Bang the Gavel Auction Service dba Seized Assets Auctioneers

I made the mistake of buying several items from SAA, only to later find out that the items purchased were worth FAR LESS than what SAA was advertising as the "Estimated Value". The appraisals that come with these items are insurance appraisals - which mean the actual value of the items are worth WAAAAAAY less.
When you click "agree" to the "terms and conditions" of SAA's auctions; you are basically agreeing to the fact that SAA can hyper-inflate the value of an item, to encourage you to bid higher than the item is actually worth - and in the end; SAA is able to get away with false advertising (as long as the item, itself, is described properly). So they can make it seem like a watch is worth between $55,800 - $74,400, by putting those numbers as the "Estimated Price" -- so when you win the watch at almost $12,000 you feel like you just hit the jackpot. When in reality; you really just lost about 9 grand, because the watch is really worth about $3,000.
This is one of the many situations I found myself in with SAA. And I find it interesting (but, really, more upsetting) that they can "Estimate[d]" the "Value" of the watch to be around $50,000-$70,000; while, after speaking with a representative for the watch brand - they informed me that the same watch had an original retail price of $35,000 BRAND NEW! And that same representative told me that if I found "anyone willing to pay an eighth of what the watch was worth..." then I'd be "lucky".
When I called SAA to voice my concern over this matter; I spoke with a very kind gentleman named Jaime. Jaime asked me to write my concerns, in an email, with all of the items I purchased, and explain my experience with the outside appraisals I had received for them (which equated to far less than what I spent, and most definitely what was "estimated" in value, according to SAA). After writing everything out, I was eventually connected with a man named Blake.
To give you the bullet points of my conversation with Blake:
I informed him of the outside appraisals I received from several independent jewelers, retailers, and even representatives of the brands themselves - to which he replied that all of the items are independently appraised before they are advertised and put up for auction.
I told him that the prices are valued way too high, by this appraisal company. Blake replied that they are certified GIA gemologists who appraise these items (as though being a GIA gemologist makes them the best at appraising).
I asked him how, then, could all of these other people - including reps for the brands, themselves, be incorrect in their assessment of these items. He retorted "Why don't you call the appraiser, then, and find out."
So I did.
When I spoke with an appraiser from the appraisal company, AIG (which seems to be the only appraisal company that Seized Assets Auctioneers [or Bang the Gavel] uses), I asked him how he came to assess the value of several of the items I purchased. This was his answer on just one of the items - a 1.59ct yellow diamond ring that was appraised at over $12,000:
When I asked how he came to that appraisal (when several of the other jewelers I spoke with estimated it somewhere closer to $1,700); his response was (and I'm not making this up) "If you go to the mall in Orange County, you'll find several rings - that are similar to that one going for close to ten grand."
Needless to say, I was shocked. I asked him; "Aren't you supposed to appraise an item, individually, based on what that item is - and not what 'similar items' are going for?" He said sure, but that I should still go down to that mall in OC to see what he was talking about. My impression of him was that he didn't seem to take the process of appraising an item all that seriously. The same company appraised a Franck Muller Casablanca watch (that I "won" for $4,500), with no box or papers, water damage to the face, and in pretty poor shape; with an "Estimated Retail Value" of $13,750. That information is just to give you an idea of how insanely inflated their appraisals are. Considering that the same Franck Muller watch that I purchased - in pristine condition, with box and papers, etc. - sells for around $5,000 - $6,000.
When I was wrapping up the call, I asked the gentleman, at AIG appraisal company, how often they work with Seized Assets Auctioneers.... He stumbled over his words for a moment and then said "I think I know that name.... Yeah! We work with them from time to time."
Take a look at SAA's items up for auction... Pretty much ALL of them are appraised by AIG. But it seems AIG only works with them from "time to time".
Now, I don't want to start making any claims by extrapolating that AIG inflates these prices for SAA to be able to auction them for more than they're actually worth. That would just be conjecture. But something seemed a bit strange when I received that response from the gentleman at AIG.
And just to inform anyone who is reading this; when I spoke with a representative from GIA (the place that made AIG so credible to Blake [from SAA]); they informed me that they only educate their students to grade diamonds and gems - but in no way do they teach their students to assign a value to what they grade.
And apparently even a "GIA gemologist" from AIG can mistake how many carats of diamonds are in a "$74,000" watch they appraised (which was the case with the Jacob & Co. watch that I "won" from SAA - where not only did the rep for Jacob & Co. tell me that the original retail for the watch was in the $35,000 range, but that it also had 8.5ct in diamonds -- and not 9ct, as SAA advertised.
Even when I left a message for Blake, after recognizing the false advertisement (with the Jacob & Co. watch); I received no return call from him. Perhaps because it was the only thing in their air-tight "terms and agreements" that would require them to refund my money.
I know this is a very long review of the company - but this isn't even half of what I've dealt with. I just want anyone who reads this to be very aware and extremely careful when it comes to dealing with this company. I recognize that I made several mistakes - I should have researched more into the items I placed my bids on. And I'm sure the response that Seized Assets Auctioneers - or Bang the Gavel Auction Service writes, in response to all of this, will be deceptively apologetic or gentle and kind - while also attempting to discredit my words about them. They're very good at that...deceiving people. They may or may not offer to work with me, in an attempt to "resolve this issue" - which I believe would be well deserved; seeing as though I've had to sell every item so far for less than half of what I "won" it on their auction for (which was WAY below their "Estimated Value" of it). Or they may try to point out some flaw I made, or bring up the fact that these purchases occurred a year ago, to discredit me in some way. If the time it has taken me to write this becomes their point; then they are truly reaching - it is only because I am now about to sell the items for a loss (because I need the cash) that I chose to write this. Or maybe they'll just ignore this post all together.
Either way, I thought I should just warn the consumer - by sharing my experience. Perhaps there are some people who have had nothing but a positive experience with this company. With all sincerity; good for you. But to those of you who are looking to participate in an auction with them... Just beware of their "Estimated Value(s)" and the appraisals that come with the items. The actual value is most likely a fraction of what they advertise.
Just be careful.

