Interesting Tidbits on Legend Regency Auction #45

As anyone who particapted, or even followed this weeks Legend Auction, you know the bidding and final prices were strong.
I find the following snippet from their current Weekly Market Report of interest:
Over 85% of the sale was purchased by collectors. This auction also proved yet again, the most in demand coins are PCGS CAC. The numbers do not lie.
I bid on only one lot, and while I was not optimistic, I thought ahead of time that my bid was somewhat aggressive - $10,281, counting the bp. I got blown out! The high bidder paid $17,625 including the bp.
Apparently, the market really is quite strong for high quality coins, and not just five figure coins. Even at the $1,000 price point, prices are strong for good looking coins, particularly those graded by our host, and with a CAC sticker (yes, exceptions can easily be found).
A good holiday weekend to all!
Steve
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Comments
I’m finding quality PCGS CAC gold that’s at the 500-1500 level to be costing up to 30% more than before. You really have to bid up on something you really want - but expect to hold long term.
The current market feels like history, perhaps a repeat.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
There's rampant inflation, record federal debit (28T+), almost record low interest rates, crypto-mania, record highs on US DJIA/S&P/NASDAQ, an estimated $386 Billion handed out in stimulus payments over the last 12 months and record creation of $$$$'s.
I can understand why people are flocking to the coin and bullion markets with their dollars. Long story short, I don't think there has ever been a time like this before. Current coin/bullion price levels have strong support, the price increases in coins have been incremental, not a straight shot up like BTC/ETH etc. I don't see a bubble in the coin/bullion market right now, but time will certainly tell us.
I like the PCGS/CAC combo for my collection, but there are some very nice coins rejected by CAC worth owning and including in ones collection.
"Got a flaming heart, can't get my fill"
The people who are running up the prices on this material are not the people who received stimulus payments for individuals ($1200, $600, $1400).
This is slightly off topic but I can’t believe someone paid $1700 for my relatively common details graded eagle from the 1850’s at the most recent StacksBowers auction.
I basically agree. If anything the coin and bullion market has been a laggard
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Ride, Sally, ride.
I won a AU58 CAC bust quarter for my circulated type set. I put in my maximum bid several days ahead of time and I was surprised to see that I won. The coin was bid up to exactly what I put in as my maximum, so if anybody would have bid one more time they would have won.
I never bid in a Legend auction before and I totally expected that I would lose, but I didn’t. I bid the exact CAC price guide price, knowing that I would pay the 17 point something buyers fee on top of that if I ended up winning. Somehow I was expecting people would bid more than that, but they didn’t. It was kind of an experiment for me, I never bid in a real auction online before. I usually do buy it now or make an offer from either Dealers websites or eBay.
I wanted the coin and was willing to stretch to get it, that was why I put in my max bid at the CAC price guide amount, but I thought the auction would last longer and that I would be outbid and was going to have to bid higher. But instead I logged on when I thought it was going to start and it said I won.
Mr_Spud
Does anyone have a sense as to whether the current strong prices are being driven by (a) already active collectors expanding their collections, (b) less active collectors getting back into the hobby, (c) new collectors, (d) all the above, (e) some other demographic or dynamic I’ve missed.
I personally hadn’t bought much for quite some time, but have made some purchases over the past year, so almost fit in category b. I have found pricing strong but not ridiculous or discouraging yet.
Which one did you get?
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
This one

Mr_Spud
I did NOT win this one — but I probably should have bid higher. 🍺
I would guess (d) all of the above.....less active collectors might have returned as a result of fewer other hobbies/activities available during covid; new collectors may have been drawn in from a variety of sources (those that started as metal stackers, flippers for hot mint releases, younger collectors learning from their collector parents/grandparents, those hearing about coin shortages on the news and becoming curious, etc); and many already active collectors keep buying as well.
There was one CAC coin that caught my attention...
The 1958 Franklin that sold at $47,000 this time compared to $129,250 at the previous Legend auction. A perfect illustration of what can happen when a single strong registry player quits the game?? A sale at $82,250 less than last time. Agree?
Wondercoin
I was interested in a few lots, but when I checked in a day before the auction, all of them were already above a level I was comfortable with.
Maybe it’s time to recalibrate. Everything is going up, except wages it seems.
Mitch, while I think you’re going with the odds, I wouldn’t limit the comment just to registry players. It could apply to a single strong under bidder or buyer, regardless of the registry.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
“Mitch, while I think you’re going with the odds, I wouldn’t limit the comment just to registry players. It could apply to a single strong under bidder or buyer, regardless of the registry.”
Mark. In the specific example, the registry player retired his #1 MS Franklin Registry set and sold it all to Mr. Hansen except for this one single Franklin (Currin please correct me if I am wrong on the 34/35 coin buy) that Legend resold. Hence, my specific reference to a “registry player” leaving the game.
Wondercoin
No doubt this is all true, I'm more wondering if all those who wandered into coins due to the covid boredom will stick around or will they return to the lines at Disneyland now that those other discretionary funds activities are reopening. That of course is not talking so much about the top of the market material but more so the $100 to 5K type of coins, is that portion of the market susceptible to a bubble is more what I'm musing about.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I bid on one lot for a price that I felt would be full retail on the coin. It got outbid by one increment. I considered one more bid but did not pull the trigger.
But since you don't know the max bid of the high bidder (or how high he/she would have bid had you bid higher), you may have missed out regardless! Since I'm generally an aggressive bidder, the underbidders to lots I get may oftentimes think they missed out by just one increment, but in reality they missed out by more.
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Mitch, I wasn’t disagreeing with your post. Sorry if I gave that impression.
I was just pointing out that though probably less likely, the same thing can occur with coins that aren’t bought for registry sets. In some cases, one or two more (or fewer) bidders can still make a huge difference.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
No but they did probably receive PPP money worth a lot more than $1200, $600, $1400!