Quote:
Originally Posted by Bridwell
It bothers me that virtually all the auction houses list an item as 'sold' in their archives and show the sold price realized, when in fact the house was the winner when the item failed to reach the reserve. No sale actually took place in some of the auctions.
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I was told years ago by a fairly high-rolling Heritage consignor (not of sportscards) friend of mine that Heritage would guarantee him a minimum
credit - not cash - for his consigned item(s). I understood this to mean that my friend could tender an item with a potential retail value of, say, $20K, and Heritage would guarantee him maybe a $12K credit against that item to spend on other items in the same auction.
My friend claimed to do this often. He would take the credit, buy something from a 2nd consignor, and (in this example) if his item sold for more than $12K, his purchase and sale would be netted; if, however, his item didn't receive an outside bid of over $12K, Heritage would take the item and pay the the 2nd consignor for the item my friend bought.
My understanding is that Heritage would, in this example, report two $12K sales - even though no one wrote any checks except Heritage.
Besides my distaste for this practice, I also don't bid with Heritage because in 2 of 3 auctions I've participated in, I thought I'd won when I really didn't. I once "won" a Heritage auction through eBay, and was listed there as the winner but was told later (only because I asked) that I was beaten by a floor bidder. I also "won" on their web site - I was listed as a winner the following morning - but was told later that they had "overlooked" a floor bid that was better than mine, and they showed me language in their rules that allowed them to correct such a mistake.
So, for me, never again.
02-03-2010, 12:22 AM
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