REA: 4 Planks & 5 Magies

[calvindog]

Originally Posted by uniship

i predict that restored plank sells for $45k. an excellent flip is my guess. congrats to the flipper if it plays out like i think it will.

In 2007 a fantastic Plank PSA 1 sold for $21,150.

http://www.robertedwardauctions.com/.../2007/138.html

It would boggle the mind to think that a restored one -- not simply a trimmed one but a restored one -- would sell for even that much.

[barrysloate]

It's already pretty high with multiple bids, and is doing better than some of REA's graded ones.

[uniship]

Calvindog - i hear you but i just have a feeling this one's going for a lot more than 21k. I think there is a group of collectors that just like high-end looking cards over completely legitimate examples. i am not one of those collectors - i like the rare, beat-up unaltered stuff.

45k including the BP is still my guess. total guess on my part - but i think we'll witness a textbook homerun flip here.

[Jim VB]

Originally Posted by uniship

Calvindog - i hear you but i just have a feeling this one's going for a lot more than 21k. I think there is a group of collectors that just like high-end looking cards over completely legitimate examples. i am not one of those collectors - i like the rare, beat-up unaltered stuff.

45k including the BP is still my guess. total guess on my part - but i think we'll witness a textbook homerun flip here.

I honestly hope you are right. I would hate to see anyone, even JP, take a bath on a flip like that. But my question is, if there are people out there willing to spend $45,000 on that card, where were they in March when Legendary auctioned it? Can REA's reputation be worth double what that card sold for in March?

I assume he will break even. I'll be happy if he makes a few bucks. Keep in mind, this is an internet only item. It will not be in the catalog when that drops.

[barrysloate]

If in fact this card sells for significantly more than it did in Legendary, the end result will be everyone will be scouring the next Legendary Auction for bargains. And of course at that point any possible chance for a bargain will be gone. The market has a way of finding its balance.

[Jim VB]

Originally Posted by barrysloate

If in fact this card sells for significantly more than it did in Legendary, the end result will be everyone will be scouring the next Legendary Auction for bargains. And of course at that point any possible chance for a bargain will be gone. The market has a way of finding its balance.

Excellent thought. I hadn't looked at it that way.

The converse is, however, Legendary will struggle, even moreso, for consignments.

[calvindog]

Originally Posted by barrysloate

If in fact this card sells for significantly more than it did in Legendary, the end result will be everyone will be scouring the next Legendary Auction for bargains. And of course at that point any possible chance for a bargain will be gone. The market has a way of finding its balance.

More and more people are simply not participating in Legendary. Grand jury investigation, lawsuits, consignors not being paid, barking dogs into phone receivers -- and add in all of their generally disgusting behavior and there you have it.

[JP]

With mine having twice the starting bid of the stained SGC 30 Plank ($5000 vs. $2500), and an OPEN estimate instead of $10-20K like the SGC 30 Plank, I think mine will exceed the price of that Plank. I can't see ANY SGC 30 Plank selling for less than $30-35K, so I've got a gut feeling my "flip" is going to well exceed my original purchase price. Chalk it up to wishful thinking if you'd like, but the card IS in far better condition than any other restored Plank -- looks like a PSA 9. It has only had its corners added to and a paint touchup....it has NOT been trimmed.

Originally Posted by barrysloate

If in fact this card sells for significantly more than it did in Legendary, the end result will be everyone will be scouring the next Legendary Auction for bargains. And of course at that point any possible chance for a bargain will be gone. The market has a way of finding its balance.

And as I've said from day one, I think Legendary/Mastro's issues and rep caused this card to sell for MUCH less than it should have.

[barrysloate]

Jeff and JP- despite Legendary's rep and disastrous PR, there are no shortage of bargain hunters out there. I don't care how much people dislike bidding with them, if there are key lots selling at 50% of retail there will be somebody looking to buy them. I realize in this instance JP's Plank may do much better this time around, but the word will get out and everybody will be scouring for future bargains. And at that point there won't be bargains anymore. It's very hard to find affordable inventory these days and I can assure you I and others will be paying attention when Legendary's next catalog comes out.

[JP]

Originally Posted by calvindog

In 2007 a fantastic Plank PSA 1 sold for $21,150.

http://www.robertedwardauctions.com/.../2007/138.html

In 2009, a PSA 1 sold at REA for $38,188.

http://www.robertedwardauctions.com/.../2009/212.html