So where does the money come from?

coinut1799

Reports indicate that the Superior, Bowers & Merena and Heritage auctions in Orlando last week generated total sales, including the buyers' fees, in excess of THIRTY-ONE MILLION DOLLARS!
This does not include the Heritage Canadian sale in New York on Monday, which generated another three million in sales.
So where does all this money come from?

clackamas

It comes from the Laundry.

braddick

Under the sofa cushions?!

prooflike

It does NOT come from my piggy bank! My piggy bank couldn't hold $31 million

Obviously, I need a bigger piggy bank

But then it would be more empty

Steve27

Speculators who got burned in the stock market and who will now get burned with collectables.

relayer

Superior sells to B&M who sells to Heritage who in turn sells it back to Superior.

Everybody else just looks at the pictures.

Zerbe

The trunk of Lucy's Chevy. Why do you think she is always standing next to that trunk ???

Placid

I spent a few dollars in the FUN auctions.

drsvenghali

I thought it came from trees? Time to buy some woodlots I guess.

agfox

Would you be so kind as to have one of your customers write that check to ME for 500k? I can do puppy eyes

TWQG

<< <i>Its scary how many people out there have big money these days. >>



Yeah, I hate all this newly generated wealth. It tends to get all over the place.

DesertLizard

What's more amazing is how all those coins are now up for sale. And if they all sell, $31M will become $41M. Only to be sold all over again at FUN 2004 for $52M!

At this rate I will come out of retirement and be a fulltime coin dealer!

Bulldog

I have been collecting/hoarding for more than 40 years. During these 40+ years, I have worked my azz off, invested well, raised a family, gotten divorced because of my workaholic antics.

When I buy a coin in the $2,500 range or above, I get adjuda.

I have accepted the fact that I will never be rich. But I will never quit trying to be rich!

Bulldog

coinut1799

Thank you all for your comments.
Bulldog, I too will never be rich. Funny thing, until I got serious about coins I really didn't care about being rich. I can't complain, I have a nice lifestyle, but this hobby has hooked me, so I do care about having extra money to buy coins. It's an addiction, but a nice one.
Laura, I am sure everything you said is correct, but it still amazes me that there are so many people putting so much money into this hobby in such a small period of time. I used to be amazed that there were so many quality coins being offered at auction on a regular basis. Now I am just amazed that there is so much money available to buy them.

sinin1

Something that is frequently overlooked is that many sellers were also buyers - sure, there are probably millions in net new buyers and net new sellers, but a large amount is exchanged for new material for someones collection/investment.

Haven't your interests ever changed -> sold some good stuff and bought some new good stuff?

Similar to the stock market -> 4-6 years ago where did all the money come from that boosted internet stocks to unrealistic levels? (Let's see they lost $XXXmillions this year and have projections to have a profitable quarter in 2 years - but boy they had $800+ million in revenue against those $900+ million expenses)!

RGL

They "earned" money the old fashioned way ... they inherited it!