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 never stated 10% is “too much profit” - I question the business model of dealers who pay high retail at auction and then markup further for their own inventory.
In two specific instances, I was the underbidder and those coins have continued to sit in those dealers’ inventory. I didn’t miss anything - I was one increment off and the dealers have not successfully resold at the marked up price.
It’s a trivial complain - in fact, it’s more irritating that you have misconstrued my comment that 10% is too much profit.
I never stated 10% is “too much profit” - I question the business model of dealers who pay high retail at auction and then markup further for their own inventory.
In two specific instances, I was the underbidder and those coins have continued to sit in those dealers’ inventory. I didn’t miss anything - I was one increment off and the dealers have not successfully resold at the marked up price.
It’s a trivial complain - in fact, it’s more irritating that you have misconstrued my comment that 10% is too much profit.
Who's to say that they paid "high retail"? They clearly feel they paid wholesale.
I never stated 10% is “too much profit” - I question the business model of dealers who pay high retail at auction and then markup further for their own inventory.
In two specific instances, I was the underbidder and those coins have continued to sit in those dealers’ inventory. I didn’t miss anything - I was one increment off and the dealers have not successfully resold at the marked up price.
It’s a trivial complain - in fact, it’s more irritating that you have misconstrued my comment that 10% is too much profit.
Who's to say that they paid "high retail"? They clearly feel they paid wholesale.
Major auction (Stacks) with lots of eyeballs on PQ CAC coin. Coin then sits in inventory at only 10% markup. Facts suggest coin was fully priced.
This is a very interesting post. GC posts the worst imagery among professionals (and even many amateurs) in the industry. This is a "choice" they make. Crappy images hide flaws and keep people buying insert labels and stickers....pretty smart, assuming a not so bright audience! Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
@KatanaPilot said:
This is a very interesting post. GC posts the worst imagery among professionals (and even many amateurs) in the industry. This is a "choice" they make. Crappy images hide flaws and keep people buying insert labels and stickers....pretty smart, assuming a not so bright audience! Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
The images are not glamor shots but they are far from crappy. GC has some of the most consistent and fair photos. They don't hide flaws and they do not over exaggerate the color (which some other sellers do). I've bought plenty from GC and haven't had a coin that looked worse than the photo (they are either as expected or nicer).
The other things you mentioned are silly. GC has some of the best customer service (you can email them with questions or concerns and get a reply much quicker than the majority of other auction houses). They also ship within a day or two of payments (unlike others that can take weeks).
And what else do you want an auction house to advertise besides strong results? Having the lowest results? How many people will consign their coins to a place that gets lower amounts?
As far as advertising, sure you can hire me-it will take at least one monster toned Morgan as part of the signing bonus.
@tradedollarnut said:
2020? Really? Right during a pandemic?
Did you miss the 2022 result? There were others that I didn't include too.
Plus that pandemic helped increase prices. Funny money, people sitting at home, no shows, reduced dealer inventories-it was all discussed here. Take another look at the market and compare pre pandemic to 2020 and after prices.
@logger7 said:
I can't wait to hear how high the PQ coins are being priced at the ANA.
As long as nothing extreme happens in the next week, it would seem like most will be priced quite high (they were at Central States in April of this year).
@KatanaPilot said:
This is a very interesting post. GC posts the worst imagery among professionals (and even many amateurs) in the industry. This is a "choice" they make. Crappy images hide flaws and keep people buying insert labels and stickers....pretty smart, assuming a not so bright audience! Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
This comes off as slanderous. All of the auction houses have pluses and minuses. Personally I always know that the coin I win at GC will look like the photo - there are no surprises. This gives me more confidence to bid.
I am a little guy with a little budget - Ian Russell has personally returned my emails - that is amazing customer service!
