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- From rg5turc@aol.com Tue May 28 02:31:00 2002
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Date: Tue, 28 May 2002 09:30:57 -0000
To: colonial-coins@yahoogroups.com
Subject: [Colonial Numismatics] Re: ebay private auctions
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From: "maud_dib101" <rg5turc@aol.com>
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Ray W.,
I meant no affront to you Ray on the "naive" comment as I included
myself collectively within that comment. When I first joined e-Bay I
had thought that if there were any inappropiate activities going on
that ebay would of course take care of these matters and over time I
see in my opinion that this is not the case. If ebay truly wanted to
clean up any wrong doer's they would provide a check and balance
system and remove individuals accordingly. Are you aware that you
can get multiple identities on ebay? It is my belief that ebay has
no intent of dealing with shill bidding and that the private auction
is a perfect example of that policy. When I contacted the FBI in
regards to the fraud case their agent told me that only $50,000 and
up cases would be looked into but he did ask me to send the paperwork
along as in the past year they (FBI) have received an increasing
number of similar complaints about "ebay".
On the matter of the seller "rgipaul" I cannot confirm or produce
written proof about this individuals activities with ebay but I can
point out to the collectors of this group that a good number of Large
Cents were purchased from the J.R. Frankenfield Collection (Superior,
Feb 17, 2001) and within a month or so of the sale and large number
of these coins were being offered by this seller "rgipaul". The
coins now were housed in NGC holders with grades that exceeded those
of Superior"s lot descriptions and the grades had changed
significantly, example a coin that was an EF-45 now under the guise
of NGC was magically transformed into a MS-60 coin. The first group
of coins that were sold on ebay often went for less than what was
paid at the Superior Sale and shortly after that the remaining Large
Cents or a good number of them went up for sale on ebay but under
the "private auction" guidelines available at ebay. I think all
collectors should ask why and form their own opinions on this.
I think Byron brought up a very good point that with mail bids and
phone bids competing with the floor bids at these major auctions that
across the board ccollectors should ask for accountability on the
part of the auction houses. How often do you see a coin that sold
for a large sum of money from a major sale and then a year later that
coin is being sold by a dealer at a substantially lower sum? As
collectors I think it is time for us to ask the hard questions and
for a show of accountablitiy from the auction houses including ebay.
Ray T.
--- In colonial-coins@y..., Ray Williams <njraywms@o...> wrote:
> Dave,
> The naive comment may have been for me, and rightly so most of
the
> time - friends kid me about it constantly. I don't know how long
private
> auctions have been around, but that Fugio auction was the first one
I've
> opened. Although I had no interest in the coin, I wanted to see if
any of
> my friends were in the running and I couldn't. After seeing what
was
> happening, even my naive nature realized the potential for a scam.
I didn't
> have a clue as to the value of the Fugio, it looked attractive and
a NJ in
> that condition would attract that kind of money ($2500 or 3000). I
only
> used that auction as an example of a "private auction" in case
anyone was
> curious. I didn't mean to imply that there was anything "funny"
going on
> with that consignor. I don't see the advantage to the bidder by
keeping his
> identity secret in the auction. In the unlikely event that I
wanted to
> remain anonymous, I'd just ask a friend to be my agent and place a
bid on my
> behalf. I can't imagine wanting to keep my bidding or the contents
of my
> collection secret, I'll share the contents of my collection with
any of you.
> But I guess there could be legitimate reasons to keep your identity
> secret...
> Have a GREAT Memorial Day today! While you're eating those hot
dogs and
> hamburgers (veggie burgers), pause to remember our veterans, some
of which
> are on this egroup - Thanks guys! Today might also be a good day
to reread
> the biography on page 2 of the First C4 Auction Catalog...
>
> Ray
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