Palm Beach Modern Auctions received a lot of press in the mainstream media in the past few weeks for their red jacket attributed to the classic James Dean film, Rebel Without A Cause. The $400,000-$600,000 pre-sale estimate would imply that the jacket must have been worn by the star during production of the film… Perhaps the provenance supplied by the auction house was unconvincing, since it failed to sell at auction. [Read more…]
The New York Daily News continues to take the lead in the mainstream media on the story about “disgraced sports memorabilia pioneer” Bill Mastro, Founder and CEO of Mastro Auctions, which shut down in 2009 during the FBI investigation. In the ongoing saga, he plead guilty to shill bidding and mail fraud and admitted to trimming/altering a high value trading card to increase it’s value. U.S. District Judge Ronald A. Guzman sentenced Mastro to 20 months in prison; NY Daily News reports the judge was “troubled by the fact that Mastro had destroyed bidding records after learning the FBI had launched an investigation into fraud…“. [Read more…]
There was a tremendous amount of pre-auction mainstream media coverage about the motorcycle put on the auction block by Profiles in History last month, a lot of it generated from an AP story picked up by many news outlets that was titled “‘Easy Rider’ chopper at auction might be phony” (as of this time, that keyword search is resulting in 22,500 hits on Google). The day of the auction, and for a few days following, the most used headline was a variation on proclamations that it sold for $1.35 million. But, as a matter of public record, did it really sell? And if not, why has no media outlet (to my knowledge) reported on the sale falling through? [Read more…]
The New York Daily News lead mainstream media reports yesterday about “disgraced sports memorabilia kingpin” Bill Mastro of Masto Auctions plead guilty to mail fraud and admitted to trimming/altering a high value trading card to increase it’s value. Mastro will be sentenced by U.S. District Court Judge Ronald A. Guzman, and faces up to five years in prison. [Read more…]
One of the more interesting lots in the RM Auctions sale in London this week – the highly customized Lotus Esprit that was converted into a submarine in the James Bond film The Spy Who Loved Me (1977) – hammered for £550,000, which translates to about $968,000 with fees. While it did not meet pre-sale estimate expectations that were set at £650,000-£950,000, it is a significant sale none the less, and certainly improves upon the price paid by the buyer who purchased the contents of a New York storage container for a mere $100 about 24 years ago. [Read more…]
Auction house Profiles in History filed a lawsuit in Los Angeles Superior Court last week against one of its customers, Albert Tapper, claiming that the buyer won two items in their “Hollywood Auction 53” sale event last month, but only agreed to pay for one (“Lot 197 | Clark Gable early signed, handwritten letter to his dad”) that sold for $8,000 plus buyer’s premium, and not the more expensive lot (“Lot 422 | Charlton Heston “Moses” prop Ten Commandments tablets from The Ten Commandments”) which realized $60,000 plus buyer’s premium. [Read more…]
As the latest significant update to this ongoing high profile memorabilia auction house fraud scandal, the lead journalists covering the story for the New York Daily News today reports that William Mastro of Mastro Auctions will be changing his plea to guilty on one fraud count, and will admit that he “altered the world’s most valuable trading card, a Honus Wagner T206 that has fetched millions of dollars in a series of high-profile transactions”. It’s last sale was to Ken Kendrick, the owner of the Arizona Diamondbacks, who paid $2.8 million for the baseball card. Mastro originally purchased the card for $25,000. [Read more…]
The Chicago Division of the Federal Bureau of Investigation have published a press release update regarding the ongoing investigation of alleged sports memorabilia fraud involving former Mastro Auction executives. Prosecutors claim that William Boehn, the Information Technology Director, made false statements to FBI agents. According to the FBI press release, the memorabilia auction house executives “were indicted on fraud charges for allegedly rigging auctions through a series of deceptive practices, including so-called “shill-bidding,” designed to inflate prices paid by bidders and to protect the interests of consignors and sellers at the expense of unwitting bidders.” [Read more…]