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 Replies: 27 / Views: 4,388 |
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Valued Member
United States
71 Posts |
So I find a local internet auction house, with an interesting coin auction (prices seemed reasonable), ending approx. 2.5 hours later ... I decide to bid and watch a handful of coins.
To make a long story short, I bought 15 coins. After retrieving the lot (my wife picked them up, as I was physically unable) I ended up buying a "cast" 1861 Seated Liberty that was represented in the auction as an EF-40 ... worthless(paid $311). I bought an 1895 Morgan (paid $4148)that looked in decent condition for the auction price ... I'm not even sure its not counterfeit now !
Do these auction sites stand behind buyers or do they generally protect the sellers ? Of course I paid cash ... I feel like a real dummy !
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Pillar of the Community
United States
4846 Posts |
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Pillar of the Community
United States
1534 Posts |
That sucks.
Research and study all you can then make gigantic purchases like that.
Lack of knowledge is the most common reason why so many people get burned.
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Bedrock of the Community
United States
10982 Posts |
If it was a local auction then you need to contact them asap. Chances are the 1895 Morgan is fake since it's a $5,000+ coin even as a cull.
Paying cash is not good but you may have some legal recourse if all else fails.
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Pillar of the Community
United States
1523 Posts |
You most certainly are covered. I live in the Heart of the Auction. All you need to do is go to the Auction company's head honcho and tell him that what you bought was fake. He will take care of that because he is legally binded to do so. The Auction company will in most cases tell you how bad they feel. If it is a snakie auction house, they may give you crap but just stand your ground.
Edited by Halfwitty
04/25/2010 01:00 am
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Bedrock of the Community
United States
17884 Posts |
If they are counterfeit the auction house is unable to pass good title and they should have to refund. Especially if they are representing them as genuine. They may try to balk, but if they have a physical location you may have the possibility of bringing in the local authorities if needed on a charge of fraud. But do contact them ASAP because if it was a consignment they will be much more likely to refund easily if they have not settled with the consignor yet.
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Pillar of the Community
United States
1523 Posts |
Conder.I guess we could do auctions together damnbit.
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Moderator
 United States
56855 Posts |
craig piette, let us know how this turns out please. John1  |
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Pillar of the Community
United States
2661 Posts |
Sorry bud, but the auction house is in it to sell it and make a few bucks them selves. The phrases used by the houses are for their protection. such as " All items are sold where is how is." and one of my favorites....."Grading, which is subjective, and other adjectival descriptions are the opinion of the cataloguer unless
otherwise stated and no warranty, expressed or implied, is made since these opinions can and do vary
among experts."
I have seen some that will give you a refund if it is a high end item that turns out to be fake. They will state so either at the beginning announcements or posted in their online disclaimer.
Edited by Tim Stroud
04/25/2010 08:08 am
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Pillar of the Community
Canada
3692 Posts |
Wandering into an internet auction 2.5 hrs before closing without seeing the coins up close?
What's the long story?
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Pillar of the Community
United States
1055 Posts |
Just my opinion, but I would never buy a raw/sight unseen Seated dollar or 1895 Morgan or any other valuable coin from a local auction. If you had never used the auction house before you have no idea what way they conduct business. If wading into a new buying avenue I would make a couple small purchases first to see how they conduct business and if I am happy with the transactions. Then I may be willing to buy nicer coins. My thoughts are the Morgan will turn out to be fake too. Hopefully the Auction House will refund your money but I wouldn't hold your breath. I am sorry that this happened to you, it's a big lesson for you and for others reading this thread. Let us know how it turns out. |
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Pillar of the Community
United States
1523 Posts |
Wrong Tim. We're not grading in this situation. Yes they do. I work for an auction house and they certainly will honor a fake coin or coins Craig. Trust me,go to the auction house or the auctioneer and tell him the problem. If they sold any merchandise believing it to be real you have a legal right to return it to them for a full return of your money. If he says that the homeowner, whomever, sold it in faith as original and legitimate and it is found not to be, you have a legal right to demand a return of your money. Period. Hehe 'These is the auction code of the west,east,north and south. 'All auction laws carry over to the internet. Every state has pretty much the same laws that carry from the back yard to the net. Period again.
Edited by Halfwitty
04/25/2010 11:37 am
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Valued Member
 United States
71 Posts |
Thank you all for your input/support ... While new to this community, I feel as if I've tapped into a valuable information resource and found friends in the process ... feels good, thanks.
Just to add a few facts
-I have used this auction house on at least 5 occasions
-I have sent 2 emails to the "management" ... will call Mon.
-The other 13 coins checked out "ok" ... I bid accordingly (drop at least one grade from what they claimed)and ended up with a nice little group at from 50-75% of Blue book
-The "as is where is" clause is present in this documentation, but I still can't believe they would knowingly allow mis representation and counterfeits
Thats it for now I will report as more develops ...
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Moderator
United States
23522 Posts |
Quote:
Thats it for now I will report as more develops ... Welcome to the community, and please do keep us appraised of the developments. I certainly hope they will do the right thing. |
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Locked
822 Posts |
Quote:
All auction laws carry over to the internet. Every state has pretty much the same laws that carry from the back yard to the net. That's ridiculous. If that were the case, half of ebay sellers would need an auctioneers license. |
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Bedrock of the Community
United States
20753 Posts |
As long as you've dealt with them previously you may be OK. Auction places come and go and some are a one shot deal. I went to one some time ago and bought something. Sort of an illigal sale but I did anyway. About a Month later thought I go there again and the place was gone. I met a person I went to school with at an auction once and his job was to just bid on stuff to get the prices up. Nice job. Not sure how many on line place do that but I keep away from auctions due to things like that.
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Replies: 27 / Views: 4,388 |
Posted 04/24/2010 11:54 pm
