Many of the coins were really under graded, but more importantly really fresh. The Monroe was incredible (as was the price). Bought a few coins for stock, including the 1807 quarter eagle (incredible strike and luster!), the 1803 $10 in P62,
and a couple of early $5's. I know the dealer who bought the 1797 $10 LE for stock and I graded it 62+. It was one of the top 3-4 coins I've seen for that date (and I sold the 63+ CoinFacts plate coin in 1993).
@JimTyler said:
You know the party is over in the Stacks auction when you get 140 reply’s to who’s chasing (bidding) in the Stack auction, use to be no one paid attention.
Sounds like the party is just getting started to me.
Now, who's next for a keg stand and a nuke bid?
Suppose you’re right if your party is getting buried.
Todays overpayment is tomorrows good deal in this market.
I’m going to stand on a table and do this at summer FUN
@JimTyler said:
You know the party is over in the Stacks auction when you get 140 reply’s to who’s chasing (bidding) in the Stack auction, use to be no one paid attention.
Sounds like the party is just getting started to me.
Now, who's next for a keg stand and a nuke bid?
Suppose you’re right if your party is getting buried.
Todays overpayment is tomorrows good deal in this market.
I’m going to stand on a table and do this at summer FUN
Paul…you can do it! Make sure we have your badge handy so we might get some professional courtesy and not have you hauled away? 🥸👮♀️👮♀️🚓
Don't people regularly caution against considering your collection an investment?
I never said that my collection was an "investment."
Maybe not using that exact word but you have often commented about how you're unlikely to recover the money you've spent on your purchases. Po-tay-to, Po-tah-to...
When you are a collector, you’re a fool if you don’t look at prices from the perspective gained from years of experience. What are you supposed to do? Keep bidding until everyone else quits? Are you supposed to ignore the prices at the shows and prior auction results? Get real. Even if you never intend to sell your collection, paying too much prevents you from buying more.
Every collector, who is worth his salt, has a perspective on the market. The ones who don’t get ripped off and become disillusioned with the hobby. Many years ago, the Franklin Mint had thousands of collectors buying from them in “societies” where they bought pieces every month. Finally the bobble burst, and those people found out that what they had was worth a fraction of what they have paid. It got so bad, it was covered on “60 Minutes.” That was the beginning of the end for the Franklin Mint.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
Those of you who think that this is normal and will go on forever are rising for a fall. I’ve seen it before, several times since the ‘70s, in fact.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
@BillJones said:
Those of you who think that this is normal and will go on forever are rising for a fall. I’ve seen it before, several times since the ‘70s, in fact.
Now is a time to sell if you can.
If you do buy, focus on less expensive or very rare items.
I've been looking at dealer inventories more lately.
@BillJones said:
Those of you who think that this is normal and will go on forever are rising for a fall. I’ve seen it before, several times since the ‘70s, in fact.
When it comes to stock, there's an old saying that says something like excesses can be worked out by either time or price. The price need never fall, it can simply not rise for multiple years.
In the end, sustainable increases in value can only follow increases in wealth.
@BillJones said:
Those of you who think that this is normal and will go on forever are rising for a fall. I’ve seen it before, several times since the ‘70s, in fact.
When it comes to stock, there's an old saying that says something like excesses can be worked out by either time or price. The price need never fall, it can simply not rise for multiple years.
In the end, sustainable increases in value can only follow increases in wealth.
And if inflation really kicks in, the real value will be where it was before the current market run up. That could be an argument for buying, but which prices are still too high?
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
You were a dealer...do you really think that people that buy six figure coins are worried about inflation? They are not retirees living on social security...they are small business owners that will just increase their prices to adjust...I appreciate your historical perspective on the cyclical nature of prices but don't think inflation has any role to play here...
The number of wealthy people in this country continues to increase significantly. It only takes a couple of big spenders to move most collectible markets...in 2008 there were 2.67 million millionaires in the U.S....in 2020 there were 6.98 million...if just a handful of those new millionaires took an interest in old gold coins they could rock the market...and what if a couple of new Hanson types got in?
@BillJones said:
When you are a collector, you’re a fool if you don’t look at prices from the perspective gained from years of experience. What are you supposed to do?
