Can someone explain this ComicConnect Auction “coincidence” 5 5

[mikenyc]

I drunkenly put in a bunch of bids on some books a couple weeks ago on ComicConnect’s current auction. Out of the 8 bids, I lost 1, won 1 $5 dollars under my max bid and the other 6 I won, but at exactly my max bid within the last 3 minutes, which would reset another 3 minutes. 
 

Am I missing something or did the other 6 books have bidders that happened to bid at the exact bid increment under my max bid, that would have triggered my max bid. It’s not like the price slowly moved upward as bidders participated, it went from way under my max  to exactly max bid on the next bid. 
 

Seems like a weird coincidence that it happened on almost every book. Have never experienced that ComicLink, Heritage, MCS, etc. 
 

Edited October 18, 2023 by mikenyc

[Krydel4]

On 10/18/2023 at 4:50 PM, mikenyc said:

I drunkenly put in a bunch of bids on some books a couple weeks ago on ComicConnect’s current auction. Out of the 8 bids, I lost 1, won 1 $5 dollars under my max bid and the other 6 I won, but at exactly my max bid within the last 3 minutes, which would reset another 3 minutes. 
 

Am I missing something or did the other 6 books have bidders that happened to bid at the exact bid increment under my max bid, that would have triggered my max bid. It’s not like the price slowly moved upward as bidders participated, it went from way under my max  to exactly max bid on the next bid. 
 

Seems like a weird coincidence that it happened on almost every book. Have never experienced that ComicLink, Heritage, MCS, etc. 
 

PM Sent.

[Phicks]

I had this happen with one auction on Comic Connect too.   Seemed very suspicious to me.

[Swagglehaus]

Curious to hear more about this

[mr_highgrade]

[lou_fine]

On 10/18/2023 at 4:50 PM, mikenyc said:

 It’s not like the price slowly moved upward as bidders participated, it went from way under my max  to exactly max bid on the next bid. 

Consider yourself lucky as whenever I think I put in a max bid, some other know-it-all just keeps biding me up beyond my max bid.  

Seriously though, just curious as to what kind of dollar amounts are we talking about here relative to their bidding increments?  

[SushiX]

If you think about how many people and bids on put in on the book your bidding on its more than likely to happen that way especially if it's a popular book. 

[Lightning55]

Hopefully it's not an insider with access to bid maximums bidding people up....

[Gaard]

On 10/21/2023 at 2:27 AM, Lightning55 said:

Hopefully it's not an insider with access to bid maximums bidding people up....

...which I suspect happens quite often at the auction house that I purchase many comics from.

[Senormac]

On 10/21/2023 at 3:59 AM, Gaard said:

...which I suspect happens quite often at the auction house that I purchase many comics from.

Sounds suspicious to me as well.  But the real trouble is, especially if true, "What are you gonna do about it?!!"  NOTHING.  It's the beast.  

[BEAUMONTS]

N.P. Gresham strikes again.

[alexgross.com]

On 10/20/2023 at 11:27 PM, Lightning55 said:

Hopefully it's not an insider with access to bid maximums bidding people up....

this was alleged here by a former cc/metropolis employee there with inside knowledge. important to state that it is simply an allegation.

if you don't know about the np gresham case mentioned by @BEAUMONTS its a depressing read on google. but essentially that was a lawsuit against heritage for precisely this behavior. it was settled privately. 

[Stefan_W]

This is basically a trust issue - trust that the auctions run by a site are completely fair. 

I believe it all comes down to who has access to the max bids and whether they are inclined to ever share that info. It would need to be pretty high level access to the system used by the site, so someone either at or near an ownership level for system access or else programmers who maintain the site. Site owners stake their entire business on running fair auctions so I have a hard time wrapping my brain around someone taking risks like that, but of course it takes all kinds to fill a freeway. 

I dont have a horse in this particular race since I dont use CC. There is no doubt in my mind that CL and MCS are completely fair based on my own experience so I stick with what I know and trust. 

 

[Cman429]

Anybody involved in the comic or trading card “hobbies” has heard plenty of stories of market manipulation whether it be big dealers colluding to drive up the price of an auction or companies with a stash of a certain item having “friends’ that ensure they”re taken care of on the grading side or what have you. 

