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Manufactured Gold

Started by MasterChief,

2,576 posts in this topic

Flaming_Telepath

Flaming_Telepath

Posted
Posted
BTW......does it say anywhere on the Heritage site that their employees can bid on auctions, or is this info anecdotal?

 

Not sure about details on the site, but they have confirmed that's the case in the press...and rigorously defended them doing so.

 

They stated that there was nothing underhand about it. So, obviously it's a clean game. yeahok.gif

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PedigreeMan

PedigreeMan

Posted
Posted
Finally, if Heritage are the ones doing the scamming (i.e., taking the inventory risk I refer to above), why in the world would they provide us with such a fine image archive which has been the source for identifying 90+% of the monkey business going on here? If they took down the images after the conclusion of each auction (like EVERYONE else in the business), I think a lot of this would have flown completely under the radar. If Heritage are crooks, they are extremely stupid crooks, and I don't think they are stupid.

 

I would love to get a copy of Halperin's settlement with the FTC to see if it contains any requirements on his future ventures needing to maintain an "auction archive." 893scratchchin-thumb.gif

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Bullet123

Bullet123

Posted
Posted
I'm not seeing armageddon here. I'm hoping it doesn't get ugly. I hope no collectors who have invested huge chunks of dough (like Bullet and Tim) lose their investment value.

 

BTW......does it say anywhere on the Heritage site that their employees can bid on auctions, or is this info anecdotal?

 

The terms of the auction are listed in the front of every catalogue they issue. I do not know if terms are listed on the website.

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Vtcomics

Vtcomics

Posted
Posted
This point is the big one:

 

My own personal opinion, is that the stuff that we know regarding this situation is only a VERY small percentage of what is actually going on. I am concerned that as the problem continues to occur, at some point some sort of law enforcement agency will get involved, there will be a big scandal, and the entire collecting community will suffer

 

If this does happen, and the scandal reaches the masses via mainstream media.....the specs are going to dump their investments in a hurry & exit the 'hobby' forever.

 

This will be what finally bursts the bubble.

 

The crash of the 90s will look like a walk in the park in comparison.

 

If Heritage goes down due to the crack/press/resub game.....it will only be a matter of time before CGC itself comes under scrutiny by simply being the means in which the game was played.

 

It's going to get ugly.

 

I agree completely. I have been on the sidelines for years watching Heritage play their little games. I am glad to see some of you guys are taking notice and calling them out. Once everything is exposed, it will all be VERY ugly. 893whatthe.gif

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Red Hook

Red Hook

Posted
Posted
I'm not seeing armageddon here. I'm hoping it doesn't get ugly. I hope no collectors who have invested huge chunks of dough (like Bullet and Tim) lose their investment value.

 

BTW......does it say anywhere on the Heritage site that their employees can bid on auctions, or is this info anecdotal?

 

The terms of the auction are listed in the front of every catalogue they issue. I do not know if terms are listed on the website.

 

I downloaded the pdf of their terms....which is several pages of closely spaced type.....and found no reference to the fact that employees could bid on auctions. Does it actually mention that in their catalogues? I know most bidders don't get the catalogues. It certainly wouldn't be difficult to add that info to an online version of the terms. Copy and paste.

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drbanner

drbanner

Posted
Posted
I'm not seeing armageddon here. I'm hoping it doesn't get ugly. I hope no collectors who have invested huge chunks of dough (like Bullet and Tim) lose their investment value.

 

BTW......does it say anywhere on the Heritage site that their employees can bid on auctions, or is this info anecdotal?

 

The terms of the auction are listed in the front of every catalogue they issue. I do not know if terms are listed on the website.

 

I downloaded the pdf of their terms....which is several pages of closely spaced type.....and found no reference to the fact that employees could bid on auctions. Does it actually mention that in their catalogues? I know most bidders don't get the catalogues. It certainly wouldn't be difficult to add that info to an online version of the terms. Copy and paste.

 

I don't know how they come up with the list of who receives their catalogue, but I imagine if you ever win anything they start sending 'em to you...I started getting them a long time ago when they were advertised as "for sale" for like $50 each!?!?

 

Anyhow, in their latest catalog under term #22 it states "The auctioneer or its affiliates may consign items to be sold in the Auction, and may bid on those lots or any other lots." I don't see anything specifically differentiating between "the auctioneer" and the auctioneer's employees (bidding as private individuals), nor do I see anything that would preclude the auctioneer's employees from bidding.

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Bullet123

Bullet123

Posted
Posted
I'm not seeing armageddon here. I'm hoping it doesn't get ugly. I hope no collectors who have invested huge chunks of dough (like Bullet and Tim) lose their investment value.

 

BTW......does it say anywhere on the Heritage site that their employees can bid on auctions, or is this info anecdotal?

 

The terms of the auction are listed in the front of every catalogue they issue. I do not know if terms are listed on the website.

 

I downloaded the pdf of their terms....which is several pages of closely spaced type.....and found no reference to the fact that employees could bid on auctions. Does it actually mention that in their catalogues? I know most bidders don't get the catalogues. It certainly wouldn't be difficult to add that info to an online version of the terms. Copy and paste.

 

I am at work and do not have a catalogue here.... What employee are you referring to? Lewis Wayne Galleries? who?

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drbanner

drbanner

Posted
Posted
Glad they're being clear and upfront about it. yeahok.gif

 

It's like the terms printed on the back of your credit card statement. It's meant to be overlooked and misconstrued.

 

It's pretty clear they're saying they can list and bid on their own items...we may not agree with it, but since someone asked what the catalogue terms and conditions stated regarding this, I gave the answer. thumbsup2.gif

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nik

nik

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Posted

Yup I just read the same thing you posted. Never paid attention to the statement before tonofbricks.gif

 

Funny when this stuff happens on Ebay, I think people refer it to as shill bidding and are mad as hell.

 

I guess when you have alot of pull in the industry, it gives you a free pass foreheadslap.gif

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