Buy what you like, that's priced at a point you're comfortable with. Coin collecting is the only hobby I know of where I've heard the participants worry about what they'll be able to sell the things they buy for before they've even bought them. People who golf or fish never talk about how the "investments" they make in their hobby will be paid back someday.
@BillJones said:
Every collector, who is worth his salt, has a perspective on the market.
You were a dealer...do you really think that people that buy six figure coins are worried about inflation? They are not retirees living on social security...they are small business owners that will just increase their prices to adjust...I appreciate your historical perspective on the cyclical nature of prices but don't think inflation has any role to play here...
The number of wealthy people in this country continues to increase significantly. It only takes a couple of big spenders to move most collectible markets...in 2008 there were 2.67 million millionaires in the U.S....in 2020 there were 6.98 million...if just a handful of those new millionaires took an interest in old gold coins they could rock the market...and what if a couple of new Hanson types got in?
What you say is true about trophy coins. However, even widgets have moved up significantly. It takes more than a few whales to double the price of 65 Morgans.
What you say is true about trophy coins. However, even widgets have moved up significantly. It takes more than a few whales to double the price of 65 Morgans.
When my Spidey Sense tells me my collection is a bird in the hand, I'll sell. (There are alternative uses of money that are fun too, or more responsible anyway.) I've dome it before over my collecting life with only a few regrets.
@jonruns said:
...do you really think that people that buy six figure coins are worried about inflation? They are not retirees living on social security...they are small business owners that will just increase their prices to adjust..
You must know different small business owners than I do. The ones I know aren't spending six figures on any sort of hobby. And they don't have the ability to just raise their prices to allow them to spend it, even if they wanted to.
You must know different small business owners than I do. The ones I know aren't spending six figures on any sort of hobby. And they don't have the ability to just raise their prices to allow them to spend it, even if they wanted to.
Probably. I'm not talking about the guy who owns the corner coffee shop. I'm referring to guys like one of my neighbors who started a company selling commercial PPE gear about 20 years ago and saw his company sales go from $10 million to $100 million during the pandemic. BTW he collects vintage electric guitars not coins. There are thousands and thousands of similar guys out there and any government statistics on their disposable incomes are wrong.
You must know different small business owners than I do. The ones I know aren't spending six figures on any sort of hobby. And they don't have the ability to just raise their prices to allow them to spend it, even if they wanted to.
Probably. I'm not talking about the guy who owns the corner coffee shop. I'm referring to guys like one of my neighbors who started a company selling commercial PPE gear about 20 years ago and saw his company sales go from $10 million to $100 million during the pandemic. BTW he collects vintage electric guitars not coins. There are thousands and thousands of similar guys out there and any government statistics on their disposable incomes are wrong.
Why would government statistics on their incomes be wrong? Unless, of course, they are running a cash business and cheating on their taxes.
@DCW said:
A lot of serious collectors here on the forums. If none of us are winning anything, it really begs the question:
Who is buying all this stuff at such inflated prices?
To get that price again, I would have consign the items to a major auction house and hope that the items would attract similar bids with only my name or no important name on them. Even if the items got the same bids, the auction house would take at least 20% of the price realized.
Depending on your total value of pieces to be sold you can easily get 0%, you have to ask. If you have one or two with a total value of say $1-2,000 you may not have the leverage, but the more you have the more leverage you have to ask for 0%. I sold some on Heritage and got 0%.
Edit, I should add, if you need the money quickly Heritage is not the way to go. They will give you a cash advance for about 50% of the value but they charge 1% per month until the sale settles.
How is this possible for the consignor to get a 0% commission (buyers) fee?
Especially, if they waive the 10% sellers fee, which is a more common practice.
The house wouldn't make any money.....
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
@jonruns said:
I'm not talking about the guy who owns the corner coffee shop. I'm referring to guys like one of my neighbors who started a company selling commercial PPE gear about 20 years ago...
That's a different sort of small business, alright.
@jonruns said:
and saw his company sales go from $10 million to $100 million during the pandemic.
When you have assistance from the government in promoting your business, you can do better than if you don't.
Sold for $9000 ($10800). This was VERY reasonable but I didn't bid, since I just purchased an 1840 less than a week ago. It's housed in an old NGC Fatty, too.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
To get that price again, I would have consign the items to a major auction house and hope that the items would attract similar bids with only my name or no important name on them. Even if the items got the same bids, the auction house would take at least 20% of the price realized.
