How common are non-paying bidders in major coin auctions?

291fifth

I was just reading, on Yahoo, the story about the non-paying bidder (who apparently claimed that he wanted to overpay) on the Honus Wagner baseball card.

How common are non-paying bidders in major coin auctions?

LindeDad

I would think they would about the same number as the blocked bidders.
I know that when a bidder told me he did not bid on a item he won I added him to my list.

partagas

Doubtful theirs many. As most major auction houses require credit checks before you can bid.

You are agreeing with their terms before you can bid and will be sued if you breach contract.

WTCG

Very uncommon.

When you register to bid you agree to the terms and conditions. By signing it you have contractual obligations to pay for your bids.

Shamika

<< <i>Very uncommon.

When you register to bid you agree to the terms and conditions. By signing it you have contractual obligations to pay for your bids. >>


I never signed any contract with Heritage, B&M, ANR, Stacks, or Goldberg but I could still bid.

I believe any contractural obligations stated by auction houses are similar to those on eBay. Still, I would think a higher class of bidder wins items at major auctions than what we see on eBay.

airplanenut

<< <i>
I never signed any contract with Heritage, B&M, ANR, Stacks, or Goldberg but I could still bid.

I believe any contractural obligations stated by auction houses are similar to those on eBay. Still, I would think a higher class of bidder wins items at major auctions than what we see on eBay.
>>

The terms are there when you place bids/get catalogs. My guess as a non lawyer is that with an auction house, the contract is just with them, whereas eBay may be a bit more difficult as the contractual obligation is, in a sense, with the seller, but through eBay.

WTCG

<< <i>

<< <i>Very uncommon.

When you register to bid you agree to the terms and conditions. By signing it you have contractual obligations to pay for your bids. >>


I never signed any contract with Heritage, B&M, ANR, Stacks, or Goldberg but I could still bid.

I believe any contractural obligations stated by auction houses are similar to those on eBay. Still, I would think a higher class of bidder wins items at major auctions than what we see on eBay. >>



When you register to bid you need to fill out a bidder card which requires a signature. The signature states you agree to the terms and conditions. By successfully registering an online account to bid you have agreed to the same terms and conditions set forth in the auction.

LindeDad

<< <i>

<< <i>Very uncommon.

When you register to bid you agree to the terms and conditions. By signing it you have contractual obligations to pay for your bids. >>


I never signed any contract with Heritage, B&M, ANR, Stacks, or Goldberg but I could still bid.

I believe any contractural obligations stated by auction houses are similar to those on eBay. Still, I would think a higher class of bidder wins items at major auctions than what we see on eBay. >>



You might want to check those links when signing in.
By signing in, you agree to abide by the
Terms & Conditions & Web User Agreement

This is what was below the way into Heritage.

shorecoll

I think that the auction house agreements have the force of hundreds of years of case law behind them, not so with eBay. I don't know if there's a threshold where an auction house will come after you vs. simply blocking you from future sales.

rld14

<< <i>

<< <i>
I never signed any contract with Heritage, B&M, ANR, Stacks, or Goldberg but I could still bid.

I believe any contractural obligations stated by auction houses are similar to those on eBay. Still, I would think a higher class of bidder wins items at major auctions than what we see on eBay.
>>

The terms are there when you place bids/get catalogs. My guess as a non lawyer is that with an auction house, the contract is just with them, whereas eBay may be a bit more difficult as the contractual obligation is, in a sense, with the seller, but through eBay. >>



If eBay owned the stuff that they sold you can bet your tuckus that being an NPB would send you RIGHT to a collection agency.

AMRC

Link to article.

hiijacker

i dont understand how the high bidder bid $40,000 higher than the next bidder. something is not right there.

PerryHall

Do the major auction houses share their lists of deadbeat buyers with each other?

sinin1

the buyer has no idea who underbidders are - what a dufus ( unless his max bid was $40K higher than win)->

The winning bidder was Doug Walton of Knoxville, Tenn., who owns seven sports card stores in the Southeast. He told The AP at the time that he was willing to overpay for the card because of the story behind it and said he was the highest bidder by $45,000.

hiijacker

how does he get pushed up 45,000 without an underbidder just below him?

Shamika

<< <i>

<< <i>

<< <i>Very uncommon.

When you register to bid you agree to the terms and conditions. By signing it you have contractual obligations to pay for your bids. >>


I never signed any contract with Heritage, B&M, ANR, Stacks, or Goldberg but I could still bid.

I believe any contractural obligations stated by auction houses are similar to those on eBay. Still, I would think a higher class of bidder wins items at major auctions than what we see on eBay. >>



When you register to bid you need to fill out a bidder card which requires a signature. The signature states you agree to the terms and conditions. By successfully registering an online account to bid you have agreed to the same terms and conditions set forth in the auction. >>


Yes, I understand that by registering online this is what happened. What I meant to say is that I never physically signed anything and that my legally binding agreement to pay is similar to the agreement set forth by eBay.