@KatanaPilot said:
This is a very interesting post. GC posts the worst imagery among professionals (and even many amateurs) in the industry. This is a "choice" they make. Crappy images hide flaws and keep people buying insert labels and stickers....pretty smart, assuming a not so bright audience! Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
This comes off as slanderous. All of the auction houses have pluses and minuses. Personally I always know that the coin I win at GC will look like the photo - there are no surprises. This gives me more confidence to bid.
I am a little guy with a little budget - Ian Russell has personally returned my emails - that is amazing customer service!
That's what I was saying too-the pictures are perfectly reasonable and Ian's attention to customers (I have only bought not sold, so speaking from that experience) is excellent.
@KatanaPilot said:
This is a very interesting post. GC posts the worst imagery among professionals (and even many amateurs) in the industry. This is a "choice" they make. Crappy images hide flaws and keep people buying insert labels and stickers....pretty smart, assuming a not so bright audience! Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
There pictures have improved lately. If you have any doubts, ask them a question about the lot. I did and got a very precise, unbiased negative assessment of the lot I was questioning!
I never stated 10% is “too much profit” - I question the business model of dealers who pay high retail at auction and then markup further for their own inventory.
In two specific instances, I was the underbidder and those coins have continued to sit in those dealers’ inventory. I didn’t miss anything - I was one increment off and the dealers have not successfully resold at the marked up price.
It’s a trivial complain - in fact, it’s more irritating that you have misconstrued my comment that 10% is too much profit.
Who's to say that they paid "high retail"? They clearly feel they paid wholesale.
Major auction (Stacks) with lots of eyeballs on PQ CAC coin. Coin then sits in inventory at only 10% markup. Facts suggest coin was fully priced.
How long has it been sitting? Not everything seems immediately, especially if fully valued.
Nonetheless, the dealer thinks the price was wholesale. Otherwise he wouldn't have purchased it for sale.
@KatanaPilot said:
Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
Customer service is something so many take for granted, and as a company, we probably took it for granted that people realized we are available to help in any situation, offer advice on coins, review coins in auction in hand over the phone, about consignments, consigning process, in fact, anything. Since I write most of our ads, I thought readers wanted to know more about what we are doing - auction highlights for future sales, or sold items. But time for a change. @KatanaPilot You might just be featured in our next ad, thank you.
@KatanaPilot said:
Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
Customer service is something so many take for granted, and as a company, we probably took it for granted that people realized we are available to help in any situation, offer advice on coins, review coins in auction in hand over the phone, about consignments, consigning process, in fact, anything. Since I write most of our ads, I thought readers wanted to know more about what we are doing - auction highlights for future sales, or sold items. But time for a change. @KatanaPilot You might just be featured in our next ad, thank you.
Ian
Dear God, don't feed the trolls. They crave attention.
@KatanaPilot said:
Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
Customer service is something so many take for granted, and as a company, we probably took it for granted that people realized we are available to help in any situation, offer advice on coins, review coins in auction in hand over the phone, about consignments, consigning process, in fact, anything. Since I write most of our ads, I thought readers wanted to know more about what we are doing - auction highlights for future sales, or sold items. But time for a change. @KatanaPilot You might just be featured in our next ad, thank you.
Ian
Dear God, don't feed the trolls. They crave attention.
lol - wait for the ad!
Seriously though, thank you everyone for the feedback and support. Our auctions have been gaining strength week after week. Really looking forward to seeing many people at the ANA next week.
Not surprised by the solid results. I'm a little sad, as their popularity grows the prices continue to go up for the items I want! They're my #1 go to auction house, just hope they continue their service as is going forward.
I've sold a bunch of Morgans at GC over the summer. There were a few surprises but some didn't even make greysheet bid. CAC was even lackluster on most of them. Kind of disappointing tbh.
@ProofCollection said:
I've sold a bunch of Morgans at GC over the summer. There were a few surprises but some didn't even make greysheet bid. CAC was even lackluster on most of them. Kind of disappointing tbh.
