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eBay acquiring Goldin Auctions?
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Started by Chip Cataldo,

21 posts in this topic

Buzzetta

Buzzetta

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Why do I always feel with these announcements that CGC is tens years away from owning their own auction house where your books can be graded and go directly to market from there all under the CGC umbrella? 

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comicwiz

comicwiz

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On 4/10/2024 at 10:48 PM, Buzzetta said:

Why do I always feel with these announcements that CGC is tens years away from owning their own auction house where your books can be graded and go directly to market from there all under the CGC umbrella? 

Let's hope it's light speed distance away. If people truly believe this serves the consumer/collectors best interest, it never works out that way with monopolistic practices such as what's unfolding here. Walmart is the perfect example of this. If anyone has ever tried to enter into any service or product agreement with them, they'll know exactly what I mean. Years ago, they wanted to use my company's services, but when we began talking about price to carry out our service, their approach was to eventually do the job for them without even considering wages of workers. Basically, if we wanted the contract with Walmart, we had underpay our staff and/or work for free.  And they wondered why we didn't answer their calls after our first meeting.

So it's not just how they eliminate competition locally by under-pricing other businesses, then slowly increasing their prices once they've killed off every mom and pop, but it's a direct attack on the local economy because they target living wage. People who work there don't earn enough to afford shopping at the retailer. In this instance, it starts with upcharges on fees for listings, grading, auctioning (final value fees), storing. The confluence of consolidating 75% of the grader market for PSA/SGC, and rubbing out the rest (that includes CGC), thinning margins for sellers, and bearing similar earmarks of the horrors that came with "offerings" such as the global shipping program and taking a percentage of shipping cost. It's the perfect recipe for consumers getting hosed at every step of the process. Competition is the way consumers keep businesses fighting for their loyalty, this deal is meant to eliminate that possibility.

It doesn't effect me, and there would be no way in the world I would ever surrender any cards under this agreement to either PSA, eBay or their "vault," Over the long-term, this will have a negative impact on the trading cards hobby and any appearance of a one-stop umbrella of service offerings is the kind that still leaves you wet in the rain.

Edited by comicwiz
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Bronty

Bronty

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On 4/10/2024 at 10:48 PM, Buzzetta said:

Why do I always feel with these announcements that CGC is tens years away from owning their own auction house where your books can be graded and go directly to market from there all under the CGC umbrella? 

I mean wasn't that basically the case for the first 15 years?    CGC was at least partly owned by Jim H and Steve Ivy wasn't it?   I think I remember reading that.

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Stefan_W

Stefan_W

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On 4/10/2024 at 10:48 PM, Buzzetta said:

Why do I always feel with these announcements that CGC is tens years away from owning their own auction house where your books can be graded and go directly to market from there all under the CGC umbrella? 

I sometimes send raw books in to Comic Link so they can send them to CGC and put them up for auction as soon as they come back. This saves the cost of shipping to and from CGC from Canada. For perspective, if I use FedEx I pay about $80 (counting their hideous fees to handle customs) for a submission to get books to CGC, and over $150 to get the books back. That adds about $10 per slab to my costs. Of course I am still dealing with two companies instead of one, but my point is that that putting everything under one roof could be a pretty popular idea with some sellers. Send in books and get paid, in its essence, sounds better than send in books, pay for the shipping and grading, and slog out selling to try to make back more than you put in. 

I'm not saying it is a good idea for one business to have that much control over the market. It isn't. I am just pointing out that if it did play out this way I can see a lot of people using it. 

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Brock

Brock

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On 4/12/2024 at 12:38 PM, BingBangBong said:

 

No thanks.

Screenshot_20240412_123054_Chrome.thumb.jpg.5f9ee3b4910bba5ed79070019de3db8f.jpg

This is quite common in industrial auctions, and prevents sniping. It also means sellers tend to achieve prices closer to fair market value, whereas we frequently warn each other on these boards not to sell items on eBay by auction, in case they don’t get noticed.

What is it about this model you don’t like?

Edited by Brock
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bc

bc

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On 4/13/2024 at 12:32 PM, Brock said:

This is quite common in industrial auctions, and prevents sniping. It also means sellers tend to achieve prices closer to fair market value, whereas we frequently warn each other on these boards not to sell items on eBay by auction, in case they don’t get noticed.

What is it about this model you don’t like?

The 30/15 minute extended time period is too long unless they are getting bids over fax machines and telegraph.

The 3 minute extension that ComicConnect utilizes seems to be working reasonably well.

-bc

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Buzzetta

Buzzetta

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On 4/12/2024 at 11:47 PM, Stefan_W said:

I sometimes send raw books in to Comic Link so they can send them to CGC and put them up for auction as soon as they come back. This saves the cost of shipping to and from CGC from Canada. For perspective, if I use FedEx I pay about $80 (counting their hideous fees to handle customs) for a submission to get books to CGC, and over $150 to get the books back. That adds about $10 per slab to my costs. Of course I am still dealing with two companies instead of one, but my point is that that putting everything under one roof could be a pretty popular idea with some sellers. Send in books and get paid, in its essence, sounds better than send in books, pay for the shipping and grading, and slog out selling to try to make back more than you put in. 

I'm not saying it is a good idea for one business to have that much control over the market. It isn't. I am just pointing out that if it did play out this way I can see a lot of people using it. 

I am more talking about if CGC directly operated its own auction house and we noticeably saw books that they facilitated through their auction house receiving noticeably higher grades than they should. I think there was a taste of that with the Promise collection and it was not a good look. 

I am nearing the end of my comic collecting journey as I gave myself an end date back in 2010 when I got back into these books.  CGC will provably be a necessary evil to maximize my gains with quite a few books in my possession.   I have not submitted anything in almost 3.5 years but I will probably start up again in the next year or two.  I need a strong CGC not one that is suspect. 

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Brock

Brock

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On 4/14/2024 at 10:11 AM, BingBangBong said:

I collect comics.

Sniping is good for the seller, no?

A half hour between bids? That's crazy :ohnoez:

The “extension” model is used in industrial auctions, but also auctions for many high end collectibles. Away from EBay, the thinking is that it raises the prices achieved in auctions, which draws more sellers to the marketplace. In this way, it raises both the quality and volume of what is offered for sale.

Similarly, the thinking is that sniping is actually bad for the seller, and only good for the buyer. The whole point of sniping is to bid in a way that does not allow another bidder enough time to respond and raise their own bid. Therefore, sniping is - by design - intended to win auctions below FMV, and to reduce the prices achieved by the seller.

And only the instant gratification generation sees a 1/2 hour as a long time… :devil:

i don’t really care much one way or the other, though… I’m just interested in the thinking behind peoples’ perspective on this.

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MrBedrock

MrBedrock

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On 4/14/2024 at 9:32 AM, BingBangBong said:

You must be realllly old or have a lot of spare time.

You must be realllllly young, or realllllly important and busy. 1/2 hour isn't that long.

Edited by MrBedrock
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MrBedrock

MrBedrock

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On 4/14/2024 at 9:36 AM, BingBangBong said:

Why would you need to raise your own bid if you already bid your Maximum?

Because you want to bid more.

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Brock

Brock

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On 4/14/2024 at 10:36 AM, BingBangBong said:

Why would you need to raise your own bid if you already bid your Maximum?

Because shilling is real, and legal in many jurisdictions.

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