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Topic Title: ANALYSIS: Mastro's 1956 Topps Baseball PSA Graded Set - $46,834 w/ buyers prem.
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Created On: 4/24/2004 9:06 AM
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 4/24/2004 9:06 AM
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Basilone
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As most know...a 1956 Topps Baseball Complete PSA Graded Set sold yesterday. High bid was $40,726.00 and with the buyer's vig...the final hammer was $46,834.

The comprised of 7 PSA 9s (#16,60,122,210,218,245,295) and 335 PSA 8s. All cards were NQ.

I have calculated the SMR for the set described as $38,862.

The winner paid 120% of SMR which for this world class set.

In regards to the Consignor....he pocketed the following amount given the following examples:

I'm not positive what the actual seller's commission was so I've presented four different scenarios.

a.) 15% sellers commission - $34,617 (89.08% of SMR)
b.) 10% sellers commission - $36,653 (94.32% of SMR)
c) 5% sellers commission - $38,663 (99.49% of SMR)
d.) 0% sellers commission - $40,726 (104.80% of SMR)

I have found that on average when all is said and done..that 10% is a fair figure to take into account in regards to selling cards online (ebay listing fees, ebay commissions, paypal fees (if any), etc.)

What are your feelings in regards the final consignor intake vs. if the cards were sold on eBay? In addition, your thoughts regarding the final hammer price (w/buyers prem) vs. SMR?

Here is a link to the Mastro auction: AUCTION LINK

In addition, it should be noted that if the winner of this auction wishes to break even (assuming SMR will stay the same) and resell the set again thru Mastro...his break even final hammer price (even w/ 0% sellers commission) would be $53,859. If he had a 15% sellers commission working against him..that number would be $61,937 to break even.

Thoughts?
 4/24/2004 9:28 AM
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thegemmintman
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Nice work Basilone. I don't follow the '56's so I don't know what they fetch individually on Ebay in relation to the SMR, but if the SMR is reasonably accurate for '56 then it would seem that the seller received fair value for the set and did no work to boot.
 4/24/2004 9:29 AM
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PlayBall
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John,

In an earlier thread, Scoop answered you about the fees...


<< John, no fees and 0% commission from them. Kevin said that they will most likely sell as complete set. >>



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 4/24/2004 9:32 AM
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koby
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<<

d.) 0% sellers commission - $40,726 (104.80% of SMR)
>>



not bad
 4/24/2004 9:35 AM
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thegemmintman
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Not bad at all! No work done, just give me the check!
 4/24/2004 9:47 AM
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Machodoc
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These prices make me smile. I have just under $31k in the complete set I put on the registry this week (7.72 GPA). Guess I got a bargain....

Steve

Edited to add: Nice work John!
 4/24/2004 10:17 AM
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Basilone
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Will the consignor be receiving a tax document in the mail from Mastro?
 4/24/2004 10:19 AM
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koby
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yes
 4/24/2004 10:20 AM
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Basilone
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Next question for the 1956 guys...can this set be built for under SMR (with the current SMR prices)?

Not sure if this set was built brick by brick or if Scoop had a nice raw set from years past that gave him a nice head start.

 4/24/2004 10:28 AM
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thegemmintman
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<< Will the consignor be receiving a tax document in the mail from Mastro? >>



How much money has to be involved for a tax document to be issued from the auction house?
 4/24/2004 10:41 AM
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PlayBall
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Ask and you shall receive....


<< Just thought I would like to share my joy in finally completing my '56 Topps Basic baseball set in all PSA 8 or better. It was a 4+ year project which started with the submission of my childhood collection. The fact that more than 80% of the set was from personal submissions is my greatest joy. >>



It looks like Mastro and breaking the set up were pretty darn close....


<< I had two other options. One was to sell 150-card lot to Vic (tipem), other lots to board members who sent me emails when I let on to sale of set, and the balance on ebay. This would net between $39,000. and $41,000. >>




<< The other was to sell as complete set to Mint Sportscards of Del Ray Beach, FL. who advertise in SMR guide with a buy offer of $35,000. >>



With 80% of the set only costing grading fees, I'd say Scoop did very well for himself.

Check the thread titled "1956 Topps set completed at Fort" for more detatils.

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 4/24/2004 10:47 AM
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Basilone
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No doubt....with 80% from personal submissions...it pretty much doesnt matter where he sells it..he will make out regardless.

The only problem would be the tax implications of having very little into the set. Much easier to hide those type of capital gains with private transactions.



 4/24/2004 1:59 PM
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Tipem
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John,

I had that total hammer price at 50 grand,so I was a bit optimistic.I think that the buyer will do well if the set is broken and resold in that Scoops set was really high end.He had quite a few 8's that he felt might bump if resubmitted. I feel that you can put together this set for under SMR if you are patient and buy in bigger lots at the auctions.56's come up often and their pops are increasing dramatically.I expect to have between 28-33 grand in my set when I am done. He probably could have done slightly better with individual sales in that the income tax issue would have been a non-issue but for the work that he did to sell his set , he should be quite happy.


