I've bought pipes for $50 and then thought the better of it, or watches for $20 and then hated them when they arrived, but nothing like this guy
Link to CBC article
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Link to CBC article
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An Expensive Case of Buyers Remorse
- Thread starter mikethompson
- Start date
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The fact that a Gretzky rookie card already went for 3.75 million is plain stupid.
It is amazing the guy didn't have to pay it all right then. The second bidder has to be furious over this. Yeah, buyer's remorse big time.
Perhaps because only now did he look closer and realize it's actually a Brent Gretzky card:
Gotta read the fine print, dude!
Gotta read the fine print, dude!
Extreme prices for sports cards are a classic example of a bubble.
It’s much like the Tulip Bulb Mania.
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www.investopedia.com
Wayne Gretzky rookie year cards are desirable to collectors. Desirability is the first condition for a bubble.
Rarity is the second condition. The more cards in that case, the less each card is worth.
What ends a bubble is when men regain their senses and start selling regardless of price.
This man paid agreed to pay over three million dollars for paper cards that cost a few pennies each to produce all you want.
He’s regretting it.
The auction company does have three million dollars.
But if they don’t get paid the rest, it could start a panic selling of sports cards, if they re-auction those cards for substantially less.
It’s much like the Tulip Bulb Mania.
Tulipmania: About the Dutch Tulip Bulb Market Bubble
The Dutch tulip bulb market bubble is seen as the first financial bubble. It occurred in Holland in the early 1600s when speculation inflated tulip bulbs’ value.
Wayne Gretzky rookie year cards are desirable to collectors. Desirability is the first condition for a bubble.
Rarity is the second condition. The more cards in that case, the less each card is worth.
What ends a bubble is when men regain their senses and start selling regardless of price.
This man paid agreed to pay over three million dollars for paper cards that cost a few pennies each to produce all you want.
He’s regretting it.
The auction company does have three million dollars.
But if they don’t get paid the rest, it could start a panic selling of sports cards, if they re-auction those cards for substantially less.
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Do you know the difference between a rich asshole and a poor asshole? One of them is rich.
This schmuck entered into a legally binding contract to purchase these "collectibles". It doesn't matter that he's had a change of heart. The auction house will likely take action to collect the difference, in court if necessary. We're not talking eBay here, but actual traditional auctions, one where the auction house also has a financial responsibility to the seller.
This schmuck entered into a legally binding contract to purchase these "collectibles". It doesn't matter that he's had a change of heart. The auction house will likely take action to collect the difference, in court if necessary. We're not talking eBay here, but actual traditional auctions, one where the auction house also has a financial responsibility to the seller.
What makes a mass produced photograph of an athlete printed on cardboard with zero intrinsic value worth 44 times more than an original Ansel Adams print? Stupid people, that’s what… 
I'm sure there are many people who would feel that way about any number of pipes. Not saying we aren't stupid, just pointing out the similarity haha!What makes a mass produced photograph of an athlete printed on cardboard with zero intrinsic value worth 44 times more than an original Ansel Adams print? Stupid people, that’s what…
This story made big headlines around here when the box of cards was found, and its interesting to see how the story played out.
I paid $900 for a MTG card. I rarely exceed $100 for a pipe...
Not quite $3.75M but my wife doesn't talk about it...
Demand. There are a lot more sports memorabilia collectors than art collectors.What makes a mass produced photograph of an athlete printed on cardboard with zero intrinsic value worth 44 times more than an original Ansel Adams print? Stupid people, that’s what…
Fascinating facts about Wayne Gretzky cards.
Some are worth less than a hundred dollars.
The 13 Most Valuable Wayne Gretzky Hockey Cards
Discover the 13 most valuable Wayne Gretzky hockey cards. This list will take you through Great One’s career one card at a time.
getcardbase.com
I don't know the whole facts of this case but is there really a legally binding contract here?
For any contract to have any credence in court there must be a signed agreement betwixt the parties involved, and I don't mean some miniscule text buried in a bundle of pages of other matter.
Does such a document exist here? I'm not so certain without actually seeing it but for sure, there is a moral obligation to the buyer to cough up but perhaps that is all, but then if it's in America then all bets are off
.Jay
I don't know the whole facts of this case but is there really a legally binding contract here?
For any contract to have any credence in court there must be a signed agreement betwixt the parties involved, and I don't mean some miniscule text buried in a bundle of pages of other matter.
Does such a document exist here? I'm not so certain without actually seeing it but for sure, there is a moral obligation to the buyer to cough up but perhaps that is all, but then if it's in America then all bets are off
Jay
An auction by an auction house without reserve creates a legal contract.
The seller wants their money and so does the auction house.
No way the auction house will refund his 3 million.
This guy woke up the next morning and realized there are about 25 more Gretzky rookie cards in the world instead of just two.
If there is a re-auction it may not bring the balance of $720,000 owed.
What if there are not any Gretzky cards or less than 25?
And opening the packages to see, will hurt the value.
It’s worth more sealed up as a unit.
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I don't care anything about these sports, so I go to these auctions for the gum. Once I get the gum, I just shred the cards. You just can't find that texture of gum anywhere else. It's like plexiglass. Hmmmmm....
With any auction house you must agree to terms, of which, one is that the winner of any auction is bound by contract to pay for the item. It's not spelled out in the margins but in the main text with any auction house with which I've created an account. It's that way with eBay, but they're a spineless toadstool of an auction house. Moreover, once you click "I agree" a worldwide set of treaties and agreements and law make your digital signature the equivalent of an ink signature.I don't know the whole facts of this case but is there really a legally binding contract here?
For any contract to have any credence in court there must be a signed agreement betwixt the parties involved, and I don't mean some miniscule text buried in a bundle of pages of other matter.
Does such a document exist here? I'm not so certain without actually seeing it but for sure, there is a moral obligation to the buyer to cough up but perhaps that is all, but then if it's in America then all bets are off
Jay
So, yes, there is a contract between the auction house and people allowed to bid and it can be enforced. At the very least they could seize his deposit, and maybe they will leave it at that. But, the asshole might find himself banned. Depends on how much he spends VS how much he screws around.
Scrounge up the $720K and pay off the obligation.
Do a live YouTube unboxing.
If there are 25 Gretzky cards, burn 23 of them right then and there.
Auction the surviving cards.
Do a live YouTube unboxing.
If there are 25 Gretzky cards, burn 23 of them right then and there.
Auction the surviving cards.
A fool and his money... I don't care how badly I might want something - I won't buy if the price is absurdly high, not just because of financial limitations, but out of principle. I don't support price gougers.
It seems that in our modern society, we're soaccustomed addicted to the instant gratification of having everything we want delivered to our door with free two day shipping that we (collectively) have forgotten that it's possible, and perfectly acceptable, to do without (gasp) something that is not an actual necessity. I would even go so far as to argue that we have largely lost the ability to distinguish between necessity and desire. Mindless consumerism is firmly embedded in our culture.
It seems that in our modern society, we're so
A lot of self-made men are highly focused and yet impulsive. A good gut sense and the impulses to act on them
Well sure, but the impulse to make a quick decision on a risky investment with future goals in mind and the impulse to grab that item you don't really need on a "Lightning Deal" for an instantly gratifying buyer's high are fairly different from one another.