Legendary Auctions

http://legendaryauctions.com/

As per the press release, Doug, Mark and Ron have purchased the assets of Mastro Auctions and will be continuing the business under the new name of Legendary Auctions.

I wonder, is this move done to protect future assets from any liability that Mastro might incur?

Jay

Why would changing the name and putting different names in the forefront change anything?

Lee

lee-
what about the possibility that in addition to the NAME, the INDIVIDUAL will also be excluded from the "new" business?

This move gives the appearance that they are trying to distance themselves from certain people that they used to work with. Given that Doug Allen was at the helm when most of their problems surfaced, I'd have to wonder just how much they cleaned up their act.

Jay

another change is the bp is down to 17.5%

does that mean i get 2.5% back from my purchase last month?

Mark

That would be interesting to now if Mastro is still involved. I have met Doug and he seemed like a nice guy but I have to agree with Jay and his comments.


I can't believe I just agreed with Jay.

Lee

There was a press release stating that Mastro has nothing to do with LA. Mastro said he looks forward to some time away from the hobby.

There are more problems at Mastro than just Mastro and my gut says some of them moved to LA with its creation.

Jay

Isn't Legendary going to have an auction in April? It will be interesting to see Legendary try to go head to head with REA.

Jim Rivera cfc1909 wrote:another change is the bp is down to 17.5%

They raised it back up to 20%, which is the highest buyer fee in the business.
Buyer's Premium:

Wes, can we get you to chime in here about your experience with Legendary?

Jay

sabrjay wrote:Wes, can we get you to chime in here about your experience with Legendary?

Jay

it's already all right

http://www.network54.com/Forum/153652/thread/1239883470/last-1240431748/Legendary+Auctions.+Should+I+call+the+police+on+them+about+having+possible+stolen+material

I'd rather not wade through that mess and Wes' experience should be in a place where it's not lost among hundreds of other posts. This board was founded to help warn people about potential problems in the hobby because we felt they weren't be addressed properly else where. We also wanted to return the focus to cards and the hobby.

Jay

Well, I thought it was already pretty well covered over there and also pretty easy to find, but yeah, I'm all for returning the focus to cards.

Hi Jay,

Here is my story:

I sent some cards to Mastro for their April auction. In late February, some people posted on the N54 about not being paid for the December Mastro auction. Others people posted about receiving bounced checks. There were rumors about restructuring and investigations, so I became a little concerned.

Around this time, Mastro sent out a mass email saying that outstanding consignments would be auctioned by the newly formed Legendary Auction. I re-read my Mastro contract and noted there was no provision for assignment or transfer of consignments, so I asked to have my cards returned to me. I spoke to Doug Allen and received an email from Doug that said they were unwilling to do this. So we just left things as such, and currently I have two consignment lots in the April Legendary auction.

I posted on the N54 to answer a few questions posed in that long thread, but it is really not a big deal. If I get paid in a timely manner, then all is well.

Wes

just got to re-read this thread and I did not know they raised the bp. It will be interesting to see where Legendary will be in 1 to 2 years. I spoke to Doug at Valley Forge and all seemd good. Then when I got home I read the 54 thread -not so good. I hope everybody gets their money.

This first auction has some great stuff and I hope all is good.

Wes, The thing that intrigued me the most about your posts in the other thread was Doug saying that the LA auction was in conjunction with Mastro. Did I read that part right? If so, then how in the world given that all the principles except MAstro are still there and they are still owned by the same company, can they claim to be something completely new? Smells more like they are literally covering their assets due to the FBI investigation.

I'm sure they've worked out all the legal details to protect themselves from that, but on surface, it sure doesn't seem like anything has changed other than the name and the fact that Bill Mastro is no longer involved.

Hope your cards do well, but I have less faith in LA/Mastro every time I read something about them.

Jay

I didn't really know what held "in conjunction with Legendary Auction" meant either. I just cut and paste that part from an email that I received from Doug.