When you deal with any large successful company dealing in collectibles, you best assume it’s like walking into a casino in Vegas. Your may win some, you may lose some but you’re naive if you don’t think they don’t have thumbs on the scale to ensure they always come out ahead.

[alexgross.com]

On 10/21/2023 at 8:20 AM, Stefan_W said:

Site owners stake their entire business on running fair auctions so I have a hard time wrapping my brain around someone taking risks like that, but of course it takes all kinds to fill a freeway. 

 

cc is owned by metropolis comics, one of the larger dealers out there. it's only some per cent of their overall business. i can't see what risk they run outside of getting busted, since they can (hypothetically) shill and even buy books in their own auctions and offer them for sale later. 

auction houses owned and operated by comic dealers have an inherent conflict of interest. 

[Gaard]

On 10/21/2023 at 11:20 AM, Stefan_W said:

There is no doubt in my mind that CL and MCS are completely fair based on my own experience so I stick with what I know and trust.

 

[Dr. Balls]

On 10/21/2023 at 8:31 AM, alexgross.com said:

this was alleged here by a former cc/metropolis employee there with inside knowledge. important to state that it is simply an allegation.

if you don't know about the np gresham case mentioned by @BEAUMONTS its a depressing read on google. but essentially that was a lawsuit against heritage for precisely this behavior. it was settled privately. 

Yeeesh. That is actually very depressing to read. Anyone who's curious: just google NP Gresham Heritage and it's the first hit.

[Senormac]

On 10/21/2023 at 8:44 AM, alexgross.com said:

cc is owned by metropolis comics, one of the larger dealers out there. it's only some per cent of their overall business. i can't see what risk they run outside of getting busted, since they can (hypothetically) shill and even buy books in their own auctions and offer them for sale later. 

auction houses owned and operated by comic dealers have an inherent conflict of interest. 

It's a sign of the times.  Honest business's looking around at everything else going on in this country and seeing the break with integrity, law and order, and a transforming into a get as much as you can, while you can, every man for themselves society.   Very sad.

[VintageComics]

On 10/21/2023 at 12:09 PM, Senormac said:

On 10/21/2023 at 11:44 AM, alexgross.com said:

cc is owned by metropolis comics, one of the larger dealers out there. it's only some per cent of their overall business. i can't see what risk they run outside of getting busted, since they can (hypothetically) shill and even buy books in their own auctions and offer them for sale later. 

auction houses owned and operated by comic dealers have an inherent conflict of interest. 

It's a sign of the times.  Honest business's looking around at everything else going on in this country and seeing the break with integrity, law and order, and a transforming into a get as much as you can, while you can, every man for themselves society.   Very sad.

My family grew up behind the iron curtain. In 1958 when communism took over Jugoslavia, my family made plans to escape and by 1960 they packed up and left. 

The communists took EVERYTHING they owned and so they left with literally nothing to start a new life. 

My grandmother went through the mountains with children in her arms to escape. My dad (the oldest sibling) moved to Austria in 1958 to save money for the journey and he met my grandmother and his siblings with his dad (my grandfather) who travelled over to Austria by train to make final arrangements. 

Can you imagine someone in the West doing this today?

 

They left to leave the corruption behind and start a better life where they had freedom to associate, freedom to speak and freedom to do business with whomever they pleased. 

Now my family sees the same corruption over here that they fled Europe to escape. 

But that's not the point to my story. That's just the set up...the REAL point of my story is this:

 

60 years ago people knew how to survive. They were principled. They knew what was right and what was wrong and they stood up for it by risking their lives. 

These days, our society is so pampered and sheltered that they can't even cross the road without a cell phone and Google maps. They can't go without food for a day. They can't even problem solve their own lives, let alone problem solve obstacles in their paths.

Most importantly, they don't know how to live without the luxuries, comforts and securities that they've grown up with. 

So for people who COME from anarchy and lawlessness, they've seen this before and are used to it. It's no big deal, relatively speaking. 

But for those who have never seen or experienced it, it's not going to take much for people to unravel at the seams. 

Just a small slice of hardship and watch what happens (hint, it's already happened). 

[BigLeagueCHEW]

Not sure about this one. I had this on eBay as well. Very last second a bid comes in right under mine, so