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#1
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All That Glitters In The Auction World Is Not Gold....
Posted By: bruce Dorskind
Sotheby's loses $14M on auction guarantees |
#2
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All That Glitters In The Auction World Is Not Gold....
Posted By: Jason L
no tears shed here |
#3
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All That Glitters In The Auction World Is Not Gold....
Posted By: davidcycleback
If they moved operations from Manhattan to Beaver Dam Wisconsin, they'd save $14 million in rent the first year. Though the only building in Beaver Dam big enough would be Old Man Olsen's barn, and Sotheby's would have to shovel it out themselves |
#4
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All That Glitters In The Auction World Is Not Gold....
Posted By: peter chao
I'm not sure what an auction guarantee does, does it simply guarantee that the art seller will get at least their reserve price? Or does it do more than that? |
#5
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
Sotheby's had an art sale this week that didn't do very well, and according to what I heard, the mood in the room was "nervous." Even though the typical buyer has tons of money, with the economy so shaky a lot of them don't feel like spending too much these days. |
#6
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All That Glitters In The Auction World Is Not Gold....
Posted By: davidcycleback
But what is art? We know what cards are-- rectangular cardboard thingies. |
#7
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All That Glitters In The Auction World Is Not Gold....
Posted By: peter chao
Don't worry Barry, I'm inclined to think that results from Mastro's next auction would be a better indicator of the health of the baseball collectibles market. |
#8
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
Art is rectangular canvassy things. |
#9
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
Peter- it would be a good barometer, and I think the vintage card market is relatively healthy right now. But we can always reach a point where people just don't feel like spending as much as they used to, even if they have it. |
#10
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All That Glitters In The Auction World Is Not Gold....
Posted By: davidcycleback
Actually, this board has had about as big of debates over what constitutes a baseball card, as art philosophers have had over what constitutes art. Broke into fisticuffs when someone proposed that Topps stamps are cards. |
#11
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All That Glitters In The Auction World Is Not Gold....
Posted By: T206Collector
...i.e., someone who sold 450 of his 520 T206 cards back in April, it would be nice for the prices to come down as I begin to reacquire them. |
#12
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
I think the Skydash collection in the December Mastro auction is a can't miss because it is rare, high grade, and new to the market. That is exactly what collectors look for. |
#13
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All That Glitters In The Auction World Is Not Gold....
Posted By: Rich Klein
It will be interesting to see what the bigger auctions do next year; I suspect with the growing credit crunch, price of a gallon of gas flying past $3,... that we may see a lot of items hit the market through these auction venues. Can the card market, which has been very strong in pre-war, sustain these huge gains. |
#14
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All That Glitters In The Auction World Is Not Gold....
Posted By: Fred C
I understand what a "reserve" is to an auction but I don't quite understand the Auction Houses "guarantee" of selling a piece of art for a minimum price. Isn't the whole idea of an auction to let the market decide the value of what ever is up for bid? Something smells funny here. If I were a shareholder in Sotheby's I'd be appalled and I'd probably demand an inquiry to the business practice of "guaranteeing" a winning bid. If I were a share holder I'd be wondering if the seller and Auction House are up to something that is not on the level. I'd also be wondering how much of the material being sold belonged to the Auction House or if some of the material had partial ownership of people in the Auction House. |
#15
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All That Glitters In The Auction World Is Not Gold....
Posted By: peter chao
Deleted. |
#16
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All That Glitters In The Auction World Is Not Gold....
Posted By: Max Weder
Rich |
#17
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
Fred- here's how the guarantee works. Suppose you consigned a baseball card to me and you felt it was worth $1000. So I then give you a check for that amount before the auction. |
#18
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All That Glitters In The Auction World Is Not Gold....
Posted By: Jeff Lichtman
Fred, I suppose the auction houses provide guarantees in order to attract more consignments. And presumably the guarantees are at such a level that the auction prices should easily exceed. Or in the case of Sotheby's, not. |
#19
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
When a fabulous collection comes on the market, the competition to get it is fierce. Sellers use this to their advantage and make huge demands on the auction houses. In some cases it's practically a life and death situation for the auction house to get it. So they will offer the consignor tremendous guarantees to keep it away from the competition. |
#20
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All That Glitters In The Auction World Is Not Gold....
Posted By: Ryan Christoff
Words cannot express how deeply saddened I am to see an innocent auction house like Sotheby's dragged through the mud with these terrible accusations. Especially considering their special partnership with SCP Auctions, a leader in the field of auction house ethics. As stated on the SCP website, "We pride ourselves on customer service and speedy response to any issues and inquiries. We're proud to call many of the nations top collectors clients and more importantly friends." |
#21
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All That Glitters In The Auction World Is Not Gold....
Posted By: Fred C
Barry and Jeff, |
#22
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
Yes, Sotheby's is guaranteeing a certain minimum to the seller in advance in order to secure the collection. Sometimes the guarantee is above what the collection might be worth, but the auction house takes the risk that with spirited bidding it will exceed their expectations, thus covering their bet. Usually it works, but apparently the sale from a few days ago did not do well. And it is possible they took a loss. This is what the high stakes auction game is about. |
#23
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All That Glitters In The Auction World Is Not Gold....
Posted By: boxingcardman
I am really happy we don't compete with Euro-based bidders for cards. |
#24
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All That Glitters In The Auction World Is Not Gold....
Posted By: Bob
I have a friend who is making a small fortune dealing in basketball cards and post war cards, selling them to Asian buyers overseas who can't seem to get enough of them. I have always wondered why this "group" never entered in to the prewar card collecting market. Any thoughts? |
#25
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All That Glitters In The Auction World Is Not Gold....
Posted By: Jim VB
Ryan, |
#26
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
Why can't Asian buyers just get these cards for market price off ebay? They're not exactly rare or hard to find. |
#27
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All That Glitters In The Auction World Is Not Gold....
Posted By: davidcycleback
Since Sadahara Oh's days and before, Japanese pro jerseys have been in English, which demonstrates the Japanese's admiration for the American game. |
#28
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All That Glitters In The Auction World Is Not Gold....
Posted By: Bob
Barry- This may not be that important but I know all my auctions on ebay are limited to buyers from the US and Canada. I have seen a lot of other ebay auctions which are designated the same way. I have no qualms about selling to buyers overseas (and have sold other items to Europeans many times) but not cards. |
#29
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All That Glitters In The Auction World Is Not Gold....
Posted By: Fred C
Bob, |
#30
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All That Glitters In The Auction World Is Not Gold....
Posted By: barrysloate
Bob- that's actually a good point and I really prefer only to sell U.S. There's a lot of paperwork and it's expensive to ship even to Canada. |
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