Common Auction Participants
OldIndianNutKase
Posts: 2,712 ✭✭✭✭✭
On most all significant auctions with Heritage, Stacks Bowers or Legend, I see a troubling indication that one or two bidders seem to be the successful bidder in many lots. IN fact a HUGE amount of lots, that all track back to their bidder or paddle number. In the latest Stacks auction, Session 2 bidder no. 666 made a lot of purchases of lots that do not make sense that 666 is a collector or a dealer. Same for bidder no. 9831.
I am concerned that one of these bidders is the house bidding to establish an unpublished reserve. And the other is the consignor bidding to maintain the value of his consignment.
I find both practices both dishonest and unethical. Reminds of how gold mines used to be "salted" back in the day. The consignor/auction house are working together to artificially drive the value of the consignor's coins.
Do you think that auctions should be factually represented as unreserved auctions?
OINK
Comments
I could definitely see how that could be happening.
peacockcoins
Heritage has a wholesale business. I know Heritage has been the buyer of some of my lots that I have auctioned off through them. Some of these coins have then shown up on their dealer wholesale lists. I'm glad they have bid on my coins as it was a legitimate sale and my price as a consignor was higher.
As long as the auction house pays the consignor the price that the house had bid, I see that as a legitimate sale.
Dear @OldIndianNutKase ,
I can confirm that neither of the bidders you reference were the consignor or house. Its quite common for top collectors and dealers to be very active in specialized collections such as Byers. Feel free to call or email me if you'd like to discuss.
I appreciate you watching and participating in the sale.
Brian
Brian, yours is not the only auction that I have experienced this disparity in bidding. I have experienced it with Heritage and Legend as well. But there arises concerns that you auctions are no reserve unless otherwise specified. I recall that your auctions have a notation that a reserve might not be met, but you should not diminish your consignors risk with a reserve. Reserves are nice for sellers, but not so much so for buyers. The latest auction indicates to me that your consignors are manipulating your market.
Lol. Are you turning into me? Double threads?
Now, I don't feel so bad. Lol.
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.True or not, how could he (Brian) say otherwise? I certainly hope not, but have noticed this tendency in many different auction houses that I have followed over the years, names not mentioned purposely.
Well, just Love coins, period.
Brian, yours is not the only auction that I have experienced this disparity in bidding. I have experienced it with Heritage and Legend as well. But there arises concerns that you auctions are no reserve unless otherwise specified. I recall that your auctions have a notation that a reserve might not be met, but you should not diminish your consignors risk with a reserve. Reserves are nice for sellers, but not so much so for buyers. The latest auction indicates to me that your consignors are manipulating your market.
it seems to me much ado about nothing. I have never noticed anything out of the ordinary at Stack's and it's a bit over the top to essentially accuse Stack's of rigging their auctions, clearly in violation of the PCGS stated rules.
I bid on hundreds of lots in every major Stack's auction. I do not work for Stack's. I am not a Stack's consignor.
Accusing them of such nefarious behavior is quite out of line. Especially when there is zero evidence of anything unusual.
I can certainly agree with other posts that it is highly unlikely that the auctions are rigged (for lack of a better word). If the potential buyer wants it bad enough, their wallet should do the talking.
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Stacks and the other auction houses mentioned have too much at stake to play games like that.
I believe the Stacks post says all that needs to be said.
This thread should end IMO.
OP, you probably should have reached out to Stacks directly and privately with questions and an open mind. To make such an accusation publicly without having raised the concern privately and without evidence is out of line.