Depending on your total value of pieces to be sold you can easily get 0%, you have to ask. If you have one or two with a total value of say $1-2,000 you may not have the leverage, but the more you have the more leverage you have to ask for 0%. I sold some on Heritage and got 0%.
Edit, I should add, if you need the money quickly Heritage is not the way to go. They will give you a cash advance for about 50% of the value but they charge 1% per month until the sale settles.
How is this possible for the consignor to get a 0% commission (buyers) fee?
Especially, if they waive the 10% sellers fee, which is a more common practice.
The house wouldn't make any money.....
It's not impossible, but I think the poster was ignoring the BP.
The only way you can get to actual 0% fees is to get hammer+20%. The ONLY way that is ever going to happen is if you have an 1804 dollar or the king of Siam set and the auction house wants to use it to promote a sale.
To get that price again, I would have consign the items to a major auction house and hope that the items would attract similar bids with only my name or no important name on them. Even if the items got the same bids, the auction house would take at least 20% of the price realized.
Depending on your total value of pieces to be sold you can easily get 0%, you have to ask. If you have one or two with a total value of say $1-2,000 you may not have the leverage, but the more you have the more leverage you have to ask for 0%. I sold some on Heritage and got 0%.
Edit, I should add, if you need the money quickly Heritage is not the way to go. They will give you a cash advance for about 50% of the value but they charge 1% per month until the sale settles.
How is this possible for the consignor to get a 0% commission (buyers) fee?
Especially, if they waive the 10% sellers fee, which is a more common practice.
The house wouldn't make any money.....
It's not impossible, but I think the poster was ignoring the BP.
The only way you can get to actual 0% fees is to get hammer+20%. The ONLY way that is ever going to happen is if you have an 1804 dollar or the king of Siam set and the auction house wants to use it to promote a sale.
I agree. The house will want to make at least 5-10%.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
To get that price again, I would have consign the items to a major auction house and hope that the items would attract similar bids with only my name or no important name on them. Even if the items got the same bids, the auction house would take at least 20% of the price realized.
Depending on your total value of pieces to be sold you can easily get 0%, you have to ask. If you have one or two with a total value of say $1-2,000 you may not have the leverage, but the more you have the more leverage you have to ask for 0%. I sold some on Heritage and got 0%.
Edit, I should add, if you need the money quickly Heritage is not the way to go. They will give you a cash advance for about 50% of the value but they charge 1% per month until the sale settles.
How is this possible for the consignor to get a 0% commission (buyers) fee?
Especially, if they waive the 10% sellers fee, which is a more common practice.
The house wouldn't make any money.....
It's not impossible, but I think the poster was ignoring the BP.
The only way you can get to actual 0% fees is to get hammer+20%. The ONLY way that is ever going to happen is if you have an 1804 dollar or the king of Siam set and the auction house wants to use it to promote a sale.
I agree. The house will want to make at least 5-10%.
Agree. In my experience it is VERY rare for a house to go over hammer+10% on a 20% BP.
Deals can be made with all auction houses, like it was said earlier, the more you have the better deal you can ask for. Take GC for one, any coin over $1k there is no sellers fee, that adds up to a lot of money if you're selling 20-30 coins valued over $1k
The other reason would be that if you send a coin(s) into GC they can probably get your coin(s) listed within a few weeks rather then a few months with other houses. Exposure? Yes I believe they are gaining exposure every day, My 1st choice
@alaura22 said:
Deals can be made with all auction houses, like it was said earlier, the more you have the better deal you can ask for. Take GC for one, any coin over $1k there is no sellers fee, that adds up to a lot of money if you're selling 20-30 coins valued over $1k
The other reason would be that if you send a coin(s) into GC they can probably get your coin(s) listed within a few weeks rather then a few months with other houses. Exposure? Yes I believe they are gaining exposure every day, My 1st choice
A weekly sale does not have the exposure of a Baltimore show, or FUN show or any other major show. GC is fine, but if I get negative 10 from Heritage, the cost is the same. And if I get placement at FUN, my exposure is higher. There is never a single correct answer to where a coin should go.
