“The sports collectibles industry looks like it is going to take a big hit because of the souring economy, and there’s lots of speculation that the hobby’s biggest auction house, Mastro Auctions, won’t be around much longer. The Illinois company – the nation’s largest sports memorabilia auction house – is the target of a federal investigation into shill bidding and fraud, and [last month], the Daily News reported that it has problems paying consigners.” (via NY Daily News)
Related
- Mastro Auction Battles Economy
- Feds’ memorabilia case heating up
- Feds swarm to question card sharks
- Feds crash National Sports Collectors Convention, hand out subpoenas
- FBI probes hobby biz honchos
[Until a few years ago, and for more than a decade, I was a prominent and respected member of the sports collectibles industry. Early on, I ran a mail order business specializing in historic and rare sports programs and tickets; and for several years after that, I ran a catalog auction, Sloate & Smolin, in partnership with Barry Sloate, a specialist in early cards and memorabilia; I also ran my own online memorabilia auction, About Time Auctions. So when I say that the sports collectibles industry has never been a place for the faint of heart, I speak from experience.
Bill Mastro, the founder and president of Mastro Auctions, has a long and complicated history with the “hobby” – Mastro is one of the people most responsible for transforming a one-time hobby into a major industry and for making a fair number of people, himself especially, quite wealthy along the way. But there are low moments in the Mastro story as well, some of which are reported by Michael O’Keeffe and Teri Thompson in their 2007 exposé, The Card: Collectors, Con Men, and the True Story of History’s Most Desired Baseball Card.
As for the broader concerns of the hobby-industry, a “crash” in the hobby market has been anticipated for years — since before I became a full-time dealer in the early 1990s — but never materialized. But this time might be different – facing the one-two punch of a sinking world economy and the possible demise of one of the industry’s leading auction houses, the hobby this time really might be going down for the count.]
Update:
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