REA Results and "The Market"

[Bosox Blair]

I'm a bit surprised there has not been more discussion about the Spring 2013 REA results generally. In the past I have always felt the REA results were something of a barometer for "the market".

Despite a few consignors getting disappointing results (sorry Pete! ), I felt the final prices were quite strong...and there is still another REA to come this year.

According to REA's post-auction info, they sold $10.17 million, and 99.77% of lots sold (1807 lots).

I read this as a signal that the market in general is gaining strength. Having been a bidder in the last 4 or 5 REA auctions, I think this one showed the most spirited bidding over that timeframe. Some collectors have commented that their bids were blown out of the water, and there were few bargains to be had. I generally agree with this - and I think it bodes well for the continued recovery (since the late '08 fall) of the sports collectibles market through 2013.

Your thoughts?

Cheers,
Blair

[bcbgcbrcb]

I thought bidding was strong and material was as good as ever. I was very surprised at the minimum bid on the 1863 Harry Wright when the auction first went online and it proved to be too high as it was the only really high profile lot that went unsold.

[jimivintage]

Originally Posted by bcbgcbrcb

I thought bidding was strong and material was as good as ever. I was very surprised at the minimum bid on the 1863 Harry Wright when the auction first went online and it proved to be too high as it was the only really high profile lot that went unsold.

Much agreed, Phil.....what a shame for sure.

[Bridwell]

I would characterize it as "smart spending". In my case, after tracking and bidding on 50 lots, I only won 2 of them. The prices weren't sky high, but they seemed about market value. Not great deals so I didn't spring for them.

My consignments didn't do that great. Didn't get the sky high bids I had dreamed of. I guess buyers are becoming more savvy.

Maybe that's why there aren't many threads on this. Not too many sky high bids this year in REA, or greal deals.

[rhettyeakley]

Originally Posted by bcbgcbrcb

I thought bidding was strong and material was as good as ever. I was very surprised at the minimum bid on the 1863 Harry Wright when the auction first went online and it proved to be too high as it was the only really high profile lot that went unsold.

Phil, that lot was actually pulled in the days prior to the auction ending by the consignor. You had to go into the description to see that the item had been withdrawn. I think it probably would have garnered a bid, I for one would rather have had that card than the CDV from the Maine auction house. The consignor may have gotten cold feet when it wasn't getting the expected action.

[bobbyw8469]

Not too many sky high bids this year in REA, or greal deals.

In a different thread, I noted how REA had sold the exact three cards that I sold five months earlier (two cards being identical grades, and the third being only 1/2 grade higher) for $1,000 more money. Either those bids went too high, or I got ripped off. Probably a little of both.....

[bcbgcbrcb]

Thanks for the info, Rhett, I never thought to check that. I am very surprised that a consignor would be allowed to pull an item like that from a major auction only a few days before closing. I'm not sure that a lot of auction houses would allow that.

[Bosox Blair]

Originally Posted by Bridwell

...after tracking and bidding on 50 lots...

Hi Ron,

Nice job on the marker bids! I got about 20 in...also won 2.

Cheers,
Blair

[drc]

Not my area of knowledge, but others elsewhere said that that the unopened packs boxes, ala 1970s Topps, went very high, often setting records. They assume it would raise the price of such items across the board due to the scarcity.

I thought the overall prices for other items looked healthy, a number of items got very strong prices. I generally look at all the categories in an auction.

I thought a lot of lots had respectable prices, just not sky high as one might expect. There were several photos though I thought could have gotten much higher prices, though they didn't go for nothing.

I think the Harry Wright 'card' was worth more than $50,000. I thought similar items in the Legendary items were undervalued. But that's just my opinion. Others clearly disagreed. Maybe I'm ahead of the curve, maybe I'm not

Clearly lots of people are bidding good money, but I don't think the market has reached it's peak yet. I thought the prices in the few months back Legendary auction was shockingly low, but that may be due to reasons other than the market. The Dreier (sp) collection had highest quality and rarely seen items (Primo 1800s CDVs to the best Armor Coin collection I've ever seen), so it wasn't due to lack of quality material.

[GaryPassamonte]

The market for Harry Wright cricket/baseball tickets is extremely thin.