In addition to our previous response, we do not have any control over the appraiser’s opinions nor the appraisal process.  Seized Assets Auctioneers sends item out to an independent third party for Retail Replacement Value Appraisals, which are the most common type of appraisal. These types of evaluations are written for insurance needs. This would be the cost to replace the jewelry with an item of equal quality and kind, considered to be the current market price or the replacement value. This type of appraisal is done to protect you in the event of damage or loss of a valuable item. Our appraisals are conducted by independent 3rd Party appraisal firms that utilizes Certified GIA Gemologist. Appraisals should be used for verification of gemstone and/or metal weight, size, and grade only, not actual value. As per our terms and conditions, we cannot and do not have any control as it pertains to the values that the appraisers put into their appraisals and therefore cannot and do not get involved nor guarantee the appraisers opinion of values either up or down.  This is in our terms and conditions that you must agree to prior to being accepted as a bidder and at time of payment.  We clearly advise you to do your own research with regards to the values prior to biding. You may rest assured however that you may rely upon the appraisers statements as to the weights, gold content, clarity, cut and color to be accurate within industry standards. Sincerely, Seized Assets Auctioneers

Dear Sir or Madam,
Please accept
this letter in response to the complaint from Mr. [redacted],
 
We operate in a live, real time auction environment.  Therefore, when a person bids upon an item,
they prevent other bidders from potentially winning that item.  This is why we ask all of our bidders to
agree to our terms and conditions prior to being allowed to bid at our
auctions.  At this time we have worked
with Mr. [redacted] and issue is resolved.
Sincerely,
 
Seized Assets
Auctioneers

Your satisfaction is extremely important to us, and it’s our
goal to make you and all our auction bidders happier by...

having visited our
auctions. That’s why we host our auctions at reliable and reputable auction
sites like Invaluable. You might have noticed that as of the date of your
letter (above), we’ve had only 7 complaints at the Revdex.com of
any type out of the hundreds of thousands of lots we have offered for sale. That’s
a satisfaction rate of over 99.999% -- something we are proud of.
Any company that serves as many people as we do is bound to
have an issue once in a while. The difference between good companies and all
the rest is in how issues like this are handled. As you now know, we resolved
your issue in a way that is extremely favorable to you even before you posted this
letter.
We’re glad that you are happy now and that we’ll get to see
you at another one of our auctions again soon. We hope that we’re parting
friends.
--Seized Assets Auctioneers

As Stated by the Business. Customer  never received her merchandise After consulting with the Auction hosting platform we have issued a onetime exception and released her from the lot. Thanks you
 
[redacted]
Bang the Gavel Auction

Complaint: 10465569I am rejecting this response because it's false and misleading.
According to our gemologist, these are NOT common "inclusions".  These are clearly severely damaged, most likely they were mishandled or kept in for ultra sonic cleaning too long.  The damages are clear chips and cracks throughout the gem stones.  These are easily seen with the visible eye and felt with by your fingertip and nail.  To say that these are common "inclusions" is absurd yet more evidence of how this company misleads the public in pursuit of profit over customer satisfaction and good business practives.  If you took the gemstones out of the setting, it looks like they would fall apart into several pieces.
They claimed an estimated retail value of $4,050 - $5,400 and now state that if not for the so called "inclusions", which are actually cracks and chips clearly seen and felt, that these would sell for 40-50 times that price is beyond the pale.    The pictures show apparent glimmer and luster and the damage, considered as clear and apparent, were NEVER mentioned in the description of the item.
Furthermore and most importantly, apparently, they still can't tell the truth as they NEVER offered a full refund, as they now claim!  Obviously, I would have taken the refund as that is all I ever asked for.  However, they intended to keep the 18.5% Buyers Premium AND a 15% Restocking Charge and penalize me for their apparent 'misleading and fraudulent 'bait and switch tactics'.
I'll be happy to return the merchandise for a full refund including the 18.5 % Buyer Premium and Shipping Fees.
FYI, I have filed a complaint with the CA Department Fraud and am considering doing the same thing at the Federal level as this involves apparently moving fraudulent product over State Lines.
Regards,[redacted]

