Thoughts on Buying from Legendary

HRBAKER · #1 02-13-2010, 08:47 AM

"Fact is, as a bidder, when you plug in your max....you need to expect that's what you going to pay and if it goes lower then that's your bonus."

Surely part of this equation should be the expectation on the part of the bidder of a legitimate "arms length" transaction.

calvindog · #2 02-13-2010, 08:52 AM

Quote:

Originally Posted by HRBAKER

"Fact is, as a bidder, when you plug in your max....you need to expect that's what you going to pay and if it goes lower then that's your bonus."

Surely part of this equation should be the expectation on the part of the bidder of a legitimate "arms length" transaction.

Apparently not. This sort of mentality is what allows shill bidding to go on unfettered: "oh well, I paid what I thought the card was worth so it's all good." But it's not all good if the card could have been had for less than your max bid and for less than what you thought the card might be worth. This is why it is an auction and not a tag sale. Also, when a card is shilled to a level beyond what the card would have sold for minus the fraud, the next time that card comes up for auction either in that grade or a different one, a false precedent has been set. Even if no direct fraud occurs in the latter auction, the impact of the prior fraud is real.

And sadly, why am I saying this....again? How many more years do we need to hear the basic concepts of Fraud 101? This is pretty basic stuff, right?

HRBAKER · #3 02-13-2010, 08:53 AM

Jeff you and I are in agreement and that was the point of my post.

Bicem · #4 02-13-2010, 08:55 AM

what's the solution Jeff?

HRBAKER · #5 02-13-2010, 09:08 AM

The only solution on a local level is if you think you are getting hosed, don't get in the pool.

barrysloate · #6 02-13-2010, 09:11 AM

The solution is for law enforcement to go after these auction houses, and if they are convicted of fraud, to penalize them heavily.

As far as whether or not to bid, I don't have an answer. Certainly Jeff is correct that if you leave a ceiling bid and the lot gets to the limit due to shilling, it's not acceptable at all. You should only have to pay one increment above the last real bid. Period. And if one were to boycott all auction houses where even the possibility of fraud exists, then it's time to find a new hobby.

Rob D. · #7 02-13-2010, 09:15 AM

To follow up on Jeff's point, I wish I had a dollar for every time a member of this board posted something along the line of "I don't have to worry about shill bidding because I just plug in the max I'm willing to pay and forget about it."

MikeS · #8 02-13-2010, 09:15 AM

Well I always thought if you bid with your head and your budget in mind, you wouldn't overpay. Of course many will overbid because they cherish and want the item for their collection so they set a high personal expectation. I think most people still live in that "last 5 sec" rule of Ebay where u plug in a high spend and most of the time its concludes lower than your bid....in instances where you win. Most sites offer the 30min rule and this is where you have control of your own destiny. Plugging in a max bid with two weeks to go is the bidders fault if their intention is to get the item lower than what they bid. I understand most peoples gripe and true it's unethical, but I haven't seen an indictments so far. What blows my mind about "shill bids" is that in the end the buyer still got an authentic lot. I went to the CCorner after reading many of member posts, but this site still remains in business and completely makes the industry look bad with all those great autographs and Morales certs. People are still bidding on these and this is true fraud, but no one seems to care except poke fun. Think its time to drop the scapegoats and move on. If anything, bidders and collectors should come away from this to be weary, do your research and find the best house or site that serves your needs. If you don't like another site/house...then don't use them, but don't tell others what not to do unless you have a personal instance to share and focus on the good traits of the company you like.

barrysloate · #9 02-13-2010, 09:21 AM

People may make light of CC over on the memorabilia side but everybody wants them shut down. That they have been able to operate the way they do for so long and still be in business says a lot to me about law enforcement. I'm sure the feds know about what goes on over there, and yet what have they done about it? Nobody really understands how it has gone on for so long. Clearly, CC understands how the system works.

barrysloate · #10 02-13-2010, 09:25 AM

And Mike to touch on your other point, people who bid on baseball memorabilia are not always rational. They bid emotionally and often ending up going way past their intended maximum. And while it's not good to blame the victim, unfortunately auction houses know this and take advantage of them. This has been going on as long as I've been in this business, and probably longer.

Peter_Spaeth · #11 02-13-2010, 09:28 AM

I don't for a second condone shill bidding, but to me, as an issue, it pales next to card doctoring/misrepresentation of memorabilia.

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