Mail bidders win big at the Goldberg Sale!

gsaguy

Wow! What an interesting auction!!!

While sitting there and watching lot after lot go the book, I was beginning to believe that the market had crashed. There were virtually no bidders on the floor.

But then, some of the pieces I consigned began coming up and they too were going to the book at outrageous prices. I kind of had to scratch my bald head because I had not put any reserves on my coins.

Anyway, after the smoke cleared, I talked to Rob Lehmann who had consigned most of the featured coins. I was hoping to negotiate a better price on some of those monsters. However, Rob told me that they'd all sold to internet/mail bidders at the quoted prices!!!!

The top two pieces went for $4300 each although one of them had a top bid way above that level. I don't fully understand the policy, but Goldbergs does not accept the highest mail bid price if there are no floor bidders. They open with the second highest.

I'll post more later.

GSAGUY

Nic

Please post more later! I had to miss the LB sales this go round. Thanks for your post. K

dpoole

Wow! I'd about given up on remote bidding! I'm anxious to hear more.

gsaguy

Of course, I was talking about the toned Morgans when I started the thread because that was my main area of interest. I was there from the beginning of the auction and the bust coinage seemed to bring a lot of floor bidding. Trade dollars did not seem to do quite as well (interest-wise) but then that is a very general statement.

Once the toned Morgans got underway, the room sat pretty much silent. Yes, there were a number of coins that went to floor bidders, but even then there weren't many bids placed before the coins reached their max.

I've attended a lot of auctions and this was one of the most unusual ones I've seen because of the lack of floor bidding on what otherwise were some monster toned Morgans. And there were definitely some strong buyers in the audience!

I viewed all the auction lots on Sunday and listed about 20 coins I wished to bid upon. I made notes and then marked my highest bid price next to each. Most of them OPENED at double my max bid!!!!

Should be interesting to see how the show opens on Wednesday. I'll continue to post on events.

GSAGUY

Nic

Thanks! K

Trime

gsguy,
Interesting, can you give examples of the outrageous prices. Was the absence of floor bidding because the opening bids too low or was it that the bull market is over.

gsaguy

Trime,

NEITHER!

The floor bidding was slow because the mail bidders had bid so strong!!!!!!! It was as though they were determined this time to win some coins...and they were successful.

I'll later post some of my max bids and the final hammer price (floor or book). Those of you who like toned Morgans will enjoy the results.

GSAGUY

DesertLizard

I think it is important to note almost 20% of Session 1 lots went UNSOLD. Bought back by the seller. Hmmm.

Can't decide which was more creepy, session one or two.

Interestingly heard more than one dealer say the toned coin market has gotten crazy and may have peaked. Looks like many retail buyers want toned but many a dealer does not want to carry too much toned inventory. Very contradictory signals.

For those of you who were not there, it was not that interesting. LB should be!!

Trime

Sorry I asked my question incorrectly. I meant was the opening bid from the mail bids so high that no one from the floor bid?

gsaguy

Gottcha Trime! You're correct...the mail bidders wiere bidding so strongly that the floor bidders sat on their hands.

And DesertLizard hit the nail on the head. Perhaps this is an indication that this particular part of the market is about to peak. It would make sense that when the retail buyers are paying their strongest and the dealers are suddenly sitting on the sidelines, that the dealers believe prices have reached their max.

I don't really know. I'm a collector and also a seller of toned dollars and I just know that these prices were too much for me. I literally bought one lot at $450!!!

What does it indicate? Perhaps we'll find out in a few months.

GSAGUY

Trime

gsaguy,
Thanks for the information. Was this true only for the Morgans or for a series at the auction?

Was it also true at Superior and Bowers auctions (if you attended them)?
If so then it looks like retail buyers may be the players. Your interpretation of a market peak may be true but it seems to have come from thin air. Where these really bids at new high prices or just a slow market place?

coingame2000

I couldn't agree with GSAGUY more! I too sat there and scratched my head. There were a number of monster toned dollars that I was prepared to place very strong bids on ... but the mail bidders blew me out of the saddle. Here's a few examples:

Lot 573 1879-S MS65 PCGS ... $1,700
Lot 581 1880-S MS67 ANACS ... $1,500
Lot 582 1880-S MS66 PCGS ... $2,800
Lot 584 1880-S MS66 PCGS ... $2,750
Lot 601 1881-S MS65 PCGS ... $4,300
Lot 602 1881-S MS65 PCGS ... $4,300
Lot 645 1885-O MS63 * NGC ... $975 (that's an MS63)!!!!
Lot 651 1886-P MS67 NGC ... $3,250
Lot 652 1886-P MS66 PCGS ... $2,000

Although I sat with the paddle in my lap throughout most of the auction I did buy FOUR coins (toned dollars) so I guess I can't complain too much.

Mike De Falco

coingame2000

Trime,

I got blow out of the water on the Roosevelt Dimes, Standing Liberty Quarters and Walking Liberty Half-Dollars in the Goldberg auction. In terms of the Superior sale super quality MS65 RD or better Lincoln Cents went for very strong prices. A PCGS MS67 1900 Liberty Nickel realized $9,000 and most of the Buffalo Nickels fetched very strong prices too! I only bought ONE coin at the Superior sale ... a PCGS MS65 1925-P Buffalo Nickel that I paid $1,350 for!!!

Mike De Falco