The victim was said to be left empty-handed as he tried to make a sale for the bike in Jarrow, outside the town’s Home Bargains store.
A Northumbria Police spokesperson told the Gazette: “At 3.10pm on Tuesday June 18, police received a report of a theft of a bicycle on Station Street, Jarrow.
“It was reported that a man had arranged to meet another male to sell his bicycle.
“However, it is alleged that the prospective buyer then rode off with the bike without offering payment. Inquiries are ongoing.
“Anyone with information is asked to contact 101 quoting reference 619 180619 or Crimestoppers anonymously on 0800 555 111.”