[Anecdotally, this thread is full of "oh, wow, I got blown out of the water" comments. I don't see a similar thread for Sunday's GC auction. ]
@jmlanzaf - Sunday’s GC auction wasn’t loaded with premium CAC approved gold. I’ve been blown out on GC for desirable material plenty of times in the past 12 months. I think GC’s recent results for rarities and the recently awarded ANA contract speak for themselves. GC, Stacks and HA are all fantastic venues with tons of eyeballs.
@J2035 said: @jmlanzaf - Sunday’s GC auction wasn’t loaded with premium CAC approved gold. I’ve been blown out on GC for desirable material plenty of times in the past 12 months. I think GC’s recent results for rarities and the recently awarded ANA contract speak for themselves. GC, Stacks and HA are all fantastic venues with tons of eyeballs.
I agree. But that's why a blanket recommendation of GC isn't accurate.
That bid was a nod to the coin being under graded at MS65 when the bidders thought it was more likely a MS66. Especially since it was in an OGH. In that case the bid was close to PCGS price guide for a MS66. Agreed it was very strong, but when identified as under graded by at least two bidders that is the result you get.
@alaura22 said:
Deals can be made with all auction houses, like it was said earlier, the more you have the better deal you can ask for. Take GC for one, any coin over $1k there is no sellers fee, that adds up to a lot of money if you're selling 20-30 coins valued over $1k
The other reason would be that if you send a coin(s) into GC they can probably get your coin(s) listed within a few weeks rather then a few months with other houses. Exposure? Yes I believe they are gaining exposure every day, My 1st choice
A weekly sale does not have the exposure of a Baltimore show, or FUN show or any other major show. GC is fine, but if I get negative 10 from Heritage, the cost is the same. And if I get placement at FUN, my exposure is higher. There is never a single correct answer to where a coin should go.
[Anecdotally, this thread is full of "oh, wow, I got blown out of the water" comments. I don't see a similar thread for Sunday's GC auction. ]
I think your missing the point I was trying to make
Sure, major shows bring the eyes, but you have to send in your coins "months" before the auction
O, and let me say for the record, WOW, I got blown out of the water on GC.................
Okay, I am a stupid jackass. You guys win. I am done with this topic. Go pay more and more for everything.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
That bid was a nod to the coin being under graded at MS65 when the bidders thought it was more likely a MS66. Especially since it was in an OGH. In that case the bid was close to PCGS price guide for a MS66. Agreed it was very strong, but when identified as under graded by at least two bidders that is the result you get.
I appreciate your analysis and I know bidders do have the opportunity to physically inspect coins at GC auctions. If the coin was truly under graded, should it have had a gold CAC? Or is a gold CAC only given out if a coin would receive a green CAC at the higher grade? I'm not able to find anything on the CAC website that discusses this issue. To me there is a risk this coin, if upgraded, would not receive a green CAC and only be a "C" MS66.
@alaura22 said:
Deals can be made with all auction houses, like it was said earlier, the more you have the better deal you can ask for. Take GC for one, any coin over $1k there is no sellers fee, that adds up to a lot of money if you're selling 20-30 coins valued over $1k
The other reason would be that if you send a coin(s) into GC they can probably get your coin(s) listed within a few weeks rather then a few months with other houses. Exposure? Yes I believe they are gaining exposure every day, My 1st choice
A weekly sale does not have the exposure of a Baltimore show, or FUN show or any other major show. GC is fine, but if I get negative 10 from Heritage, the cost is the same. And if I get placement at FUN, my exposure is higher. There is never a single correct answer to where a coin should go.
[Anecdotally, this thread is full of "oh, wow, I got blown out of the water" comments. I don't see a similar thread for Sunday's GC auction. ]
I think your missing the point I was trying to make
Sure, major shows bring the eyes, but you have to send in your coins "months" before the auction
O, and let me say for the record, WOW, I got blown out of the water on GC.................
For the record, typically, the consignment deadlines for the major show auctions I’m familiar with are approximately six weeks (edited to add; prior to the sales).
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The way I understand CAC. They will green bean a coin that they feel is in the upper 2-3 percent of the grade of the coin. If CAC feels the coin is "undergraded" they would give it a gold bean.
Thats the way it was explained to me.
