Robbed of $155,000

Last Wednesday we blogged Warren Hill the man that found the rare recording of the Velvet Underground for just 75 cents on a market stall and was selling it on eBay. Bidding closed at over $155,000 but sadly it appears the high bidder was a time waster.

Oakland-based Saturn Records, which oversaw the EBay sale, also reportedly received an apologetic e-mail from the man believed to be the successful bidder, saying the bid was submitted without his knowledge by a prankster friend using his computer and eBay account.

We hope that eBay will take action against the account. The second clause of the eBay User Agreement emphasises that a user is responsible for all actions taken on their account, and if you don't log out and keep your password secure you don't deserve the right to use eBay.

This does leave the question unanswered as to whether Saturn Records made good use of their buyer requirements which all sellers should be using to reduce instances of unwelcome bidding.