We really want you – and all of our auction bidders -- to be
happy with your experience at our auctions. That’s...

why we host our auctions at
reliable and reputable auction sites like Invaluable. In fact, as of the date
of your letter (above), we’ve had only 8 complaints at the RevDex.com of any type out of the hundreds of thousands of lots we have offered for
sale. That’s a satisfaction rate of over 99.999% and during a time when we
offer over 10,000 items per week.
[redacted], we know that there can be misunderstandings in any
business. The difference between good companies and all the rest is in how
issues like this are handled. As you now know, after fully examining the
situation, we resolved your issue in a way that is extremely favorable to you.
We’re glad that you are happy now. We hope that we’re
parting friends, and will see you, along with thousands of other happy
customers, at another auction soon.
--Seized Assets Auctioneers

Complaint: 10706190
I am rejecting this response because:  this company continues its deceptive ways.  They continue to send it out for appraisals that are not 3rd party non-selling appraisers as per the terms in the agreement.   This will be the 4th appraisal.  The ring was mis-represented when sold and the company states they guarantee weight, color and clarity.  The weight was over represented and does NOT meet the FTC standards.  This issue has been going on for over 2 months.  The company should honor its guarantee and offer a FULL refund.  
Regards,
A[redacted]

I am rejecting this response because: I never received contact from them - can you please have them clarify what they mean by it has been resolved? I would expect this to mean that we would go back to before the auction ever took place? Where they have the bracelet and I have my money and nobody owes anybody anything .  Thank you 
Regards,
[redacted]

Complaint: 10800605
I am rejecting this response because:
The company has not sent me a statement confirming that this problem is resolved. I would like a formal response recognizing the error in the auction and/or that they will not continue to bill me.
Regards,
M[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 10659222, and find that this resolution is satisfactory to me.
 
Regards,
[redacted]...

Roman",serif;
mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">Dear
Sir or Madam,
Please
accept this letter in response to the complaint from R[redacted].
We operate in a live, real time
auction environment.  Therefore, when a
person bids upon an item, they prevent other bidders from potentially winning
that item.  This is why we ask all of our
bidders to agree to our terms and conditions prior to being allowed to bid at
our auctions.  At this time we have
worked with R[redacted] and issue is resolved.
Sincerely,
Seized
Assets Auctioneers

As Stated by the Business. We spoke with the Customer  yesterday. We issued a call tag to return the disputed item for review by an...

independent appraiser. The item is currently out at appraisal. The Customer  is aware of the current status and we will be back in contact with him after the item returns from appraisal.  Thank you. .Bang the Gavel   Auction

Complaint: 10238778
I am rejecting this response because:
Seized Assets should not display the appraisal as a selling tactic if they do not stand behind the document. THAT IS FALSE ADVERTISING! Revdex.com you should have a stand against misrepresentation of goods due to false advertising.
Regards,[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 11011076, and find that this resolution is satisfactory to me.
The Seized Assets Auctioneer's representative who confirmed this matter is resolved in both a voicemail message and subsequent conversation was professional and polite. I appreciate the swiftness of his actions and proactive involvement to help close this issue. I also respect that he took the time to contact me directly. Furthermore, I am also grateful to the Revdex.com of Santa Barbara/Tri-Counties for intervening on my behalf.
Regards,
R[redacted]

Review: I was perusing an auction to buy coins from this site - somehow a bid was registered that I did not place and I received an invoice for a 7700$ bracelet that I did not purchase. There was no confirmation and no way to undo the action - I immediately contacted the company who told me that I had to pay or I would have collections agencies come after me for the unpaid invoice. I continue to receive the same messages for not paying an invoice for a product which I never purchased in the first place and I have no other recourse and I am scared for my credit and life.Desired Settlement: I would like the company to understand that I never bid on their Item - I never purchased it and I don't want it - I also do not want to pay an absurd 3500$ restocking fee for them to do nothing - I would like. It to be extorted anymore

Business

Response:

Review: This auction service uses extremely inflated appraisal reports from not reputable appraisal companies to mislead the value of their items. I purchased several items from this company through an online auction. The items came with appraisal reports stating their appraised value. After receiving the items I can to find out that the appraisal companies are basically fraudulent. They use names that are remarkably close to reputable companies and their appraised values are about 95% higher than actual market value. This company is operating what is essentially a scam.Desired Settlement: I want a full refund for both items I purchased including all fees associated with the transaction.