@alaura22 said:
Deals can be made with all auction houses, like it was said earlier, the more you have the better deal you can ask for. Take GC for one, any coin over $1k there is no sellers fee, that adds up to a lot of money if you're selling 20-30 coins valued over $1k
The other reason would be that if you send a coin(s) into GC they can probably get your coin(s) listed within a few weeks rather then a few months with other houses. Exposure? Yes I believe they are gaining exposure every day, My 1st choice
A weekly sale does not have the exposure of a Baltimore show, or FUN show or any other major show. GC is fine, but if I get negative 10 from Heritage, the cost is the same. And if I get placement at FUN, my exposure is higher. There is never a single correct answer to where a coin should go.
[Anecdotally, this thread is full of "oh, wow, I got blown out of the water" comments. I don't see a similar thread for Sunday's GC auction. ]
I think your missing the point I was trying to make
Sure, major shows bring the eyes, but you have to send in your coins "months" before the auction
O, and let me say for the record, WOW, I got blown out of the water on GC.................
For the record, typically, the consignment deadlines for the major show auctions I’m familiar with are approximately six weeks.
Mark,
I guess we coild go round and round on this. Your talking deadlines and I'm talking when they open up to accept coins.
It's all good
Well, I've had my eye on a type coin I've been pursuing for a couple of years now. For a change, there were two or three potential targets in this auction that fit my desired look and affordable grade range. There are always a few of these coins around, but most have been "processed" to death. I did my research and selected one to pursue. I made a bid that would set a new auction record for this coin from the information I could gather. I then increased my bid by two increments a couple of hours before the auction as I figured I'd need to bid very strongly to get it. I was unable to watch the live auction (thank goodness) and ended up losing by FOUR INCREMENTS. The coin sold for maybe 40% higher than any other coin at that grade in auction records available to me. The other one at the same grade SOLD FOR EVEN MORE.
Incredible. It's not isolated either. Maybe I'll give up trying to buy for a while. Apparently I don't have the level of comfort needed to compete in this "new normal" environment. I dunno. It's a seller's market for sure.
@alaura22 said:
The way I understand CAC. They will green bean a coin that they feel is in the upper 2-3 percent of the grade of the coin. If CAC feels the coin is "undergraded" they would give it a gold bean.
Thats the way it was explained to me.
@alaura22 said:
The way I understand CAC. They will green bean a coin that they feel is in the upper 2-3 percent of the grade of the coin. If CAC feels the coin is "undergraded" they would give it a gold bean.
Thats the way it was explained to me.
You might look into getting another explanation.
And why is that?
Do you have one, please share with all of us
@alaura22 said:
The way I understand CAC. They will green bean a coin that they feel is in the upper 2-3 percent of the grade of the coin. If CAC feels the coin is "undergraded" they would give it a gold bean.
Thats the way it was explained to me.
You might look into getting another explanation.
And why is that?
Because the one you were given is less than accurate.
@alaura22 said:
Do you have one, please share with all of us
CAC has a website, you know. I bet they'll explain it to you there.
@alaura22 said:
The way I understand CAC. They will green bean a coin that they feel is in the upper 2-3 percent of the grade of the coin. If CAC feels the coin is "undergraded" they would give it a gold bean.
Thats the way it was explained to me.
You might look into getting another explanation.
And why is that?
Because the one you were given is less than accurate.
@alaura22 said:
Do you have one, please share with all of us
CAC has a website, you know. I bet they'll explain it to you there.
Why don't you just show us since you have all the answers
Comments
Many of the coins were really under graded, but more importantly really fresh. The Monroe was incredible (as was the price). Bought a few coins for stock, including the 1807 quarter eagle (incredible strike and luster!), the 1803 $10 in P62,
and a couple of early $5's. I know the dealer who bought the 1797 $10 LE for stock and I graded it 62+. It was one of the top 3-4 coins I've seen for that date (and I sold the 63+ CoinFacts plate coin in 1993).
I’m going to stand on a table and do this at summer FUN
BHNC #248 … 121 and counting.
Paul…you can do it! Make sure we have your badge handy so we might get some professional courtesy and not have you hauled away? 🥸👮♀️👮♀️🚓
I think they already are.
I wonder where the new buyers hang out online, if they do? Are they on Instagram or Reddit? Or simply not online socially?
When you are a collector, you’re a fool if you don’t look at prices from the perspective gained from years of experience. What are you supposed to do? Keep bidding until everyone else quits? Are you supposed to ignore the prices at the shows and prior auction results? Get real. Even if you never intend to sell your collection, paying too much prevents you from buying more.
