Man Struggling to Pay Bills In Shock As a Family Heirloom’s Auction Price Changes His Life Forever

Ijreview ^ | August 17, 2014 | George Morgan

[Hojczyk]

L.T., or Big L.T. as some call him, was put on disability after suffering terrible foot injuries from a car crash. Since then, he has struggled to make ends meet.

One day while watching television, he saw an episode of Antiques Roadshow in which a Navajo First Phase Weaving Blanket was featured. His family had kept a similar one that had been passed down through generations. Seeing the value of the blanket on TV, L.T. decided he would see if his family’s blanket could fetch similar results.

Once verified that it was in fact an authentic Navajo weaving blanket, L.T. took it to auction. Appraisers stated their expectations for the blanket’s market value which were quickly blown out of the water. Watch this man’s life change forever in one minute…

[wardaddy]

its broken down by several different factors...38% is top personal income rate..not cap gains

25% recapture rate....since he has never depreciated this item that won’t apply

20% on anything over I think 400K jointly

nearly 4% strictly Obamacare tax...yep...folks dont know that

so effective 25% rate pretty much

Obama raised cap gains 58%...huge...what a dick!

I just did a large for me trust oriented deal...even after wiggling like crazy I still paid over 20% tax...and I had huge loss carryforwards

both parties tax...Dems just drunk with it

[GeronL]

They weren’t cheap in 1850 either according to the expert in the video, $100 was 4 years salary for a Cavalry officer

[Jagdgewehr]

I have an old Navajo saddle blanket that is supposedly from the 1890's. It appraised at $2,000.00. I guess I better hang onto it a little while longer.

Great story, though.

[TigersEye]

I was afraid he might have a heart attack when the bidding started going through the roof. What a great story!

[FredZarguna]

[Fresh Wind]

Uncle Sam’s take is 38%, they always do real good too.

Long term capital gains on collectibles is 28%.

[Fresh Wind]

I might add, even 28% is too damn much.

[FredZarguna]

Coin Collector: "My goodness, Bad Johnny. Did you hoard ALL of these silver quarters yourself?"

Bad Johnny: "No I just stole 'em. My sister's the one who whored 'em all."

[DJ MacWoW]

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[1rudeboy]

If the auction house had only put in five minutes’ of work here, 1. it would be the laughing-stock of the industry, and 2. it would not be in business very much longer.

[BigCinBigD]

Plus 30% auction fee.

[Colonel_Flagg]

Boy, you got that right.

Can’t stand that show. Yet “History Channel” insists on showing it 12 hours a day.

[Lazamataz]

I have a blanket I got at Walmart three years ago. A genuine NAUTICA-brand blanket with synthetic filling, the color is white (well, KINDA white, now).

Do I hear 50,000?

[Political Junkie Too]

And what about the auction house's 30% cut?

Doesn't that get taxed as ordinary income to them?

-PJ

[FredZarguna]

The thing that always cracks me up is how people sit there and listen to the expert that the Pawn Star guy brings in, and then think they're going to get that price. The Harrisons are retailers. They are going to demand a Keystone Mark-up, which means the seller is going to be discounted 50%. [That on top of the fact that the "expert" is their guy.]

People on this thread grumbling about the auction house getting 30%? Try being the "wholesaler" outside the window at a pawn shop where there's effectively ONE bidder.

[Colonel_Flagg]

[That on top of the fact that the "expert" is their guy.]

Exactly. But then the people who presumably show up at the store with an independent appraisal already in hand aren't the ones who wind up on television.

[Fresh Wind]

Plus 30% auction fee.

Highly unlikely. Most run of the mill auctions only charge 25%, and for a high-dollar item, they will generally charge the consignor considerably less. If you have something like that, it's worth you while to shop it around for the best deal. You can negotiate the deal as there are plenty of auction houses that want to handle items like that. I would guess he was charged no more than 10%.

A big part of the auction house's take is the "buyer's premium", typically 20-25%, which is added to the buyer's bill.

So, the buyer paid at least $1.8 million.

[Figment]

Pawn shop people are the scum of the earth

[dfwgator]

Pawn shop people are the scum of the earth

Why?

[GeronL]

lol