[bcbgcbrcb]

Gary:

I would be in the market for one if the minimum bid were $10,000. Of course, if there were any other interested bidders, I would probably be out of the market pretty quickly........

[cyseymour]

I was impressed with the results for the Bid McPhee and Mickey Welch OJ's. They drew excellent prices overall. 25k for the Welch SGC 84 was a strong price, though deservedly so. Same for the Bid McPhee cards. Considering that prices had been depressed on Bid McPhee recently, they did very well. The high grade McPhee went for 10k and the PSA 2 went for 7k. Prices were more moderate for the OJ's without strong images, but overall things were strong in OJ-land after depressed results for the last six months from the Dreier Collection being liquidated.

[smtjoy]

I felt prices were strong but not crazy. I thought the Ruths, Pirate's and a few others were very strong and at the other side I felt the zeenuts (might have been from there being so many offered) and M101-4/5 other than Ruths went a little low.

I bid on 38 lots and only won 1

[Wymers Auction]

Originally Posted by bcbgcbrcb

Thanks for the info, Rhett, I never thought to check that. I am very surprised that a consignor would be allowed to pull an item like that from a major auction only a few days before closing. I'm not sure that a lot of auction houses would allow that.

There really is not much recourse for an auctioneer once a consignor backs out. You can charge them the commission based on market value. It is not a smart thing to sell an item after a consignor says no, even the written contract will not easily save you the trouble it will cause you.

[CMIZ5290]

This card went for an astronomical figure. It was obviously hacked top to bottom, hardly any borders top and bottom, and it was even disclosed by REA (to their credit). I wouldn't have paid $1500 for it.......

[CMIZ5290]

T206 Al Burch was a fantastic value at $2350, Wildfire Schulte for $3100 was also a solid buy, IMO......

[bcbgcbrcb]

James:

You are saying that a consignor has the right to do whatever they want with "their" item even after entering into a contract to auction it with a house?

[ullmandds]

Had I known I could do that...I'd have pulled my RC Lowdy!!!!

[Matthew H]

Originally Posted by cyseymour

I was impressed with the results for the Bid McPhee and Mickey Welch OJ's. They drew excellent prices overall. 25k for the Welch SGC 84 was a strong price, though deservedly so. Same for the Bid McPhee cards. Considering that prices had been depressed on Bid McPhee recently, they did very well. The high grade McPhee went for 10k and the PSA 2 went for 7k. Prices were more moderate for the OJ's without strong images, but overall things were strong in OJ-land after depressed results for the last six months from the Dreier Collection being liquidated.

The Drier OJs weren't very nice. I thought they sold for what they should. Their OJs looked like they bought whatever was available without regard to eye appeal. I only bought 2 of their cards and aside from the Brooklyn minis, I can't think of any card I missed out on. The McPhee cards REA had were the nicest I've seen since I've been looking at OJs. BTW, did you get one? They seemed like your cup of tea.

[ullmandds]

I'd like to wish a belated congratulations to the consignor(is he a board member...maybe?)of the frederick foto ruth...what an awesome card...so rare...a unique straight on pose with the red sox...big bucks!!!!!!

[cyseymour]

Originally Posted by Matthew H

The Drier OJs weren't very nice. I thought they sold for what they should. Their OJs looked like they bought whatever was available without regard to eye appeal. I only bought 2 of their cards and aside from the Brooklyn minis, I can't think of any card I missed out on. The McPhee cards REA had were the nicest I've seen since I've been looking at OJs. BTW, did you get one? They seemed like your cup of tea.

Nope, didn't get anything for the second consecutive year. I did like the PSA 2 McPhee, though. Very cool card.

[CW]

While I can't comment on the overall auction results, or the overall market for certain sets, I did follow a few auctions closely and noted some interesting results in a few areas...

The Boston Garter uncut panel of 4 received no bids during extended bidding, if I recall correctly. Just thought it was interesting that such a high profile item within the auction did not have a heated bidding war in the wee hours of the morning.

The market for T206 freaks proved strong once again as the miscut T206 Mickey Doolin sold for a strong price ($9,480). Although I'm no freak expert, I thought the group of four "printing anomalies" with very cool ghost backs was a comparative bargain, considering you got four cards, one of which is a HOFer, and the ghost backs look cooler than a miscut, in my freakish opinion.

