my head hurts.....
Jason it doesn't take two people. It takes one.
In the case of Profiles starting the bidding at $60K and someone bids and its sold. Thats the purpose of them finding bidders for certain items. We have all seen that done.
Yes, you are absolutely right. I stand corrected. If someone is willing to independently bid up to the "
confidential reserve", it does only require one buyer to set benchmark prices.
As for PP yes my video does show people basically bidding against themselves.
Have you ever asked Premiere Props about the example of that activity in that video?
And that company in IL that you mentioned bidding people up on the sporting stuff did it too.
Mark is referencing an ongoing FBI investigation that I've been following on my website for years (
LINK).
Completely unrelated to Profiles in History, but on the topic of bidding laws,
the FBI have brought indictments against principals from Mastro Auctions, (formerly) one of the biggest auction houses in the sports memorabilia world, "
for allegedly rigging auctions through a series of deceptive practices, including so-called “shill-bidding,” designed to inflate prices paid by bidders and to protect the interests of consignors and sellers at the expense of unwitting bidders". The latest about this ongoing story can be read at the New York Daily News website (
LINK).
But I've covered the topic of bidding at live auction extensively on my site. One of the more interesting developments involved a New York State Assembly Bill (
LINK), and the fact that what appears to be sensible legislation has not passed, I think, in part illustrates the power of auction houses and their reluctance to embrace some pro-consumer legislation. I've never heard any update with regards to this bill since my last article on it in 2010...
I don't think you are an observer though Jason. You have sold thru Profiles, bought (I think) thru profiles and now as is our right analyzing Profiles.
Believe it or not, I only ever bought one piece from Profiles, in 2008. It was less than $1500 (with fees, etc.) and I sold it shortly thereafter at my cost to another collector who needed it to complete a set in his own collection.
I've sold some pieces through Profiles - maybe half a dozen - but the last time I conducted such business with them was, IIRC, also in 2008.
None of that affects my third-party views and opinions though (other than making me more informed, from my first hand experience).
Oh...and I still think comparing prices, which is what your doing in a down economy is hard unless the upper echelon of prop collectors arent hurt by the economy which I think is what your saying.
I was saying that this is as apples to apples as you are going to get. The economy always changes, but much of this material that was resold over the weekend was purchased in the same down economy regardless.
From my examples, here is how it breaks down - the year in which each of the lots in my analysis were originally purchased by the Dreier Collection:
2011 - I, I
2010 - I, I, I, I, I
2009 - I, I, I, I
2008 - I, I, I, I, I, I, I, I, I
2007 - I, I, I, I, I
2006 - I, I, I, I
2005 - I, I
2004
2003 - I
2002
2001
The housing bubble burst (which is arguable the start of the decline of the economy) was circa Summer 2006. So nearly everything in my example in
the article I published on my site was originally purchased by the Dreier Collection in a really bad economy.
Jason
