Could this be true...

MORGANHUNTER2

I was chatting with a friend of mine who was at the 'show' in L.B., he did state the show was wild- many great deals and such. We started discussing the Bruce scher auction- and even though there are a few who won't admit it- but a certain person had made it known that no matter what ya may bid on a single coin- you will lose it to the entire auction. I personally believe this to have occurred based on posts in this arean, what bothered me was the other coins that were up on the block of Mr. Sher's.

It seesm that my friend is fond of those 3 cn Nickels in PR- had bid on one and according to the HOUSE he won- but another member on this prestigious board had been chatting with him and stated that he now owns the coin that my friend had one (and rcvd the invoice on) because the auction HOUSE inadvertently did not 'post' the reserve???

Am I wrong in thinking that IF there is a reserve on a single coin while in auction that, price must be presented as the opening bid? How could the HOUSE say that the final 'hammer' did not meet reserve- if a reserve was not rung in?

I'm no expert- but is this not somewhat ILLEGAL? If the aforementioned information is true in its present tense- I promise I will NEVER bid with this HOUSE holding auction ever. i'm no millionaire-yet- but would really hate to see a COLLECTOR get screwed by the HOUSE because the seller was not happy with the price.

Please tell me the unknowing in such matters that this is just a nightmare and not REALITY.

MrEureka

MorganHunter - Have you read the "Terms of Sale"?

MORGANHUNTER2

Andy- the sale was legit- my friend has with all intent PAID for what he bid and won on.

MrEureka

MorganHunter - You did not answer my question. I'll assume the answer is "NO". And it seems to me that the "Terms of Sale" should have significant control over what the auctioneer can and cannot do.

MrEureka

Sheeetz, lemme just do the work for you.

From the Terms of Sale:

"17. Auctioneer reserves the right to rescind the sale in the event of nonpayment, breach of a warranty, disputed ownership, auctioneer’s clerical error or omission in exercising bids and reserves, or otherwise."

Is that clear enough?

Russ

<< <i>I'm no expert- but is this not somewhat ILLEGAL? >>



No, it isn't. It's all outlined in their TOS. It's also not the first time this has happened with Heritage. There have been many other examples posted at these forums.

Russ, NCNE

MORGANHUNTER2

I sent a PM- I want to keep this as a question of info first.

michael

From the Terms of Sale:

"17. Auctioneer reserves the right to rescind the sale in the event of nonpayment, breach of a warranty, disputed ownership, auctioneer’s clerical error or omission in exercising bids and reserves, or otherwise."

MORGANHUNTER2

Well from what I see- this would be considered an open end contract that legally can not be enforced by anyone against the holding party (auctioneer) and therefore all parties would LOSE should a sale not meet xertain expectations. this if my contract law class from years ago tells me is illegal- can't have a loop in which any party has no right to recover damages. contract is binding as to a sale- and connot be rescinded by a third party-ie- Heritage.
And folks I know- Heritage has many lawyers who fight these issues all the time- but I'm sure anyone with the right counsel would challenge this contract as to its worthiness.

Boom

I just auctioned off a Washington Quarter Registry set through Heritage and let's just put it this way. I could enlighten you about a thing or two when it comes to their auctions. ..... in private, of course.

littlejohn

its must have been Heritage,thay think thay can do anything.

Barry

Have you read any of the auction house's terms of sale?

They all basically say "we can do whatever we want as long as what we sell isn't a counterfeit or grossly misrepresented."

KurtHorn

Seems odd that if your friend has actually paid the cash that they could rescind the sale. Yes, I read #17 above. But once they've taken the money does that not complete the contract for sale. Contracts (and I'm not a lawyer...) are generally offer and acceptance. You make the bid that's the offer. Certainly they can excercise #17 anytime here by saying that a mistake has been made in not posting the reserve. They can then refuse the "offer" and the contract for sale is not completed. But, if they go so far as to take the money, do they not then fulfill "acceptance"?

If you say they can excercise #17 at anytime then where does that stop? Can you have received the coin shipped to you before they tell you that you haven't won? It seems to me that even with the 8 tons of legaleze in their terms, a wrong may have been done here and if you really want the coin, you should print out their terms and take it to some lawyer friend for a nice threatening letter.

Morally, at the very least your friend should have first right of refusal to match the previously unstated reserve. Although I would tell them to go fly...

coinguy1

I don't think the "facts" are clear enough here, for anyone to pass judgment fairly.

We're being told of the situation second hand, at best, and the information is at least a bit vague.

Conder101

<< <i>They all basically say "we can do whatever we want as long as what we sell isn't a counterfeit or grossly misrepresented." >>


And if you have seen the coins in person, then even if it was grossly misrepresented then you are stuck too.