One card that seems to be on many wantlists, the 1914 Cracker Jack Ty Cobb, earned a strong price, although it was a sharp SGC 10 if you could look past the pinholes. The card sold for just over $5300.

This REA auction featured a total of four T3 Turkey Red Ty Cobb cards, and once again we saw collectors paying higher prices for the better card, not necessarily the higher grade, as this PSA 4.5 sold for a bit more than this PSA 5. Both sharp cards, with the 4.5 looking a touch better overall. The two lower grade T3 Cobbs, both SGC 20s (1.5s), earned differing closing bids, again with the better looking card getting $500 more with BP, despite both cards having the same technical grade from SGC (link and link).

And finally, I'm not sure what this says about the market for N43 Buck Ewings, but the REA SGC 50 example had a strong closing bid at just over $5K. The card was typical for the grade, but the price was surprising considering the same card in the same grade just sold at Heritage for around $2900, and a PSA 5 was shipped to the winning bidder in the most recent Goodwin & Co. auction for $4,193.56. If nothing else, these varying prices over just a couple months just reiterate what we all knew -- REA gets some of the best prices in the AH venue.

[Bosox Blair]

Originally Posted by CW

And finally, I'm not sure what this says about the market for N43 Buck Ewings, but the REA SGC 50 example had a strong closing bid at just over $5K. The card was typical for the grade, but the price was surprising considering the same card in the same grade just sold at Heritage for around $2900, and a PSA 5 was shipped to the winning bidder in the most recent Goodwin & Co. auction for $4,193.56. If nothing else, these varying prices over just a couple months just reiterate what we all knew -- REA gets some of the best prices in the AH venue.

I was an underbidder (and maybe "the" underbidder) on the Goodwin N43 Ewing in a 5...gorgeous card, which I thought sold for fair value. I thought the REA one was way high.

Cheers,
Blair

[Bridwell]

I was surprised that "trimmed" T206 commons in PSA 8 were selling for almost $2000. It's amazing that collectors trust PSA more than they trust REA!

[Wymers Auction]

Originally Posted by bcbgcbrcb

James:

You are saying that a consignor has the right to do whatever they want with "their" item even after entering into a contract to auction it with a house?

No, not at all Phil. I do not think it is right for them to back out, but legally it is a losing situation to try and make them sell their items.

[bcbgcbrcb]

I would think that the appropriate verbiage would be in the consignment contracts not to allow that, no?

[Wymers Auction]

Phil I agree with everything you have said. My only point is that is not easy to take action on. You are right consignment contracts should spell out everything including payment times, consignors not allowed to bid on own items, what to do if items are not sold, etc.

[bcornell]

The one that left me speechless was the lot of N288's, which got $500 per card with the vig. For any non-sport set to get those prices is astounding, I think. They've never sold for anywhere near that before.

Bill

[Blunder19]

Hey Chuck.. to help explain the difference in cost on the T206 errors... blank backs (while rare) are not nearly as rare as a severe front miscut t206s. Case in point REA had 4 of these blank backs with minor ghosting for sale at once...

In 6 years of collecting t206 errors.. that was the first front miscut I saw for sale that had a player split (half the player on the bottom and half the player on the top).. I have seen a couple front miscuts with borders showing top to bottom (also nice cards) like the EPDG freak from the REA auction from 2012... but before this REA auction I had not seen a player split for sale in 6 years of looking. They are very, very tough... I only know of 7 that exist including this doolin

[CW]

Very interesting, Jamie, thanks for the info.

I'd still rather have a blank-backed printers scrap HOFer with brown pass on the reverse, but that's just me.

[Leon]

Originally Posted by CW

Very interesting, Jamie, thanks for the info.

I'd still rather have a blank-backed printers scrap HOFer with brown pass on the reverse, but that's just me.

"Errors" are certainly beauty in the eye the beholder. The major front miscuts are quite neat to me. The blanks backs are cool but not as eye catching. As for values, let the party (bidding) begin . It seems like the sky is the limit these days.

[scooter729]

I just wanted to say bravo to Rob and everyone at REA - the model for how auctions should be run!