Vic

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 4/24/2004 2:37 PM
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Griffins
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Dont' know if the same rules apply to auction houses, but anytime I pay anyone $600. or more in a year I'm required to issue a 1099. The banks and brokerages I have accounts with issue me one for anything. Assuming the consigner didn't take a loss you have to figure in both state and federal tax.
Guess thats why BMW, Rosen, and the like pay in cash- but have you ever tried to deposit 40K in cash at the bank? They get real interested in you.
 4/24/2004 3:31 PM
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Machodoc
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All financial institutions are required by federal law to report any transaction of $10,000 or more within 48 hours, regardless of method of payment.
 4/24/2004 3:48 PM
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Reid
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<< The winner paid 120% of SMR which for this world class set. >>


I wonder if the new owner of this "world class set" knows that it could be littered with altered cards.

Below you will find direct quotes made by the consignor, "Scoop", along with links to the entire threads.




---------------------

Thread Title: Discussion Regarding "Pressing" Cards

Scoop
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Friday June 21, 2002 10:41 AM

I have my own method of doing this, and have been fairly successful.

It started with a beautiful 1956 Bob Cerv card that I got back from PSA as a 5 Ex. I broke it out and discovered it had a hairline wrinkle on the back. After using my soak/press method, I resubmitted and it came back an 8.

I have used this method 5 times and only had one card come back as altered, and after "repairing" that card, it too was graded an 8.

Cardboard is a paper product, and as long as the picture gloss is not broken to show the paper stock underneath, a form of pressing will work every time.

I do not see any ethical problem with this, especially if the card is nice in every other aspect.

If there was a problem, I would think that PSA would find a way to detect and reject cards that have undergone this process.

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Scoop
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Saturday June 22, 2002 10:45 AM

Bosoxphan, I am LOL too, all the way to the bank.

As the thread states, this process only restores card to its original intended state, like fixing the fresco on the Sistine Chapel, and as such cannot be detected.

These wrinkles occurred in the original printing and sheetcutting process. IMO, no alteration is done to card, and PSA has agreed with this assessment in grading these cards (all have been done recently and are in the new slabs).

---------------------


Thread Title: Wanted: wrinkled (reverse) vintage

Scoop
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Thursday March 20, 2003 12:57 PM

I just replied to a message on community forum about wrinkled cards. I think these have the best value as to cost adjusted for grade given. They are very presentable and have great eye appeal.

I collect graded and ungraded cards up to and including 1975 that would be NM or better if not for wrinkle on back of card. In other words, no wrinkle on front, 65/35 or better centering, no scratches or tears, and sharp corners.

PM or email me at [email protected]

---------------------


Thread Title: What is the highest card that can have a wrinkle?

Scoop
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Thursday March 20, 2003 12:48 PM

When I go to shows, I go thru batches of PSA 5's and 6's and buy the nicest ones as to centering and corners as long as there are no defects on photo. Most of the 5's and none of the 6's have wrinkles...the 6's usually have a nick or lost paper gloss on the edge or corner somewhere.

I think the best buy on the grading market is a vintage card graded PSA 5 due ONLY to wrinkle on back. If any board members have cards in this category I am interested.

mrichards, by the way if you still have that Burgess, I would be interested....my email is [email protected]

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Thread Title: My first submission results !!!!!!

Scoop
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Monday March 11, 2002 10:44 AM

By the way, Steve (bb), do you still have that Griffey? I collect and am always searching for 5's and 6's which have NM/MT or better centering and corners, and have been downgraded due to the wrinkle malady. I still think they are eye-pleasing, with future value. My email is [email protected]

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Thread Title: My first and last PRO card

Scoop
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Sunday January 12, 2003 1:45 PM

Aaronman, do you mean it is not 'creased' to the front of card? If so, this is only a cardboard wrinkle on back which I collect.

Please email me at [email protected] if you are interested in selling.

Thanks, JIM

---------------------



 4/24/2004 4:07 PM
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koby
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Good catch, Michael. Looks like you are not the only one who profits from card alterations. I had no idea that this practice was so common. These last few days have really opened my eyes regarding high-grade trading cards.
 4/24/2004 4:13 PM
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Reid
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Eric, I'm not Michael.

Still looking for a 1954 Bowman PSA 6 Mantle?


 4/24/2004 4:21 PM
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koby
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Well then, Reid. I guess you and I can both sit back and condemn the likes of BMW who has only recently admitted to unscroupulous behavior such as dealing with doctored cards.
 4/24/2004 4:25 PM
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DirtyHarry
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When I read through this thread, from start to finish, I realize what a novice I am to the hobby and how lucky I am to have access to contributions of the members of this forum. I am curious to see if there will be subsequent commentary by senior members to the post by Reid.

How does this "pressing" process work anyway. Is there a way to spot it? In the linked threads, there was mention that a card (in my words) can "relax" back to it's original condition. I would not want this to happen to me when making a graded card purchase.

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"A man's got to know his limitations...." Dirty Harry

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