It seems to greatly depend on the type of Morgan. Strong toners, older holders, and a few others go for strong money. On the other hand, blast white or neutral toned can slip by or go for about the same as on eBay. Some of those that tend to sell for around greysheet might be best sold to a dealer (if you have one that pays based on greysheet), here on the bst, or on eBay.
@SoCalBigMark said:
I suspect Ian sleeps about Five hours a night, hopefully he has a cot in his office.
I look forward to that one day, but not in the near future!
Ian
I'm guessing a double or triple layer blanket of slabs would be surprisingly warm - every collector should have a blanket holder to load up just in case of an emergency - stay alive in style, or die like you want to be buried
@Broadstruck said:
I don't believe GC affected Legend as they have different clientele same as Walmart & Target.
Who is Walmart and who is Target? Hard to find $365K proof Lincoln Cents at Walmart. Or Target for that matter. Perhaps GC is now the Gucci of auction houses
One question to consider is when legend sold those 4 coins- how were the results? Compared to generic pricing, the coins sold for multiple premiums when sold at legend.
Perhaps the seller was very happy with the results
Today the same coins got sold in a completely different market. The results therefor cannot be compared. 2020-2021 was 10-30% less than the beginning of 2022.
Not at all to say GC did not deliver and do a great job- but timing and perspective is important as well.
As another example- I sold a bunch of 93-cc $1's in ms63 for $5-5k in the 2020 range. Now I see them selling at auction for 8k. Did heritage do bad selling them for the 5k range in 2020?
No- just completely different market.
Market for that coin is up over 40% in less than 2 years...
Comments
At least he was cool enough to remove the reverse sticker without damaging the PCGS logo.
peacockcoins
I can't wait to hear how high the PQ coins are being priced at the ANA.
@DisneyFan @jmlanzaf
I never stated 10% is “too much profit” - I question the business model of dealers who pay high retail at auction and then markup further for their own inventory.
In two specific instances, I was the underbidder and those coins have continued to sit in those dealers’ inventory. I didn’t miss anything - I was one increment off and the dealers have not successfully resold at the marked up price.
It’s a trivial complain - in fact, it’s more irritating that you have misconstrued my comment that 10% is too much profit.
Who's to say that they paid "high retail"? They clearly feel they paid wholesale.
DS collection of bust halves had another unreal showing last night. I got blown on 2 I made bids on.
BHNC #248 … 130 and counting.
Major auction (Stacks) with lots of eyeballs on PQ CAC coin. Coin then sits in inventory at only 10% markup. Facts suggest coin was fully priced.
This is a very interesting post. GC posts the worst imagery among professionals (and even many amateurs) in the industry. This is a "choice" they make. Crappy images hide flaws and keep people buying insert labels and stickers....pretty smart, assuming a not so bright audience! Personally I've never once seen them advertise anything that has to do with customer care or service. All they advertise (endlessly boast about), everywhere, is how much more something sold for than it was expected to. Seems, maybe, it's a great place to sell and a horrible place to buy. I know one thing, if I had a business I'd hire U1chicago to promote it for me!
2020? Really? Right during a pandemic?
The images are not glamor shots but they are far from crappy. GC has some of the most consistent and fair photos. They don't hide flaws and they do not over exaggerate the color (which some other sellers do). I've bought plenty from GC and haven't had a coin that looked worse than the photo (they are either as expected or nicer).
The other things you mentioned are silly. GC has some of the best customer service (you can email them with questions or concerns and get a reply much quicker than the majority of other auction houses). They also ship within a day or two of payments (unlike others that can take weeks).
And what else do you want an auction house to advertise besides strong results? Having the lowest results? How many people will consign their coins to a place that gets lower amounts?
As far as advertising, sure you can hire me-it will take at least one monster toned Morgan as part of the signing bonus.
Did you miss the 2022 result? There were others that I didn't include too.
Plus that pandemic helped increase prices. Funny money, people sitting at home, no shows, reduced dealer inventories-it was all discussed here. Take another look at the market and compare pre pandemic to 2020 and after prices.