Every collector, who is worth his salt, has a perspective on the market. The ones who don’t get ripped off and become disillusioned with the hobby. Many years ago, the Franklin Mint had thousands of collectors buying from them in “societies” where they bought pieces every month. Finally the bobble burst, and those people found out that what they had was worth a fraction of what they have paid. It got so bad, it was covered on “60 Minutes.” That was the beginning of the end for the Franklin Mint.
Those of you who think that this is normal and will go on forever are rising for a fall. I’ve seen it before, several times since the ‘70s, in fact.
Now is a time to sell if you can.
If you do buy, focus on less expensive or very rare items.
I've been looking at dealer inventories more lately.
Bring on the crash! I’m ready to buy SLDs for cheap!
When it comes to stock, there's an old saying that says something like excesses can be worked out by either time or price. The price need never fall, it can simply not rise for multiple years.
In the end, sustainable increases in value can only follow increases in wealth.
And if inflation really kicks in, the real value will be where it was before the current market run up. That could be an argument for buying, but which prices are still too high?
Bill --
You were a dealer...do you really think that people that buy six figure coins are worried about inflation? They are not retirees living on social security...they are small business owners that will just increase their prices to adjust...I appreciate your historical perspective on the cyclical nature of prices but don't think inflation has any role to play here...
The number of wealthy people in this country continues to increase significantly. It only takes a couple of big spenders to move most collectible markets...in 2008 there were 2.67 million millionaires in the U.S....in 2020 there were 6.98 million...if just a handful of those new millionaires took an interest in old gold coins they could rock the market...and what if a couple of new Hanson types got in?
Buy what you like, that's priced at a point you're comfortable with. Coin collecting is the only hobby I know of where I've heard the participants worry about what they'll be able to sell the things they buy for before they've even bought them. People who golf or fish never talk about how the "investments" they make in their hobby will be paid back someday.
Like I said, Po-tay-to, Po-tah-to.
What you say is true about trophy coins. However, even widgets have moved up significantly. It takes more than a few whales to double the price of 65 Morgans.
A rising tide lifts all boats.
When my Spidey Sense tells me my collection is a bird in the hand, I'll sell. (There are alternative uses of money that are fun too, or more responsible anyway.) I've dome it before over my collecting life with only a few regrets.
You must know different small business owners than I do. The ones I know aren't spending six figures on any sort of hobby. And they don't have the ability to just raise their prices to allow them to spend it, even if they wanted to.
Probably. I'm not talking about the guy who owns the corner coffee shop. I'm referring to guys like one of my neighbors who started a company selling commercial PPE gear about 20 years ago and saw his company sales go from $10 million to $100 million during the pandemic. BTW he collects vintage electric guitars not coins. There are thousands and thousands of similar guys out there and any government statistics on their disposable incomes are wrong.
Why would government statistics on their incomes be wrong? Unless, of course, they are running a cash business and cheating on their taxes.
A majority of the serious never show face here.
How is this possible for the consignor to get a 0% commission (buyers) fee?
Especially, if they waive the 10% sellers fee, which is a more common practice.
The house wouldn't make any money.....
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
That's a different sort of small business, alright.
When you have assistance from the government in promoting your business, you can do better than if you don't.
I was watching this:
Sold for $9000 ($10800). This was VERY reasonable but I didn't bid, since I just purchased an 1840 less than a week ago. It's housed in an old NGC Fatty, too.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
It's not impossible, but I think the poster was ignoring the BP.
The only way you can get to actual 0% fees is to get hammer+20%. The ONLY way that is ever going to happen is if you have an 1804 dollar or the king of Siam set and the auction house wants to use it to promote a sale.
I agree. The house will want to make at least 5-10%.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
Agree. In my experience it is VERY rare for a house to go over hammer+10% on a 20% BP.
Deals can be made with all auction houses, like it was said earlier, the more you have the better deal you can ask for. Take GC for one, any coin over $1k there is no sellers fee, that adds up to a lot of money if you're selling 20-30 coins valued over $1k
The other reason would be that if you send a coin(s) into GC they can probably get your coin(s) listed within a few weeks rather then a few months with other houses. Exposure? Yes I believe they are gaining exposure every day, My 1st choice
Mike
My Indians
Danco Set
A weekly sale does not have the exposure of a Baltimore show, or FUN show or any other major show. GC is fine, but if I get negative 10 from Heritage, the cost is the same. And if I get placement at FUN, my exposure is higher. There is never a single correct answer to where a coin should go.
