Christie's Auction Prices

[GoCrazyFolks76]

So Christie's just finished the first part of their baseball golden age auction, and all I have to say is WTF is up with these prices?!?!

I know they were aiming pretty high with some of these pieces (Jeter game used bat not attributed to any particular achievement being valued at $15k-$20k), but the prices they actually got (not to mention the 25% juice they are charging) are just insane!

Here are a few examples:

Johnny Bench bat for $16k from no particular game, despite avg price around $5k or so as per pricerealized.

Frank Robinson bat for $27,500, again, from no particular achievement, again a bat that can be purchased from $2k-$3k at any other sports auction.

Cool Pappa Bell signed ball for $3k - never mind the fact you can buy these all day long on ebay for under $500.

And my favorite - the generic game used Jeter bat got up to $9k, but didn't sell because it didn't meet the reserve.

So what are your theories on why people bid SO much more than what these pieces typically sell for?

[mrjohnmalton]

A lot of the people who bid on items at auction houses such as Christie's aren't super familiar with the different, less prestigious ways to acquire game used items. Most of them have more money than they know what to do with as well. I went to a high end car auction with my uncle in Florida where he was selling a couple cars from his collection. These auctions are very similar. He sold an '84 Testarossa. For the price that it sold for, he could have purchased 2 Testarossas from private sellers the next day.

[KGoldin]

I was at the auction from start to finish.
While I agree that some lower priced items went for well more then "value" such as a couple hall of fame auto balls, and the bat rack, I do not think prices were crazy high, in fact I was surprised how were.
I expected to see a room full of people I did not know, the power of 250 years of Christies marketing, bringing in customers not known to the hobby.
In actuality, the room was 1/4 full and I do not think a single person was there who, as an example, is not registered in my auction. I think the majority of items were purchased by dealers, either for resale or for specific customers.

If an item did not sell, you cannot read into what it " got up to". All items had a reserve of some amount, the auctioneer opened the bidding up close to the reserves and placed bids on behalf of the house to get close to the reserve especially if no one else was bidding, so don't read much into it if an item passes.
As far as the Frank Robinson bat that was used as an example, blame me . I collect bats and for me I wanted to own one of the best bats from the best year of a great career. 1966 MVP season, triple crown, and World Series. So I went back and forth with one guy in the room until I shouted out "20" assuming it would, end it. When he came back at 22 I gave up. I also was under bidder on 3 other bats including the foxx, which I regret not going higher on.
I won 5 smaller items which were for resale purposes as I think it went very cheap.
I think some items went high, but I think more went low as evident by dealer purchases. I was overall surprised by lack of the " general public" that participated in the auction. I actually don't think there was a lot of " stupid prices" , at least not nearly as much as I expected. I think there were some nuances to some items that may not have been appreciated by others. As an aside, the trading cards in the auction were very cheap and graded Psa cards went for a good percentage less then they did at other auctions, including the great American trading card auction that just ended two weeks ago. Which probably shows you it was the wrong venue for them.

[GoCrazyFolks76]

Ken,

I didn't realize the house bid on items to push up the price to the reserve... seems a little shady if you ask me.

I'm looking forward to seeing the items you purchased in your next auction as I didn't see much in the game used portion that I would consider going for "cheap".

[BirdsOnBat]

As an NEL collector, I thought a few of those bats went cheap, makes me wish I attended.

[truvalue123]

What does NEL stand for?
tia

[KGoldin]

Ken,

I didn't realize the house bid on items to push up the price to the reserve... seems a little shady if you ask me.

I'm looking forward to seeing the items you purchased in your next auction as I didn't see much in the game used portion that I would consider going for "cheap".

They say they will do it in their rules, and if you are there in person, you actually see the auctioneer bidding against himself. that's why I like to attend a live auction in person if there is something I really want. Unlike online auctions that show no price and say 'pass' or 'reserve not met' it can be a little tricky which is why it benefits to be there or watch the live feed.

PS- I think the Wee Willie Keeler bat was a steal, that was a great game used item. I think the negro league game used bats all went cheap (a bit esoteric I know)
just as an example

[seanbaseball]

They say they will do it in their rules, and if you are there in person, you actually see the auctioneer bidding against himself. that's why I like to attend a live auction in person if there is something I really want. Unlike online auctions that show no price and say 'pass' or 'reserve not met' it can be a little tricky which is why it benefits to be there or watch the live feed.

PS- I think the Wee Willie Keeler bat was a steal, that was a great game used item. I think the negro league game used bats all went cheap (a bit esoteric I know)
just as an example

That Keeler bat old for less than half of what it did at Lelands! Good eye. Wish I was more knowledgeable about some of these old HOF bats.
Also interesting with Ken at the live auction that he noted most of the buyers were dealers. Shows prices were not high at all. Wonder Ken if u are able or willing to shed light on what percentage of your buyers u believe are reselling? I'm guessing its a small % and that most are hardcore collectors.
Just curious.

[BirdsOnBat]

What does NEL stand for?
tia


Negro League