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  1. #21
    Junior Member
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    Jun 2008
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    Re: Sid Luckman jersey auction

    First of all, thanks to everyone who has provided support and information. I'm really blown away by your community.

    Needless to say, my head is spinning. At 10:45 Sunday night, I decided to finally sell this old jersey. Less than two days later, I've been contacted by collectors, people indicating they represent the Bears, people indicating they represent the Hall of Fame...about 120 e-mails over all.

    It seems to me that the advice I recieved earlier is starting to make sense (I have already been offered 27,500) and I am giving strong consideration to pulling it, getting it authenticated and taking it to an appropriate auction house.

    My concern: Is this a Barry Bonds baseball? That's an overstatement I know, but let's face it, the action on this thing is out of control.

    Another alternative: Get it evaluated in Las Vegas or LA (does anyone know a reputable dealer) and let it ride. After all, the e-bay commission is low and the big players would seem to be at the table already. I'm sure the big auction houses send 1099's. Does e-bay?

    Thanks again everyone. You guys are awesome.

  2. #22
    Senior Member 34swtns's Avatar
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    Apr 2006
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    1,120

    Re: Sid Luckman jersey auction

    Aaaaaannnd, it's gone.

    Wise move, java. An ebay listing is such an undignified way for one of the most legendary jerseys in NFL history to change hands......that thing needs to be celebrated and offered up in grand fashion.

    Thanks for joining us on our humble forum and please let us know what you decide to do with it as I'm sure several members here would still like a chance at owning it.

  3. #23
    Senior Member
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    May 2007
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    1,128

    Re: Sid Luckman jersey auction

    i noticed that you ended your ebay auction - imo that was a smart move.

    so what are your plans? before paying for the services of a "professional authenticator" i would suggest that you contact the chicago bears directly to see if there is someone within their organization that can speak authoritatively about your jersey. perhaps track someone down within the bears' organization that can actually compare, physically, your jersey with one they have archived. if you can swing this, and get the bears to issue a letter of authenticity on team letterhead, i think such documentation would dwarf anything a "pro" authenticator could provide and would certainly further enhance the value of your item. no doubt it would be worth the cost of a flight to chicago.

    as far as the bonds thing is concerned, it sounds like you are worried that if you don't jump on a big offer something could surface to queer the deal. it also seems that you are worried about tax implications.

    imo your jersey is nothing like the bonds sitch and patience on your part will only increase the amount you will eventually realize on the sale. contact the bears, get them to issue you a team letter and then list your jersey with a reputable sports memorabilia auction house after negotiating a reduced commission cut - keep in mind that your jersey will bring a tremendous amount of publicity and prestige to the house that lists it.

    as far as taxes are concerned, i would recommend that you get used to the idea that you will owe capital gain taxes on the transaction. speak with a good tax accountant, pay the tax bill, and enjoy your profit without having to look over your shoulder for the rest of your life. ebay may not report such a sale to the irs but it would likely surface if you ever get audited down the road - penalties and interest, not to mention that not reporting it would most likely smack of tax evasion, is something i'm sure you will not like facing down the road. on the up side you will probably, and legally, be able to circumvent sales tax if the jersey is sold in a state where you do not reside.

    keep us posted.


    ...
    robert

  4. #24
    Senior Member nyjetsfan14's Avatar
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    Apr 2006
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    409

    Re: Sid Luckman jersey auction

    I am undoubtedly in the minority on this one but to me (meaning this is strictly my personal opinion) it would be an absolute shame to see this type of piece pimped by an auction house (and filling their pockets with exoberant buyer/seller fees) only to find it's way into a persons private collection. A piece like this should be on display in the HOF or with the Bears for fans young and old to enjoy. Hopefully you can do that and maximize your profit at the same time. Either way, thanks for sharing and all the best in your endeavors with the jersey.

  5. #25
    Senior Member
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    Mar 2008
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    1,342

    Re: Sid Luckman jersey auction

    I have a feeling this will be bought....authenticated...and resold again.

  6. #26
    Senior Member
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    Jun 2008
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    450

    Re: Sid Luckman jersey auction

    Quote Originally Posted by aeneas01 View Post
    ...as far as taxes are concerned, i would recommend that you get used to the idea that you will owe capital gain taxes on the transaction....
    A sidenote...would he only have to pay capital gains on the $$ from selling it? Seems like it'd just be straight up income since it's not an investment, thus taxed at a higher rate than CG.

  7. #27
    Junior Member
    Join Date
    Jun 2008
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    6

    Re: Sid Luckman jersey auction

    Again...great feedback and advice.

    One thing for sure...I am going to slow this whole process down and proceed carefully.

    A couple of auction houses have been all over it and private offers have hit 40K from people that I'm sure you all know. I've been in the "business" for two days and I already know a number of the major players...thanks to you guys.

    So, I'll probably talk to the Bears - a dealer who claims to represent them has contacted me, but I'll go direct. Then, I'll make my best deal with one of the major auction houses. Then, I'll probably get hooked on this action!

    Thanks again and I'll keep you posted.

    One more thing - How big is the American Memorabelia Football Show - September 18 in Vegas?

    rjtwh@yahoo.com if you need to say something off the board.

  8. #28
    Senior Member otismalibu's Avatar
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    Nov 2005
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    1,648

    Re: Sid Luckman jersey auction

    I've been in the "business" for two days and I already know a number of the major players...thanks to you guys.
    Just search those names on this site and you'll have even more information on which to base your decision. In case you already haven't done so

  9. #29

    Re: Sid Luckman jersey auction

    Hello javabob,

    I sent you an email directly. Please let me know if you received it.
    Christopher Cavalier
    Consignment Director - Heritage Auctions

  10. #30
    Senior Member
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    May 2007
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    1,128

    Re: Sid Luckman jersey auction

    Quote Originally Posted by treant985 View Post
    A sidenote...would he only have to pay capital gains on the $$ from selling it? Seems like it'd just be straight up income since it's not an investment, thus taxed at a higher rate than CG.
    if the seller was engaged in the business of buying and selling items (think the mears store, an antique dealer, power ebayers, etc.) then his profit on the sale of the jersey would be treated as, as you say, "straight up income". but if the seller is someone that wants to simply sell an item that has been in his possession for a long time due to an inheritance, a gift, a past purchase, a discovery, etc. then the profit would be treated as a capital gain - most likely a long-term capital gain. the trick will be establishing a fmv. at least that's my understanding...

    javabob123:

    here are some big-buck game-used jerseys that have sold at auction during the past few years - imo none are as significant (read valuable) as your jersey...

    jim brown - $70,000



    johnny unitas - $59,000



    ray nitsche - $39,000



    johnny unitas - $37,000



    johnny unitas - $20,000

    robert

 

 

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