Scott #80 Sold For $340,000 + 18% Yesterday

Rev, I'm not saying this block was a bargain as it is not the kind of thing I follow, but at every sale there are some items that go for more than expected and others that go for less than expected.

That's almost always true. But when a very knowledgeable dealer who spends in the high six to low seven figures a year says to me that it brought about what it is worth, I believe him. Especially when he is not the only one, and especially in a sale like this one. After all, Siegel knocked it down at that number. And they have a legal obligation to sell items at "fair market value".

This guy: "Whose to say that 20 years from now that the desirability-of-blocks pendulum won't swing the other way?"

This guy (same post, farther down): "In 20 years, after the other 4 or 5 blocks (today's count) have been broken up...."

This guy (later post): "...what sub-category of stamp collecting will get hot 20 years down the road."

This guy: "...what stamp collecting sub-category will be hot in 20 years."


The other guy: " Plus people going on about how "blocks may suddenly (my emphasis) get hot". "


Wow!! Just wow!

I will take credit for talking about blocks E-V-E-N-T-U-A-L-L-Y getting hot once again, and I will also take credit for talking about this as a P-O-S-S-I-B-I-L-I-T-Y, one possible future among many. If you are going to quote me, please at least get it close. I'm out. This is stupid. Nothing else to say. CERTAINLY, nothing else to say that would likely be considered calmly and rationally.

And they have a legal obligation to sell items at "fair market value".

Huh?

Their obligation is to properly describe an item and promote it. After that they have to sell it to the highest bidder at or above the reserve.

Depending on the auction house, a reserve is created either by the seller or by the auction house itself. Some auction houses will not allow the seller to set a reserve, some will. The auction house will decide what range a given item in a given condition generally sells for and estimate it accordingly. They all talk about not accepting "bids not made in good faith". They can and do refuse any bid they think is too low for any item.

> They can and do refuse any bid they think is too low for any item.

revcollector- it's a little more structured than you might think-

This is largely because consignors may have been advanced monies against the sale of their stamps and auction houses have an interest in getting their own money back.
Typically all lots have a reserve, and the auctioneers themselves could bid the reserve on behalf of the consignor to help move it, and the consignor bears the risk of say a 15-18% "listing fee" as it may be.

When you hear about "bids not made in good faith", this is typically not around low bids per se, but rather cartels, bidding rings, shills, and other auction rigging techniques. Essentially this language is for _steering_ the auction results, instead of the good intention of just bidding to acquire the material you wish to buy.

Revcollector - What do the "players" think of this sale?

https://siegelauctions.com/desp/Despatch.pdf

I suspect that the overall condition of the blocks in this sale will be far superior to the blocks that have been discussed so far. In which case they have the potential to bring extraordinary prices. Condition, condition, condition.