Great Collections has a strong night! Results crush Legend sales!
U1chicago
Posts: 6,240 ✭✭✭✭✭
As a fan of toned coins, I was following the action tonight. The results were strong. Multiple coins beat their previous result at Legend (some having sold just earlier this year). Anyone else follow these or win anything?
Here is a sample
1884-O....3,172.50 (2020) vs 5,236.88
https://www.greatcollections.com/Coin/1205706/1884-O-Morgan-Silver-Dollar-PCGS-MS-65-CAC-Roadrunner-Collection-Toned
https://legendauctions.hibid.com/lot/76025913/-1-1884-o-pcgs-ms65-cac/
1885-O....3,290.00 (Jan 2022) vs $5,231,25
https://www.greatcollections.com/Coin/1186901/1885-O-Morgan-Silver-Dollar-PCGS-MS-65-CAC-Toned
https://legendauctions.hibid.com/lot/109496961/-1-1885-o--pcgs--ms65--cac/
1887...2,937.50 (2020) vs 7,281
https://www.greatcollections.com/Coin/1208134/1887-Morgan-Silver-Dollar-PCGS-MS-67-CAC-Roadunner-Collection-Toned
https://legendauctions.hibid.com/lot/73044057/-1-1887-pcgs-ms67-cac/
1888....1,762.50 (2020) vs 4,361.62
https://www.greatcollections.com/Coin/1186922/1888-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Roadrunner-Collection-Toned
https://legendauctions.hibid.com/lot/66993604/-1-1888-pcgs-ms66--cac/
Comments
GC Really pulls the bids, I have seen several coins sell at legend, stacks, and heritage for x, then show up at GC with in the year, and get way over X.
I’ve seen it too. It’s interesting since many often talk about “fresh” coins vs those that have bounced around. At least tonight, the fairly recent sales seemed to have little impact on the bidders.
I bid on a couple of coins (Morgan dollars) and my bids were higher than PCGS price guide, but I still got blown away.
Strong results on GC tonight all around. Lots of last minute bidding activity.
A lot of the recent Stacks and HA coins have shown up on dealers websites a week or two later for X + 10% (or more). I have been the underbidder on more than one - it's highly irritating and I tend to avoid the dealer once I see that.
I need to spend more time on GC. Just had a nice piece go by without even seeing it to bid!
10% over the auction result does not seem unreasonable. That is a fairly small margin on a coin (might be even less if the dealer takes paypal and depending how much they had to pay for shipping to the auction house). My favorite are the ones where it is 10x (there is a coin I was following that went for around $1,500 and is now priced at $15,000-although it did go on sale down to $9,000
).
Sure it's 'reasonable', but when I bid, it's the most I am willing to pay, so I won't be a buyer next week at X + 10%. Probably a sign that the market is overheated when dealers are outbidding collectors paying strong retail at auction.
I made what I thought were a couple of strong bids on early dimes and got beat on one and blown out on the other. Managed to get a nice CBH for what I thought was a reasonable price and probably paid a touch too much for a classic head quarter eagle but I loved the color and decided I was going to buy it.
But tough night all around, I'm not used to striking out on 50% of my bids. Good for the sellers and great for GC!
The Meadowbrook 1834 QE?
Yep
Nice snipe and pickup. I also thought the color looked fantastic
A lot of dry powder out there. I bid on 1 coin tonight and didn't get it at MY price.
O well, I'll just wait.............again
Mike
My Indians
Danco Set
Yep, I haven't been buying as many coins as I used to on GC because the prices have been so strong over the last year or two.
It makes sense that you would not buy the coin at 10% over what you saw it go for auction (when that was already more than you were willing to bid). I'm just saying I would not avoid those dealers. If 10% is their normal markup, that means other coins they sell (which were not necessarily available at auction) could be fairly priced. And there are many cases when someone misses an auction and are willing to pay the 10% markup or the auction goes lower than expected, so it is still a good price.
A lot of time wasted, in my case. Unless we factor in the "learning experience" thing.
Same here. It seems more people are discovering GC (which is good for them and for GC but not so much for some of us used to the old days).
Went 0-4 tonight on CAC gold but to be expected. No worries though. The ANA is right around the corner so there will be more chances to find coins. I know, I will most likely strike out there too. The premiums on CAC are crazy right now.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Good to know. I'm so laser-focused on the coins themselves that I don't even notice if they have stickers on the slabs. Henceforth I'll try to notice, and avoid.
Maybe it'll make some difference, IDK.
I certainly do not see the numismatic crash as some have suggested 🤔
It’s Alive & Well!
I have been reading some rumblings too that the coin market is ready to take a step back and that the peaks were already reached earlier this year. So far that does not seem to be the case. We might still see a decline soon but the time has not arrived yet.
Been jumping in for 20% off the market to NO avail so yes no slight indication of such 🤔
Your four examples are all very closely-spaced mid four digit Morgan dollars. I am sure you could find plenty of examples where Legend Auctions brought higher prices than GC for particular coins.
