Legendary Auctions

[ShaimOnYou]

Re: Legendary Auctions

The Gretzky jersey extension is ridiculous. They photo-matched it in the original description so there was no need for this, other than to get more bids. It's not the way an auction should be run, and if it's any indication of their non-Doug Allen future, they are in big trouble.

It IS the way an auction house runs when they don't SHILL BID. And this result shows exactly why they used to use that illegal practice.

You've got to hand it to them, they are creative in their ways to "maximize" hammer prices.

When I first saw the closing (or what should have been the closing price) of the jersey, it immediately hit me that top hockey bidders aren't "sold" on the photo-matches. Maybe there was something identified that questions whether it could be the same jersey or not, and the matches they did find are considered to be marks and repairs that would be easy to duplicate, hence questionable? I don't know, and I haven't spent a second of my own time researching this jersey or it's photo-matches. But $175K is around the continent and across a few oceans from $3 mil, so something is obviously amiss. Maybe it was just their judgement as to what collectors of top hockey jerseys would pay?

Something tells me that's not it. Let's see what Meigray can come up with.

[ShaimOnYou]

Re: Legendary Auctions

Here is Legendary's release on why they extended the jersey auction:


Legendary Auctions has made an unprecedented decision to extend the bidding on the 1979-80 Wayne Gretzky Rookie Jersey in our current auction to allow our staff and the MeiGray Authentication team to do additional research.
A Wayne Gretzky Rookie jersey is a historic item. The authentication of this jersey started in September and culminated on October 27th at which time Letter of Authenticity and Certificate of Registration was issued. Since this time both MeiGray and our staff have received additional information regarding the history and provenance of the jersey, and fielded inquiries regarding the availability of photo matches of the back of the jersey. Due to the fact that clear full back shots from this season are nearly impossible to find, the authentication process fell short of offering this match.
Our authentication partner MeiGray has gained access to two historic photo archives, which we hope will offer us the ability to produce a conclusive photo match and afford us the time to nail down the history and provenance of the jersey. These are the final pieces of the authentication puzzle. To that end the auction of this item has been extended to Thursday, December 18th.
Please watch the website as we will offer new information as it becomes available.

It appears the high-end collectors in the hobby demand solid proof of both sides of the jersey before they commit the dough.

Imagine that, collectors with brains demanding proper authentication of the items they (are about to) buy?

[BVC]

Re: Legendary Auctions

Struggling to stay afloat after the recent imprisonments, I don't think Legendary can afford for a high-profile item to sell for that much below their estimate (high bid of $175,000 vs estimate of $500,000).

So they made up some baloney and extended the auction.

[Roady]

Re: Legendary Auctions

Struggling to stay afloat after the recent imprisonments, I don't think Legendary can afford for a high-profile item to sell for that much below their estimate (high bid of $175,000 vs estimate of $500,000).

So they made up some baloney and extended the auction.

Bingo.
And I would imagine that some bidders are not bidding on it because of their reputation.

[ShaimOnYou]

Re: Legendary Auctions

Bingo.
And I would imagine that some bidders are not bidding on it because of their reputation.

Not if they truly believe it's photo-matched. Obviously something is amiss regarding the jersey.

That's a special one-of-a-kind museum piece, if it's authentic. The auction house's reputation won't make a bit of difference to anyone wanting the piece. Add to that it's probably never been a safer time to bid in their auction as all FED eyes are on them.

[Roady]

Re: Legendary Auctions

Not if they truly believe it's photo-matched. Obviously something is amiss regarding the jersey.

That's a special one-of-a-kind museum piece, if it's authentic. The auction house's reputation won't make a bit of difference to anyone wanting the piece. Add to that it's probably never been a safer time to bid in their auction as all FED eyes are on them.

I wouldn't let them make a dime off of me even if it is photo matched.

[BVC]

Re: Legendary Auctions

Not if they truly believe it's photo-matched. Obviously something is amiss regarding the jersey.

That's a special one-of-a-kind museum piece, if it's authentic. The auction house's reputation won't make a bit of difference to anyone wanting the piece. Add to that it's probably never been a safer time to bid in their auction as all FED eyes are on them.

Agreed - people have to have their stuff. But there might also be a fear that they would pay for it and not actually get it, due to Legendary's current problems. I don't know what the jersey is worth, but maybe the $500,000 was too optimistic?

[Phil316]

Re: Legendary Auctions

If I am looking to sell a legit item like a Gretzky first year in the NHL, 2nd with the Edmonton Oilers why would you not go big and get Classic Auctions or Goldin Auctions. I know both Classic and Goldin do a great job advertising and I know legendary does not. Seems weird.