[Anecdotally, this thread is full of "oh, wow, I got blown out of the water" comments. I don't see a similar thread for Sunday's GC auction. ]
@jmlanzaf - Sunday’s GC auction wasn’t loaded with premium CAC approved gold. I’ve been blown out on GC for desirable material plenty of times in the past 12 months. I think GC’s recent results for rarities and the recently awarded ANA contract speak for themselves. GC, Stacks and HA are all fantastic venues with tons of eyeballs.
The Heritage weekly auctions have surprised me in terms of their ability to bring buyers and high prices
I agree. But that's why a blanket recommendation of GC isn't accurate.
Some things shouldn't be sent to auction at all.
The current thought is MS65 Peace dollars at PCGS $4150 may be over priced. And then we have this recent sale from GC.
https://www.greatcollections.com/Coin/1117271/1921-Peace-Silver-Dollar-High-Relief-PCGS-MS-65-OGH-CAC
And I bought a gold medal on Stack's for 30% below melt. Not good statistics for one item.
I like GC, but not everything belongs on it.
Exactly.. There's always the BST.
Exactly. I'm sure the forumites know to offer the early gold at 3x guide on the BST.
No fees, how can you go wrong?
That bid was a nod to the coin being under graded at MS65 when the bidders thought it was more likely a MS66. Especially since it was in an OGH. In that case the bid was close to PCGS price guide for a MS66. Agreed it was very strong, but when identified as under graded by at least two bidders that is the result you get.
I agree, only coins
Mike
My Indians
Danco Set
And crickets.
I think your missing the point I was trying to make
Sure, major shows bring the eyes, but you have to send in your coins "months" before the auction
O, and let me say for the record, WOW, I got blown out of the water on GC.................
Mike
My Indians
Danco Set
Okay, I am a stupid jackass. You guys win. I am done with this topic. Go pay more and more for everything.
I appreciate your analysis and I know bidders do have the opportunity to physically inspect coins at GC auctions. If the coin was truly under graded, should it have had a gold CAC? Or is a gold CAC only given out if a coin would receive a green CAC at the higher grade? I'm not able to find anything on the CAC website that discusses this issue. To me there is a risk this coin, if upgraded, would not receive a green CAC and only be a "C" MS66.
For the record, typically, the consignment deadlines for the major show auctions I’m familiar with are approximately six weeks (edited to add; prior to the sales).
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The way I understand CAC. They will green bean a coin that they feel is in the upper 2-3 percent of the grade of the coin. If CAC feels the coin is "undergraded" they would give it a gold bean.
Thats the way it was explained to me.
Mike
My Indians
Danco Set
Mark,
I guess we coild go round and round on this. Your talking deadlines and I'm talking when they open up to accept coins.
It's all good
Mike
My Indians
Danco Set
And Stacks most likely had a seller's commission as well. I wonder how many bidders understand how to convert grains to troy ounces.
Well, I've had my eye on a type coin I've been pursuing for a couple of years now. For a change, there were two or three potential targets in this auction that fit my desired look and affordable grade range. There are always a few of these coins around, but most have been "processed" to death. I did my research and selected one to pursue. I made a bid that would set a new auction record for this coin from the information I could gather. I then increased my bid by two increments a couple of hours before the auction as I figured I'd need to bid very strongly to get it. I was unable to watch the live auction (thank goodness) and ended up losing by FOUR INCREMENTS. The coin sold for maybe 40% higher than any other coin at that grade in auction records available to me. The other one at the same grade SOLD FOR EVEN MORE.
Incredible. It's not isolated either. Maybe I'll give up trying to buy for a while. Apparently I don't have the level of comfort needed to compete in this "new normal" environment. I dunno. It's a seller's market for sure.
You might look into getting another explanation.
And why is that?
Do you have one, please share with all of us
Mike
My Indians
Danco Set
Because the one you were given is less than accurate.
CAC has a website, you know. I bet they'll explain it to you there.
Why don't you just show us since you have all the answers
Mike
My Indians
Danco Set