I like Ian and have consigned coins in this price range to GC but it’s hyperbole to say GC results crush Legend sales.
"Look up, old boy, and see what you get." -William Bonney.
Is a super-heated market a good place to be spending money? My own feeling is that is time for smart collectors to move to the sidelines until the irrational exuberance passes.
You will appreciate those dealers if and when you go to sell your collection!
That is a good question for each of us to consider. There are coins I’ve certainly passed on given how much higher they have gone. On the other hand, this has been a two year process already, so how long can one be on the sidelines? The ideal balance would probably involve moving to different series (that haven’t seen as sharp of a rise) and only stretching for truly hard to find coins in your preferred series.
I know I was super pleased with GC last night. I had my first consignment with them and the gross sales were 15% higher than my highest expectations. I know a lot of it is luck and timing but I have to say I’m just elated. The proceeds will help me buy another gold dollar for me collection.
Bid on but did not win.
The coins were duplicates so I stayed well within my bidding budget.
I will get 'em next time.
Wayne
Kennedys are my quest...
People get upset about inflated prices on a gallon of gas or food at the grocery store, yet they willingly pay 2-3x the price of just 1-2 years ago on coins and are happy to brag about it. I guess it all comes down to wanting something bad enough to make a decision. For myself, I have seen the "out-pricing" getting closer and I think it's upon me. I won't pay an exorbitant price just for pride of ownership, it makes more sense to wait for things to calm down than to risk a burial.
The coins pictured remind me of what I'm priced out of --- nice items that aren't irreplaceable. My collection is fine as it is, I think my strategy has worked well so far so I'll stick with it.
Soon to be appearing in a glossy advertisement. Yet we don't hear about lackluster results much.
Inexact parallel. If you had a garage full of gasoline, you'd also be cheering the increase in fuel prices. "Collectors" view price increases as both an increase in their collection's value and as evidence for further gains to come. [I'm not saying I agree with them, but that is the difference.]
I would also add that the psychology of inflation is to spend money sooner than later. If you believe gas is going up, you keep your tank is full as possible all the time. In Weimar Germany, people got paid daily and spent all their money on their lunch break to preserve its wealth. So, when coin prices rise, there is a tendency to want to buy now before they become even more expensive. People don't tend to be calibrated for price declines which might be why they tend to be more dramatic when they happen.
Strong results last night. Felt like everyone was at the keyboard.
Lost the '39 Seated Quarter went for 40% over CAC guide.
A coin I won last night sold at $100 less than it did in 2017. I was also the one and only bid.
There were two 1903-P Morgan dollars that were both graded MS66, one with a CAC (I think). Those sold for near double greysheet.
Auction results are a snapshot at a specific point in time and the success is measured by who the participants are as well as by the frequency certain coins with the look are offered.
Experience the World through Numismatics...it's more than you can imagine.
10%???? Check these two out.
https://www.greatcollections.com/Coin/1174492/1920-S-Buffalo-Nickel-PCGS-MS-64-OGH
https://www.ebay.com/itm/325287048376?mkcid=16&mkevt=1&mkrid=711-127632-2357-0&ssspo=scNdzrGoRRu&sssrc=2047675&ssuid=NEIiGOd5QpC&widget_ver=artemis&media=EMAIL
With gold that margin can be much higher after an auction win.
Who, other than me, gets to decide how I should price a coin? If no one likes the price, they won't buy it. If a dealer outbids you in an auction, that simply means that he sees value there that you don't. Rather than complain, you might actually ask what you missed.
I think the general idea is that if it's not priced like the guides say, it's wrong.
IMHO Ian and the staff at GC are first rate and leave some $ in the seller's/buyer's pocket.
The O.P. was about strong prices.... A second poster was about 10% profit being too much.... Checkout the PCGS price guide on this one.
If you are a serious collector, the time to be spending money is when the perfect coin presents itself.
If you are concerned about paying too much due to inflated prices, why not sell a few non-key (replaceable) coins to help ameliorate the pain?
This is an excellent time for collectors to dispose of their mistakes. Strike while the irrational exuberance is hot!
Price guides show what coins have sold for in the past, not what they're going to sell for in the future.
They don’t even necessarily do that.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
True enough. I meant "in general", not "in every case" but your clarification is more accurate.
But check out the 65 price. I'm not saying that is the right price for that coin, but it is an old holder and there's a huge spread at 65.
Bottom line: if he wants to price out at $10k, it's his prerogative. I really don't care. I won't tell him how to price his coins if he doesn't tell me how to price mine.
It is interesting how often people post about getting blown out of the water on their "reasonable bid" or "strong bid". In this case, anger that a dealer dared to buy it and then offer it for more. When I get outbid, I just assume my bid wasn't high enough. Lol
Clearly, there is not yet universal agreement regarding what constitutes a "reasonable" or "strong" bid.
Lol. Nor will there ever be.
I blame those money-grubbing dealers.
Not necessarily any more than other houses...but I know people only look at BP.
And if the OP's post is correct, GC took more money out of the buyer's pocket than Legend's did.