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what is going on at heritage?

Started by james1768-migration,

186 posts in this topic

ngh81

ngh81

Posted
Posted
Maybe someone should contact Borock? These bids are a farce... Superman #6 7.0 at $19k? The same book sold for $4500 2 months ago...

 

Now this is absolutely nuts! :insane:

 

I'd understand it if one big spending, non informed bidder hit the bin on a certain book listed on a dealer website and paid 4 times current FMV. However, you'd have to expect something fishy is going on when it's 2 or more bidders, and especially this early in the auction. For instance, is Heritage allowing the person whom retracted their $108k bid on the All Flash #1 copy to also bid on other books in this auction? I hope it's all legit, but definitely a head scratcher. hm

+1 very strange hm

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sacentaur

sacentaur

Posted
Posted
For instance, is Heritage allowing the person whom retracted their $108k bid on the All Flash #1 copy to also bid on other books in this auction?

 

This could be very telling.

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nearmint

nearmint

Posted
Posted

Batman #8 Cgc 8.0. $12,000+

Captain America #2 cgc 8.0. $47,000

All-flash #1 Cgc 9.2. $50,000

Captain America #7 Cgc 8.0. $16,000+

 

Here's another good one. The Action #36 is currently at $26,290. The same copy sold in February for $5377. You can't even call it uninformed or misinformed, as that auction history is listed in the item description!

 

And an Action #36 CGC 6.5 just popped up on the CL exchange with an ask price of $4500. That's a big number for a 6.5.

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nearmint

nearmint

Posted
Posted
Jeff, we saw this phenomenon a few years ago when the Superman #4 and 6 went for crazy (bogus) money... the market went haywire for a while.

 

I believe we exchanged a few PMs on the subject...

 

Yep!

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comicdonna

comicdonna

Posted
Posted

Batman #8 Cgc 8.0. $12,000+

Captain America #2 cgc 8.0. $47,000

All-flash #1 Cgc 9.2. $50,000

Captain America #7 Cgc 8.0. $16,000+

 

Here's another good one. The Action #36 is currently at $26,290. The same copy sold in February for $5377. You can't even call it uninformed or misinformed, as that auction history is listed in the item description!

 

And an Action #36 CGC 6.5 just popped up on the CL exchange with an ask price of $4500. That's a big number for a 6.5.

I see they removed the sale pending 6.0? for about $600 It was there a few days ago. lol
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MrBedrock

MrBedrock

Posted
Posted
if I have said it once, I have said it 3.7 times...this kind of bidding is BAD for our hobby!
Why?
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comicdonna

comicdonna

Posted
Posted
if I have said it once, I have said it 3.7 times...this kind of bidding is BAD for our hobby!
Why?
If it continues, it may give a buyer like myself an insecure feeling purchasing from an auction house.
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MrBedrock

MrBedrock

Posted
Posted
if I have said it once, I have said it 3.7 times...this kind of bidding is BAD for our hobby!
Why?
If it continues, it may give a buyer like myself an insecure feeling purchasing from an auction house.

So crazy, and possibly uniformed bidding undermines your faith in the auction system. I tend to agree with that, though I just step away from items that are going for stupid prices. Those silly bids have little affect on me personally. And we do tend to get excited about some sales prices that to the uninformed would seem silly, such as $2,000,000 for what is possibly the second or third best Action 1. The auction system itself is set up so whoever wants to pay the most for an item has ample opportunity.

So ultimately why is out-of-whack bidding a bad thing?

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kimik

kimik

Posted
Posted
if I have said it once, I have said it 3.7 times...this kind of bidding is BAD for our hobby!
Why?
If it continues, it may give a buyer like myself an insecure feeling purchasing from an auction house.

So crazy, and possibly uniformed bidding undermines your faith in the auction system. I tend to agree with that, though I just step away from items that are going for stupid prices. Those silly bids have little affect on me personally. And we do tend to get excited about some sales prices that to the uninformed would seem silly, such as $2,000,000 for what is possibly the second or third best Action 1. The auction system itself is set up so whoever wants to pay the most for an item has ample opportunity.