Also in the past few years I have seen 3 or 4 reproductions come up for auction with the correct tagging, numbers, fight strap everything.

[ShaimOnYou]

Re: Legendary Auctions

If I am looking to sell a legit item like a Gretzky first year in the NHL, 2nd with the Edmonton Oilers why would you not go big and get Classic Auctions or Goldin Auctions. I know both Classic and Goldin do a great job advertising and I know legendary does not. Seems weird.

Also in the past few years I have seen 3 or 4 reproductions come up for auction with the correct tagging, numbers, fight strap everything.

I have no knowledge of this, but that's what I'm talking about.

Without a photo-match of the back of the jersey, maybe the big bidders are staying clear because they can't be certain this isn't a "repo" with added game use done really well to match the photos?

Of course we're speculating as to what the problem is, but obviously the bidders aren't satisfied with what they've been offered for authenticity (easy for me to say as I'm not the one who bid $175,000. That's one heck of a LOT of faith when you stop and think about it, but it still doesn't make the jersey authentic if it's not).

[Phil316]

Re: Legendary Auctions

Here is a link to some of those replica's.

http://www.classicauctions.net/Default.aspx?tabid=546&keywords=1979+gretzky+jersey&closed=true

[commando]

Re: Legendary Auctions

Here is a link to some of those replica's.

http://www.classicauctions.net/Defau...ey&closed=true

Your link led to another Gretzky rookie sweater that Classic auctioned back in 2005, almost exactly nine years ago:

http://www.classicauctions.net/Default.aspx?tabid=263&auctionid=23&lotid=23

That jersey was consigned by an Oilers employee of the day who had owned it since acquiring it directly from the team all those years ago. The final bid was $126,365.00.

Many will say that the current $175,000 bid is more than reasonable considering the strength of today's market, blah blah blah... And I agree with that opinion too. 175K plus commission is some nice cash.

[BVC]

Re: Legendary Auctions

Your link led to another Gretzky rookie sweater that Classic auctioned back in 2005, almost exactly nine years ago:

http://www.classicauctions.net/Default.aspx?tabid=263&auctionid=23&lotid=23

That jersey was consigned by an Oilers employee of the day who had owned it since acquiring it directly from the team all those years ago. The final bid was $126,365.00.

Many will say that the current $175,000 bid is more than reasonable considering the strength of today's market, blah blah blah... And I agree with that opinion too. 175K plus commission is some nice cash.

If the $175K was reasonable, perhaps the photo-matching provided, was as well.

Oddly, I was reminded yesterday that a lot of collectors don't completely understand what photo-matching even means. A younger collector named Brock, who apparently participates here, didn't understand that it's not just about marks. Odd threads, stitching, positioning of hand-applied decals, etc., can also be used for photo-matching. The photo-matching might not be perfect, but if there is solid provenance it might be enough. From what I can tell, there is nothing on the Gretzky jersey to photo-match except some smudges that, as others have mentioned, could easily be added to a jersey.

[BVC]

Re: Legendary Auctions

Sucks to not be able to edit posts here, but to elaborate on my first sentence above - I'm just saying that the $175K bid possibly reflects positive bidder confidence, not that such confidence is well-founded. After all, it only takes two bidders.

[ShaimOnYou]

Re: Legendary Auctions

I guess I did it again. (holding head down in shame)

I posted here and admin has deleted my post. I apparently made a few (joking) references that included references to fraud. I'm going to leave out the funny stuff and try to carefully get my one point across by posting it again, in a much cleaned-up version. Even in fun, it's easy to break the rules of the forum and that was not my intention. Thanks for understanding, admin.

Attempt #2.

Has anyone thought about the fact there is supposed to be a bidder out there who has placed a bid and, under the rules of the auction house as printed in their own words, WON this jersey for $175,000, but has been denied his win because principals of Legendary auctions decided that wasn't enough?

I mean, where is the outrage from this bidder? He rightfully won the jersey! And NOW they're going to nix his bid and do more research while they extend the auction to hopefully get more for the jersey??

Does anyone find what these pricipals did to be wrongful to the point it may elicit legal action from the bidder who was in position to win against Legendary Auctions?

[ShaimOnYou]

Re: Legendary Auctions

I wouldn't let them make a dime off of me even if it is photo matched.

Roady,

Collectors going after museum pieces like this, assuming we're talking about one that is proven to be authentic, can't play the noble card when they appear.

Charles Manson could be selling it, and if you're a collector and you WANT it because it's the gaping void white whale of your hockey collection, you're going to go after it.

That said, I do appreciate your position and support where your "heart" is.