Watch Those T's & C's

keoj

I just got handed a surprise. I recently bid and won on a coin at an Auction House (I'll leave the name off for now). I've do an ongoing level of business with this house both buying and selling (in the $$$$'s each time) and have never had an issue. Back to the issue - received the coin and felt that it was misattributed in the holder. I felt strongly that it was a Proof not a Business Strike that I thought I was was bidding on (the coin is encapsulated by ANACS). I spoke to the cataloger and he indicated that I might have a point and offered to buy the coin back less 5%. I mailed the coin back. Today I got the coin back saying that all sales were final per the Terms and Conditions. Argh!!!!

I'm okay with that except for two issues: 1) the coin was misattributed (in my opinion) and 2) the cataloger that I spoke with thought I had a case.

I'll speak with them over the weekend but it appears that this auction company and others are getting quite strick (even if it might be someone else's issue).

I need a sanity check, am I off base?

keoj

EVillageProwler

I am surprised... An auction house won't stand behind its product, even if backed by a major TPG opinion?

If you have a case, then why the 5% squeeze? If you don't have a case, then that's a different story.

EVP

sliderider

I'd spend a few bucks and have a lawyer write them a nice little letter, then I'd call them and ask if they were ready to take the coin back yet WITHOUT the 5% extortion charge.

dragon

keoj,

If you feel strongly the piece is in fact a proof and can back up your opinion with die diagnostics and/or other convincing facts, the auction house should take the coin back for a full refund without question IMO, regardless of 3rd party holders.

I know this can at times be a grey area as some 19th century prooflike business strikes can very closely resemble proofs, and if the piece is heavily toned it can make positive attribution tricky sometimes. However, if the coin is a proof, that should be immediatly grounds for a full return without penalty.

kranky

I would expect a auction house would take it back if it can be determined that the coin is actually a proof. If the evidence is inconclusive and it comes down to an opinion, your case isn't as strong. I would ask the auction house what mutually agreeable method could be utilized in order to conclusively determine whether the coin is a proof.

It shouldn't matter if you are a long-time customer or not, or what the T&Cs say. If the coin is indeed a proof, that is a material error in the description and they should cheerfully take it back.

RBinTex

Sounds like a company in Dallas

airplanenut

I'd send it back to ANACS and give them another go--I think they have a guarantee like PCGS