The auction ended early Sunday morning, and invoices were available immediately. I mailed my check on Monday from Boston, and FedEx just delivered my package to me this morning!

Now THAT is impressive service, esp. for an auction with nearly 2,000 lots and $10M+ in sales!

[jhs5120]

Originally Posted by Bridwell

I was surprised that "trimmed" T206 commons in PSA 8 were selling for almost $2000. It's amazing that collectors trust PSA more than they trust REA!

I think some bidders missed the disclaimer in the listing..

[CW]

Originally Posted by CW

Very interesting, Jamie, thanks for the info.

I'd still rather have a blank-backed printers scrap HOFer with brown pass on the reverse, but that's just me.

Originally Posted by Leon

"Errors" are certainly beauty in the eye the beholder. The major front miscuts are quite neat to me. The blanks backs are cool but not as eye catching. As for values, let the party (bidding) begin . It seems like the sky is the limit these days.

Yep, to each their own, and the freaks are definitely hot. BTW, hope my comments aren't misconstrued as a knock on the Doolin or anything like that. I don't have any freaks in my collection, but I do appreciate the scans shared here, and I'm always willing to learn more about them and their intricacies.

[Runscott]

Originally Posted by scooter729

I just wanted to say bravo to Rob and everyone at REA - the model for how auctions should be run!

Yep, great auction all-around. I had a minor issue (of my own doing because I'm on the road) that they handled for me immediately. Looking forward to the next REA auction.

[ValKehl]

Originally Posted by scooter729

I just wanted to say bravo to Rob and everyone at REA - the model for how auctions should be run!

The auction ended early Sunday morning, and invoices were available immediately. I mailed my check on Monday from Boston, and FedEx just delivered my package to me this morning!

Now THAT is impressive service, esp. for an auction with nearly 2,000 lots and $10M+ in sales!

+1 - My experience was identical, the only difference being that my check was mailed from VA!
Val

[calvindog]

Originally Posted by Blunder19

In 6 years of collecting t206 errors.. that was the first front miscut I saw for sale that had a player split (half the player on the bottom and half the player on the top).. I have seen a couple front miscuts with borders showing top to bottom (also nice cards) like the EPDG freak from the REA auction from 2012... but before this REA auction I had not seen a player split for sale in 6 years of looking.

__________________
http://www.flickr.com/photos/calvindog/sets

[jefferyepayne]

Originally Posted by scooter729

I just wanted to say bravo to Rob and everyone at REA - the model for how auctions should be run!

The auction ended early Sunday morning, and invoices were available immediately. I mailed my check on Monday from Boston, and FedEx just delivered my package to me this morning!

Now THAT is impressive service, esp. for an auction with nearly 2,000 lots and $10M+ in sales!

+1000. I love their service and am anxiously awaiting my stuff.

And here I am still waiting for my stuff to arrive from Heritage that I paid for by eCheck on May 5th ... which items will arrive first?

jeff

[calvindog]

Originally Posted by jefferyepayne

+1000. I love their service.

And here I am still waiting for my stuff to arrive from Heritage that I paid for by eCheck on May 5th ...

jeff

Heritage is enjoying your interest-free loan.

[sycks22]

REA has always been fast to ship items. I paid on Thurs and shipped on Friday. Excited for the 2nd auction in Sept.

[yanksfan09]

This was my first experience with REA and I'm very impressed! I paid by personal check and got my items a couple days ago! Fantastic service!

[warrior1978]

I think this is my third win with REA. My item was already shipped and should be to me on Tuesday.

[pawpawdiv9]

I actually emailed a guy at REA late Friday afternoon. We had several talks back n forth discussing a slight detail, and it worked itself out.
He was very polite and very helpful, especially on a holiday weekend.
He told me..he would be working 24/7 this weekend and writing consignor checks out.
Now thats DEDICATED!!!
I sent my payment later on..think it was Thursday..really excited on my 2 lots.
And now i read theres another one later on...O-Boy i am gonna need a loan!!!!

[CW]

This was also my first time actually bidding in an REA auction and, although I did not win anything, the numerous emails alerting me that my bids had been blown out of the water were very prompt and courteous.