When an auction house withdraws a lot...

coindeuce

such as Stack's has done with lot 654 (1878 8TF VAM 9 NGC-64) of the Orlando Sale, should I expect to be able to obtain a straight answer from them for the withdrawal of such a significant coin? The opening bid was $11,000.


Update 1/1/09: As noted in a post below, Another VAM specialist informed me that the coin is misattributed by NGC. A very legitimate reason to withdraw the lot.

VirtualWon

Doubt it.

Due to unforseen circumstances .....

Im sure they will try to make it sound good.

PaleElf

<< <i>Doubt it. >>

WTCG

In the Terms and Conditions it states that the auction company has the right to withdraw any lot for any reason. That would mean that they are not obligated to provide any reason or details for doing so.

CertifiedGoldCoins

Maybe the owner changed his mind? Back when I was selling on eBay, I'd sometimes cancel an auction, or simply remove the liating, if it was on my Web site.

PerryHall

It's none of your business.

SaorAlba

I bid on and thought I won a Stacks auction lot back this summer that was apparently - allegedly withdrawn by the consignor. Miffed? Yes, but they did NOT get my money.

coindeuce

For those that might think this thread was a veiled criticism of Stack's - the issue was raised on another forum, and a highly respected Morgan dollar specialist informed me that the coin was misattributed by NGC. I reviewed the withdrawn listing which still has only images attached, and I agree with that report. My confidence in Stack's remains. My confidence in NGC is withering.

Coxe

If a lot didn't come up to the block, I see no reason any explanation is required from the auction house or consignor. I might be a bit mad if I passed on another coin over the interim though because I planned to bid the lot alternatively.

edited to add>>>
Yeah, one might want to be checking their 14.1 attributions for some big paydays OTOH.

RichieURich

<< <i>In the Terms and Conditions it states that the auction company has the right to withdraw any lot for any reason. That would mean that they are not obligated to provide any reason or details for doing so. >>



There are at least a dozen reasons for withdrawing a lot that are merely plain and ordinary things. Such as, the consignor changed his/her mind, the consignor sold the coin, there is an issue regarding the coin's ownership, there is a question about authenticity, or variety attribution, or cleaned/not cleaned, natural toning/artificial toning, repaired/not repaired, grade, or an incorrect catalog description. So I wouldn't read too much into it.

ColonialCoinUnion

<< <i>What else is new, auction's are so once sided it ain't funny unfortunately. >>



LOL - I guess you'd be happy if they left the mis-attributed coin in the sale so you could rip them after the auction for trying to screw someone!

RYK

A coin that was once for sale no longer is. It happens thousands of time each day. I personally do not see why it's a big deal.

Nysoto

An error in the listing is certainly grounds for removal from auction.

When a bid is placed, the bidder enters a contract that must be fullfilled if won. With the rule of any reason for withdraw, the consignor or auction firm is allowed to end the contract. In most cases it is probably legitimate, but I would still like to see the reason. On eBay, offsite sales used to be rampant, and probably still are. In theory, a consignor could end an unreserved auction if the bidding activity was not strong enough, or if they received an outside offer that would bypass the auction contract.

timcoin

<< <i>A coin that was once for sale no longer is. It happens thousands of time each day. I personally do not see why it's a big deal. >>



Me either! Sure, it might be somewhat of a letdown for a coin you want and are excited about to be withdrawn, but we are all human, so we have to accept the fact that minds change and mistakes are made. As long as the intentions were just, what is there to gain by holding a grudge or by getting "miffed"?

From a PR standpoint, I think it would behoove all auction companies to be completely transparent when withdrawing a lot by providing interested parties, particularly those that bid on the lot, with an explanation.