Video Game Auction Lawsuit [May 13, 2022, 7:06 pm ET] – Share – Viewing Comments
VGC reports that a class action suit filed this week in the Central District
of California against video game grading service Wata. This is on behalf of a
class, which VGC estimates could exceed 10,000, who paid Wata for video game
grading and encapsulation. Wata was named in
two
reports last year alleging serious conflicts of interest.
This new lawsuit follows the same theme, accusing Wata of manipulating the
market for vintage games, as well as advertising unrealistic turnaround times
for its grading services. Here's the most serious part:
It’s alleged that Wata president and CEO Deniz Kahn had been working with Heritage Auctions co-founder Jim Halperin to manipulate the market through press releases and interviews claiming the value of retro games would continue to rise.
Crucially, Heritage Auctions’ Halperin was also listed as an advisor on the Wata site, but this conflict of interest was never disclosed. In a statement issued to VGC last summer, the company said it “strongly refutes any allegation that it or its officers are involved in shill bidding, ‘market manipulation’ or any similarly illegal or unethical practices.”
Court documents claim that before Wata’s inception, the highest price ever paid for a video game was a copy of Super Mario Bros, which sold on eBay for a little over $30,000 in July 2017.
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MoreLuckThanSkill wrote on May 14, 2022, 11:43:There are videos on youtube that talk about Watas market manipulation and conflicts of interest.
In a just world, Wata would lose this lawsuit almost immediately. Pretty clear collusion/manipulation going on, a lot of which has already been made public.
In a just world, Wata would lose this lawsuit almost immediately. Pretty clear collusion/manipulation going on, a lot of which has already been made public.
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