OT/"Gazumping" coming to vintage cards soon

[ullmandds]

The practice of "gazumping"...the feeling you get when u sell something and then find out it is worth more than us old it for...apparently is alive and well in the art world.

This practice has been present in the vintage card world as well.

While I highly frown upon such behavior...will this someday be accepted and normal???

http://www.nytimes.com/2016/01/17/op...sson.html?_r=0

[1952boyntoncollector]

Originally Posted by ullmandds

The practice of "gazumping"...the feeling you get when u sell something and then find out it is worth more than us old it for...apparently is alive and well in the art world.

This practice has been present in the vintage card world as well.

While I highly frown upon such behavior...will this someday be accepted and normal???

http://www.nytimes.com/2016/01/17/op...sson.html?_r=0

happens in the housing market all the time

[bnorth]

Pete from personal experience that has been happening in the card world for the 30 yrs I have been collecting. It has got a lot worse in the last 5 yrs though.

Like shill bidding and not disclosing alterations it is accepted by most. It is the reason nobody on this site will show a card they just bought till in hand because other members would be all over contacting the seller to let them know they would pay more.

[ullmandds]

I agree with the previous thoughts...what I'm intimating is whether it will become more accepted for one to make a deal...then experience sellers remorse when they find their "sold" item is worth more than they sold it for...cancel previous transaction...and resell at a more marketable value.

This would suck...and could disrupt the whole resale market in my opinion?

Could be a boon for lawyers though?

[bnorth]

Originally Posted by ullmandds

I agree with the previous thoughts...what I'm intimating is whether it will become more accepted for one to make a deal...then experience sellers remorse when they find their "sold" item is worth more than they sold it for...cancel previous transaction...and resell at a more marketable value.

This would suck...and could disrupt the whole resale market in my opinion?

Could be a boon for lawyers though?

I do think it is accepted. I know of it happening at least once or twice a week from friends or happening to myself. There are also eBay sellers that cancel auctions all the time if the price is not high enough for them.

Doubt it will help out the lawyers. Like altered cards and forgeries most don't involve enough $ to make it worth their time.

[ullmandds]

the apocalypse is near....whatever happened to "a deal is a deal?"

[Edwolf1963]

Originally Posted by ullmandds

I agree with the previous thoughts...what I'm intimating is whether it will become more accepted for one to make a deal...then experience sellers remorse when they find their "sold" item is worth more than they sold it for...cancel previous transaction...and resell at a more marketable value.

Just happened (or some variation of it) in a recent long, debated thread as I recall. I'm sure it happens more than reported or even noticed, guess whether or not it's "accepted" largely depends on the parties involved.

[ullmandds]

Originally Posted by Edwolf1963

Just happened (or some variation of it) in a recent long, debated thread as I recall. I'm sure it happens more than reported or even noticed, guess whether or not it's "accepted" largely depends on the parties involved.

that's a good point ed...there was an incident on bst auction where I won an autographed kahns pete rose card and the buyer renegged because auction ended less than seller had hoped. It took the net54 gang's backing to facilitate the transaction...which I greatly appreciated.

This practice just really irks me.

[JustinD]

Originally Posted by 1952boyntoncollector

happens in the housing market all the time

Sounds like only with the usual ridiculous British law.

I work in mortgage and as long as the buyer and seller have a halfway reasonable executed Purchase Agreement, you are pretty darn safe if you had a decent lawyer or title company review it. However, I have seen crazies that try to made the biggest purchase of their life on a handshake and it does not often turn out well.

If someone tried to back out of a PA on me for a higher offer while I am in process, they would pay me more than than they thought they were making.

[Exhibitman]

The question always comes down to money: if the item is worth enough it is worth getting an injunction to stop the sale pending a specific performance lawsuit. If not, there isn't jack to be done.

As for card deals, it is a sad reality that contract interference is commonplace with cards sold on eBay, and that is indeed why I never post a pending deal.

IMHO it is very bad etiquette to back out of a partially done deal and deserves a public outing on boards like this at the very least.