for the laugh.

[jbsports33]

a movie prop is way different then our market, it's all word of month because many items will look the same or was used in some cases for multiple movies. I have an uncle that rents out props and movie furniture, does that mean his items are worth any more when they come back to the warehouse

yes a refund should have been issued and maybe a bit more for the trouble, but please 7m

not something I ever thought about investing in

Jimmy

[JoeTheBoss]

Originally Posted by william_9

Now he can wear that visor to the beach! Hope he bought a phaser too, he's gonna need it to keep the ladies off of him.

Beam me up Scotty!!!

[barrysloate]

It's apparent that even prestigious auction houses are not doing their due diligence to determine whether or not certain items are real. There are so many knock off and downright counterfeit items in the marketplace that something like this doesn't surprise me. Of course, all he is entitled to is a refund, and maybe if he's lucky an apology. Suing for $7 million is ridiculous. I too am glad he lost.

[hcv123]

Originally Posted by barrysloate

It's apparent that even prestigious auction houses are not doing their due diligence to determine whether or not certain items are real. There are so many knock off and downright counterfeit items in the marketplace that something like this doesn't surprise me. Of course, all he is entitled to is a refund, and maybe if he's lucky an apology. Suing for $7 million is ridiculous. I too am glad he lost.

While I agree that it was WAY over the top to sue for 7m, I also think it lets the auction house off the hook a little too easily regarding the due diligence issue - There needs to be some level of responsibility greater than simply giving a refund when a buyer happens to find out an item is not what they bought it as - IF an auction house wanted to take the "risk" of misrepresenting items and only have to refund the buyers that find out, it seems that the "reward" would far outweigh the "risk". I think some type of standard should be set - 1.5x the final bid refund? - that would act as some level of true "risk" for misrepresented items.

my 2 cents.

[calvindog]

Due diligence? Comeon. If annyone has been keeping score lately, auction houses basically get away with whatever they can -- until they're caught. Even when the auction houses are caught they don't 'fess up. I remember earlier this year in Goodwin's auction he had a Cobb card listed as the only one graded by SGC. I proceeded to post my own, identical, SGC-graded card on the board. Slippery Bill immediately banned me from his auction -- but never changed the false 1 of 1 population claim in his listing.

Has anyone ever seen an industry in which such a large percentage of the population has either: been in prison, are about to be in prison or belong in prison? Auction house principals rest comfortably with the understanding that there are simply not enough prosecutorial resources to indict all of the bad guys in the hobby.

[hcv123]

Originally Posted by calvindog

Due diligence? Comeon. If annyone has been keeping score lately, auction houses basically get away with whatever they can -- until they're caught. Even when the auction houses are caught they don't 'fess up. I remember earlier this year in Goodwin's auction he had a Cobb card listed as the only one graded by SGC. I proceeded to post my own, identical, SGC-graded card on the board. Slippery Bill immediately banned me from his auction -- but never changed the false 1 of 1 population claim in his listing.

Has anyone ever seen an industry in which such a large percentage of the population has either: been in prison, are about to be in prison or belong in prison? Auction house principals rest comfortably with the understanding that there are simply not enough prosecutorial resources to indict all of the bad guys in the hobby.

In principal - agreed. So how do we "out" these guys that take advantage of all the unwilling victims? Does this need to be brought up with the FBI investigators looking at Mastro? Would it be safe to presume that they are looking at other auction houses as well? I know I ended up with a refund check a few years ago from Sotheby's who along with a couple of other VERY high profile auction houses were accused of unfair trade practices when there was apparent collusion in setting their buyer's premium. I also know there have been a couple of times with major houses where I am 98% certain in hindsight I was "bidding against myself".

[Leon]

Originally Posted by hcv123

In principal - agreed. So how do we "out" these guys that take advantage of all the unwilling victims? Does this need to be brought up with the FBI investigators looking at Mastro? Would it be safe to presume that they are looking at other auction houses as well? I know I ended up with a refund check a few years ago from Sotheby's who along with a couple of other VERY high profile auction houses were accused of unfair trade practices when there was apparent collusion in setting their buyer's premium. I also know there have been a couple of times with major houses where I am 98% certain in hindsight I was "bidding against myself".

I have a feeling the FBI investigates whomever they think is committing fraud. I think it's safe to say ALL auction houses get looked at. I also think it's safe to say that what gets put on this board probably gets read by an investigator or two.... regards

[Rob D.]

Originally Posted by hcv123

In principal - agreed. So how do we "out" these guys that take advantage of all the unwilling victims?

Whatever you do, don't point it out here (unless it's a small-timer on eBay or the B/S/T, then it's OK to go after them with both barrels blazing). But if it's a major auction house that's guilty of questionable practices, you'll find a parade of board members ready to march in defense whenever questions are raised.

[abrahamrudy]

This is not nearly the first instance of an auction house knowingly auctioning off forgeries. But he's silly for thinking he can sue for $7 million bucks and have a realistic chance of recovering from anyone but his family doctor