The "What Not" craze
logger7
Posts: 9,608 ✭✭✭✭✭
I spoke to a grading company that said due to the "What Not" craze they're greatly expanding their facility with lots of new employees. This does not make a lot of sense to me. People bidding on things as if collectibles were the new tulip mania. Does anyone have a handle on this?
0
Comments
I have never heard of the "what Not" craze. What is it?
It's an auction platform, sort of like eBay.
You "spoke to a grading company" and they said this? What grading company?
In honor of the memory of Cpl. Michael E. Thompson
Im in the want not club. Thr rbc as well
Yes, I'm familiar with it. So are most of you. Lol. Some of those custom labels that people are occasionally asking about on this forum are due to the "Whatnot craze". It's been going on for more than a year.
Lots of mystery box action, also. Vault Box, Witter Bricks, etc.
All comments reflect the opinion of the author, even when irrefutably accurate.
It's really not like ebay, although ebay started running more live auctions because of it. It's almost all live auctions on Whatnot with very little BIN or timed auctions. It's more like a social media sales platform. It drives me a little crazy, but people who love it, love it.
All comments reflect the opinion of the author, even when irrefutably accurate.
I would think it's "not" the best visibility auction site for coins.
Everyone wants everything entombed in plastic with a number on it, so it seems. I remember thinking 11+ years ago it could happen to video games and then it did.
Custom album maker and numismatic photographer.
Need a personalized album made? Design it on the website below and I'll build it for you.
https://www.donahuenumismatics.com/.
This is one company that tried it with phenomenal results but said it was a lot of work: https://boardwalknumismatics.com/ The grader didn't want me to break the news fully, so hopefully there is a news site covering this.
Well let's think this out. Impossible to contact PCGS so that rules them out, NGC is better but not that much better with communications so they are out. That leaves ICG, ANACS, or Joe's basement graders, my money is on ANACS but the odds are about even between them and ICG.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
ICG seems to be making a resurgence lately. My money is on them. They are prime Whatnot fodder.
What Not craze?!
I hope not.
Coin livestreams such as Whatnot, eBay live, and others (if there are any others) attract the type of bidders that are fueled by fear of missing out on a coin and will pay however much they need to secure a coin they like. This results in extremely competitive bidding even on some of the most common coins. It seems like a cheat code to making money in the industry. I watched an eBay livestream once where the auctioneer was using greysheet prices to get bids on ICG PR70DCAM Ikes for $700+. Coupled with the ability to remove unwanted chat messages, the livestream format can be dangerous for new collectors who don’t know what to watch out for. Some may say this is just part of the “new wave” of collectors, but in my opinion, it isn’t the right direction for the hobby.
Young Numismatist • My Toned Coins
Life is roadblocks. Don't let nothing stop you, 'cause we ain't stopping. - DJ Khaled
We started live streaming on Whatnot almost 2 years ago, and recently on eBay live as well. I am all for anything that brings new collectors into the market, and I can tell you for certain, this has brought new collectors into the market. That being said, not all of the 'streamers' selling on these platforms actually have numismatic knowledge or ethics. We have sort of used it as a cross between a live auction and a coin show. It is much more work than it would appear to be on the outside looking in- a 5 hour stream is about 15 hours worth of actual work when you add in all of the preparation, set up, shipping, ect.
Justin Meunier
Boardwalk Numismatics
I did it for a few months. It is a lot of set up work and shipping, of course. But I have a friend who does it occasionally with zero prep. Lol. His auctions are a grab bag of stuff with prices all over the place but people seem to enjoy that also.
All comments reflect the opinion of the author, even when irrefutably accurate.
I have viewed them a couple of times. The material seems to be all over the place.
I really don't like the idea of watching these zanny types of livestream auctions.
Im a little more focused on what I like to buy.
To each their own. If the buyers are being treated fairly and not overpaying then more power to them.
I don't think the collectors on this forum would have much interest but who am I to say. Just my opinion.
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
Dantheman984 Toyz4geo SurfinxHI greencopper RWW bigjpst bretsan MWallace logger7 JWP BruceS bigjpst
JWP
Yeah, it's a whole different market. You have to have the patience to just wait and watch for things to come up and then purchase them with little or no research and planning. A good way for shops to blow out widget inventory and bullion it seems although some does go for under-market value, maybe enough sells for more than it should to offset any losses for the dealers. Not something I have the patience for and they almost never have inventory I'm interested in.
ICG is making a resurgence on whatnot. Lots of sellers with top pop coins in ICG holders quoting PCGS guide. Of course the buyers don’t pay those prices.
Selling an ICG 70 for $150 when the same coin graded by PCGS would be $1000 makes the buyers think they are getting a deal. Of course the same coin in a PC69 is $20.
Lots of shady marketing on the platform.
There are also lots of good honest sellers as well. But they can get lost in the crowd.
Full disclosure:
I sell on whatnot, but don’t bs or hype. My low auction prices reflect that. Haha.
My Ebay Store