They are not serious Company, they sale fake items. I just bought 14KT Rose Gold 25.25ct Ruby and Diamond Bracelet. It is not rubies it is pieces of rubies put it together, (pressed together). So be careful and don’t bid on items, if it is not coming with prove of certificate, they look like the real deal, but when you take a closer look you se the reality.

Review: On July 29, 2014 I placed a bid in one of their auctions based on the appraisal of $7.740.00 they posted. I was the winner and paid $1910.95I received the tem, it was not special at all , so I made some research to get a different appraisal and went to JACKSONVILLE GEMOLOGICAL LABORATORY, expert GIA gemologists.I took a trip to Jacksonville to have the ring examined. Without giving any more details I asked for the estimatd reatil value for insurance. Two weeks after I took a second trip to get the appraisal : The size, weight and specifications of the stones and metal are very similar but the total appraisal is just of $2.100. 00 USTheir appraisal is overinflated, there is a difference of $6.000.00 and I am very dissaponted.They sent me a label for the return , I sent the piece with the new appraisal and the qualification of the appraiser. I have three months asking for a refund. They find all kind of excuses, do not want to give my money back, want to give me a credit for future business and get money for commissions !!!!! They say the appraisal change depending on the state. I would appreciate you evaluate this situation. I want my money back and the money I spent to get a trustable appraisal.I have checked the reviews of the company and also the complains and now I see that this is not a serious company to do business with.I do not understand how they can continue working.Thanks in advance.Desired Settlement: I want a refund for the total amount I paid them and the money I spent in order to get a second appraisal.

Business

Response:

As the auction company, we are very interested in seeing

to it that you get what you pay for. We are not jewelers, rather auctioneers,

which is why we send items to outside appraisers. Our job as the auction

company is to maintain an orderly auction for both buyer and sellers. We DO NOT

have any control over the appraiser’s opinions nor the appraisal process, in

order for an appraisal service to qualify to be hired by our company to do

appraisals they must be a non selling, 3rd party, GIA educated

graduate gemologists.

We do guarantee that items you purchase at our auction

will be as described within industry standards to be accurate so far as

weights, gold content, clarity, cut and color.

Our terms

and conditions clearly state if you are not sure on an item, please don’t bid

on it. When [redacted] won the

bid, she owns the item from our consignor.

As the auction house we receive a buyer’s premium for running the

auction. This fee is nonrefundable along

with the shipping and handling. In an

attempt to satisfy the bidder we did receive the item back from her. We charged a 15% restocking fee for the

consignor. This is also clearly stated

in our terms and conditions.

Sincerely,

Seized

Assets Auctioneers

Business

Response:

Seized Assets Auctioneers does not have their own

appraisers. Seized Assets Auctioneers

uses independent, non-selling, 3rd party, GIA educated graduate

gemologists.

We do guarantee that items purchased at auction will be

as described within industry standards to be accurate so far as weights, gold

content, clarity, cut and color.

Ms. [redacted]

has not been able to demonstrate that the items are not as described. Our terms and conditions clearly state if you

are not sure on an item, please don’t bid on it. When Ms. [redacted] won the bid, she owns the

item from our consignor. As the auction

house we receive a buyer’s premium for running the auction. This fee is nonrefundable along with the shipping

and handling. In an attempt to satisfy

the bidder we did receive the item back from her. We charged a 15% restocking fee for the

consignor. This is also clearly stated

in our terms and conditions. Sincerely,

Seized

Assets Auctioneers

Consumer

Response:

Review: 10286255

I am rejecting this response because: It is true, the item is like they described, there is no problem about that. The problem is about the PRICE !!!

Review: Being new to their live auction, I accidentally pushed the button, "bid now" to see how one would bid. Immediately, I was told that I won the item. When I was able to speak to someone, they said I would either have to pay for the item or put the money for future items. The amount they wanted me to pay was 904.70 dollars. Then they said we could agree with, about, 251 dollars to pay for the inventory/ processing fees. The web site won't even let me pay that. In order for me to call them, I have to call overseas. Another auction from them, for the same ring, on 5/26/2015, sold for the exact same price. I don't think that is coincidence. I think it is a scam.Desired Settlement: I refuse to pay them. I don't want this to affect my credit. I want the company investigated for scams.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID 10659222, and find that this resolution is satisfactory to me.

Regards,

Business

Response: