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online internet auction misrepresents value of jewelry by overstating

Resolved Question:

online internet auction misrepresents value of jewelry by overstating it. Do I have to pay if winning bidder?
Submitted: 4 years ago.
Category: General
Expert:  TaxTom replied 4 years ago.
Hello, what auction site did you buy item from and how much was it? Thank You
Customer: replied 4 years ago.
seizedpropertyauctions.com. bid $3125.00, buyer's fee $312.50, shipping and handling $14.00, insurance $12.80 , total $3464.30.
Expert:  TaxTom replied 4 years ago.

Hello, I see that you have more than one question open on this subject and am using information you have provided the other expert. I am not a lawyer and offer you advice based on my knowledge of the auction business, I worked at over 500 auctions in the last 15 years and do all financial functions for an auction company. Your bid is binding and according to the website all legal actions will be handled in Florida. In most cases the values given by auction companies is retail value and appraisal is done by a jewelry store and is the value they would the item in their store. The appraisal is based on metal value and gemstones plus any value given to the setting. In other words if they the value of an item is $2,500 at retail than the secondary value (the price you can sell a used item of jewelry on the open market) is somewhere between $1,000 and $1,500. You have a couple of problems 1. Since you have not received the item you do not know the value of the item 2. Their policy only guarantees that if they sell you a diamond it is a diamond, they are not guaranteeing size of quality. From their website "JEWELRY, GOLD, SILVER, WATCHES & GEMSTONES are guaranteed to be genuine. Gold items are guaranteed to be the karat quality as stated in the catalog and/or website. Exact weights, sizes, measurements, quality and value are not guaranteed."

I think that your best hope is to negotiate a settlement with the company not to take the item, you might offer to let them resell the item and let you pay any shortfall from the sale. Their contract with you is a standard auction contract and leaves you very little room to not accept the item. The company would still need to do what ever they can to mitigate their damages and reselling the item is one way to do that. Thank You Tom Please click accept.

TaxTom, Internet Researcher
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Experience: Years of experience of finding questions for employeers, family and friends.
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