So ultimately why is out-of-whack bidding a bad thing?

 

I agree.

 

If it is as a result of comics becoming more mainstream with collectors in general, and as an alternative investment, then all is fine IMHO.

 

If it is another Keller and we can buy the books back at reduced prices from him a year or two down the road, then all is fine IMHO as the market will correct itself just like with penny stocks.

 

The only negative I can see:

 

If it is only on books that I do not own/plan to sell in the next few months, then it is bad as I will have been chasing the wrong books/titles.

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skybolt

skybolt

Posted
Posted
if I have said it once, I have said it 3.7 times...this kind of bidding is BAD for our hobby!
Why?
If it continues, it may give a buyer like myself an insecure feeling purchasing from an auction house.

So crazy, and possibly uniformed bidding undermines your faith in the auction system. I tend to agree with that, though I just step away from items that are going for stupid prices. Those silly bids have little affect on me personally. And we do tend to get excited about some sales prices that to the uninformed would seem silly, such as $2,000,000 for what is possibly the second or third best Action 1. The auction system itself is set up so whoever wants to pay the most for an item has ample opportunity.

So ultimately why is out-of-whack bidding a bad thing?

 

I personally don't have an issue with 2 or more new collectors entering the market and outbidding each other to a point where they're paying 4 to 5 times the FMV for books. Heck, we've all been newbies at some point in our collecting careers and have learned to settle into the market thru experience and learning from other collectors. However, what I do have a problem with is a newbie bidding $108,000 on a book and then retracting their bid for whatever reason. It just makes a serious auction look like a farce. Did the bidder call Heritage and say "oh gosh, I thought it was a Flash #1......my bad".

 

How many of these other books will be back up for sale in the next Heritage Auction because these new buyers were just thrill bidding and had no intention of paying? In this scenario, the original seller would be extremely upset, while many other collectors will perceive the auction house as either having a hand in the affair or at minimum being negligent.

 

Again, I really hope all these bids are legit and a couple of deep pocket buyers thought it would be fun to pay tens of thousands of dollars extra instead of doing a little research and finding higher graded copies for less money currently up for sale somewhere else!

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killerkomics

killerkomics

Posted
Posted
if I have said it once, I have said it 3.7 times...this kind of bidding is BAD for our hobby!
Why?
If it continues, it may give a buyer like myself an insecure feeling purchasing from an auction house.

So crazy, and possibly uniformed bidding undermines your faith in the auction system. I tend to agree with that, though I just step away from items that are going for stupid prices. Those silly bids have little affect on me personally. And we do tend to get excited about some sales prices that to the uninformed would seem silly, such as $2,000,000 for what is possibly the second or third best Action 1. The auction system itself is set up so whoever wants to pay the most for an item has ample opportunity.

So ultimately why is out-of-whack bidding a bad thing?

 

Heres one of many reasons;

 

First when a book goes for beyond stupid money, as we are seeing presently at HA, the next guy with that exact same book in the same grade thinks his book is valued at that same price level and now the book gets held hostage at its new over inflated price. The next guy with the same book but half grade point less believes his book is worth slightly less than the over priced book. And this also happens with the guy who owns the same book in a higher grade as he wants more than the HA price or even a multiple of that sale, and so on, and so on. You get the idea. Finally, collectorS who would like to purchase said book for their personal collection or to complete a run can no longer do so, as its out of their price range. Why? Because of one stupid sale at auction which may or may not be real. Proof of this is when this senario happens on a book, you see dealers pulling that same book off their website as they do not want to under sell that same book. Also, you see it happen on Ebay, the book goes from $X to $5X. The book gets stagnate all of a sudden due to that one sale at auction which most everyone sees. And if this happens on enough books, the average collector can not afford to buy therefore slowing down the hobby and some getting out. My 2 cents!

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