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<p>[QUOTE=&quot;medoraman, post: 1252816, member: 26302&quot;]I would not call an auctioneers description a fiduciary responsibility. The auction firm has responsibilities to both parties, he cannot lie to prospective buyers because that will result in returns or no bids in the future. Why is the auction firm not allowed to second guess NGC or PCGS grades, but allowed to second guess everyone elses? Why are they only allowed to say a coin is UNDER graded? That was my original point, they only ever claim an undergrade, you never hear when they disagree with an overgrade. To me, a good AH would, and it sounds like Ponterio was a guy I would have liked to buy from. I am sure I bought some, as I attended CICF many years, and sometimes the auctions. I do have many sellers like Mr. Ponterio I spend good money with simply because I can trust their grades.</p><p><br /></p><p>You can say a collector is a captive audience, but I think you are giving too much credit. I pass on probably 100 coins I see before I find one I am interested in. For every one I am interested in, I buy maybe 10%, the others being too pricey, defective, overgraded, etc. I don&#039;t have the deepest pocketbook, but spend well into 4 figures each year on coins, and enough buyers like me make for a good business. </p><p><br /></p><p>Maybe I am overreacting, but the Heritage coin is fugly, and to call that a gem either tells me grade inflation is rampant, or that auctioneer does not care about my concerns as a buyer. Either way it is not encouraging me to buy from that firm. I have many ancient firms I have discovered the same truth, and believe me I tell anyone who wishes to listen about it if they ask me my opinion. In the definition of Gem used to be superior eye appeal. I know it is not that coins FAULT, but it does not exhibit even acceptable eye appeal.</p><p><br /></p><p>Regarding Mr Ponterio, I do not know the man so I don&#039;t know why he sold. Maybe he wanted a steady paycheck and to be part of a larger, more important firm? I hear he is now a senior executive in the combined firm. Those are not silly thoughts. I just don&#039;t know.</p><p><br /></p><p>Chris</p><p><br /></p><p>P.S. Good discussion, thank you. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>

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