As long as nothing extreme happens in the next week, it would seem like most will be priced quite high (they were at Central States in April of this year).
This comes off as slanderous. All of the auction houses have pluses and minuses. Personally I always know that the coin I win at GC will look like the photo - there are no surprises. This gives me more confidence to bid.
I am a little guy with a little budget - Ian Russell has personally returned my emails - that is amazing customer service!
That's what I was saying too-the pictures are perfectly reasonable and Ian's attention to customers (I have only bought not sold, so speaking from that experience) is excellent.
There pictures have improved lately. If you have any doubts, ask them a question about the lot. I did and got a very precise, unbiased negative assessment of the lot I was questioning!
How long has it been sitting? Not everything seems immediately, especially if fully valued.
Nonetheless, the dealer thinks the price was wholesale. Otherwise he wouldn't have purchased it for sale.
"PQ CAC" coin, draws attention to the website. So what if it doesn't sell right away?
I suspect Ian sleeps about Five hours a night, hopefully he has a cot in his office.
I look forward to that one day, but not in the near future!
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
Customer service is something so many take for granted, and as a company, we probably took it for granted that people realized we are available to help in any situation, offer advice on coins, review coins in auction in hand over the phone, about consignments, consigning process, in fact, anything. Since I write most of our ads, I thought readers wanted to know more about what we are doing - auction highlights for future sales, or sold items. But time for a change. @KatanaPilot You might just be featured in our next ad, thank you.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
Dear God, don't feed the trolls. They crave attention.
lol - wait for the ad!
Seriously though, thank you everyone for the feedback and support. Our auctions have been gaining strength week after week. Really looking forward to seeing many people at the ANA next week.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
Hard work always pays off.
Not surprised by the solid results. I'm a little sad, as their popularity grows the prices continue to go up for the items I want! They're my #1 go to auction house, just hope they continue their service as is going forward.
I don't believe GC affected Legend as they have different clientele same as Walmart & Target.
I've sold a bunch of Morgans at GC over the summer. There were a few surprises but some didn't even make greysheet bid. CAC was even lackluster on most of them. Kind of disappointing tbh.
http://ProofCollection.Net
It seems to greatly depend on the type of Morgan. Strong toners, older holders, and a few others go for strong money. On the other hand, blast white or neutral toned can slip by or go for about the same as on eBay. Some of those that tend to sell for around greysheet might be best sold to a dealer (if you have one that pays based on greysheet), here on the bst, or on eBay.
I'm guessing a double or triple layer blanket of slabs would be surprisingly warm - every collector should have a blanket holder to load up just in case of an emergency - stay alive in style, or die like you want to be buried
Who is Walmart and who is Target? Hard to find $365K proof Lincoln Cents at Walmart. Or Target for that matter. Perhaps GC is now the Gucci of auction houses
I bought a coin for 20% less than where it sold 18 months ago in last week’s GC auction.
One question to consider is when legend sold those 4 coins- how were the results? Compared to generic pricing, the coins sold for multiple premiums when sold at legend.
Perhaps the seller was very happy with the results
Today the same coins got sold in a completely different market. The results therefor cannot be compared. 2020-2021 was 10-30% less than the beginning of 2022.
Not at all to say GC did not deliver and do a great job- but timing and perspective is important as well.
As another example- I sold a bunch of 93-cc $1's in ms63 for $5-5k in the 2020 range. Now I see them selling at auction for 8k. Did heritage do bad selling them for the 5k range in 2020?
No- just completely different market.
Market for that coin is up over 40% in less than 2 years...
So GC had some great auction results. Fantastic.
Can we not celebrate that without running down Legend? Is it an either/or proposition?
For the record, I enjoy doing business with both.
Agree. I don't see any reason not to go where the coin is. Many great companies out there.
Not an apples to apples comparison... can we please move on or is that just wishful thinking on my part?
Experience the World through Numismatics...it's more than you can imagine.