Long Beach Show & Auction [50c & $1] report.
ohbaby
Posts: 768
A gorgeous day in LB today BUT I was stuck in a hotel ballroom with a bunch of geezers playing with coins!
First a little on the show....In a word DEAD. I was there on Thursday morning from about 11-2 and today from 12-5. A few cranky dealers, who have no business being in any business, were almost like car dealers in trying to get business. These guys are clueless and I am certain they cannot figure out why they are not successful but that's a whole other thread. The show being dead allowed me to roam up and down the rows without bumping into people every few feet. I got to do the whole show a first! I saw many tables where dealers simply sat reading the paper and others [including a well know dealer] who had already packed up for the day or show and it was only 3pm!! All the way from NY and they leave after 2 days? Was the show that bad?
The best part of the show....I picked up the pattern book for $30. A GREAT deal. Even if you don't collect patterns, buy this as a reference as it is printed on nice paper, hard cover and great color. A super reference guide and will quickly be up there with my Breen and Bowers books on the shelf.
I know this is the PCGS forum but I only post here and not across the street, I want to add that the folks at the NGC table were extremely friendly and helpful! Hmmm, maybe THEY should be selling coins? Also warmly greeted and treated by the fine folks at Heritage and the ladies doing mail bid auction at B&M. Simple, those who are nice get my business. In fairness to PCGS I forgot my coins for grading so I did not stop at there booth but I think I got a glimpse of HRH from the distance.
Session 3 of the Heritage auction was lively with plenty of action from all sides [ebay, internet, floor & mail bidders]. Many lots were already spoken for by the time they opened. About 4-5x I was ready to bid only to be out bid by opening bids.
What was hot? It depends, some early halves got strong bids even in ANACS holders. Bust 50c were so-so active and a few AUs went real cheap. Seated 50c were also just average but a few truly unique coins went for serious money [$10k+]. Proof seated went cheap and I picked up 3 PR64s for less than $1,600/ea.
The Barbers were on fire, a 1900 ms65 pcgs with an absolutely hedious photo on the website went for $4,600 [a NGC just went for $2750 last May]. The coin was OUTSTANDING. Silly me I thought no one would notice given the ugly photo. I was prepared to go to $3,250 but was not even close. No regrets as there are plenty of other coins one can get with that kind of money. I can't recall the others but the prices were strong, I was prepared to bid on 9 lots but only bid on 2 and won 1 as the opening bids were so strong.
Walkers, whic h I do not collect appeared strong with several lots going through multiple bids from all bidding sources. One lot went for $28k
! I didn't know Walkers could command those prices, give me several PR65 Trade $ for that price!
Bust dollars were fairly priced, a nice toned AU53? went for a cheap $3,600 but I was waiting for the seated dollars and I am glad I did. Picked up a PR and MS
! Wanted my first Trade $ but bid too low trying to stay under budget. The seated dollars were active but not "hot" and the Trade $ were the same.
I was less enthusiastic about this auction than past ones as there did not seem to be that many good coins to select from. I was tacking only about 50-55 coins and I usually track about 2x that many.
Overall the market I must say is hot for hot coins. Primarily really rare coins and MS/PR65 PQs and MS/PR66+. I realize many cannot afford such coins but it does create opportunities to pick up great coins in lower grades. Proof Barber Dimes/Quarter often went for low $ or back to the book. Even 65s and 64s if won were at give away prices. Everyone seems to be chasing moderns and post 1915 material.
Overall a nice outing if somewhat a low key show. Next stop? Santa Clara in November!
First a little on the show....In a word DEAD. I was there on Thursday morning from about 11-2 and today from 12-5. A few cranky dealers, who have no business being in any business, were almost like car dealers in trying to get business. These guys are clueless and I am certain they cannot figure out why they are not successful but that's a whole other thread. The show being dead allowed me to roam up and down the rows without bumping into people every few feet. I got to do the whole show a first! I saw many tables where dealers simply sat reading the paper and others [including a well know dealer] who had already packed up for the day or show and it was only 3pm!! All the way from NY and they leave after 2 days? Was the show that bad?
The best part of the show....I picked up the pattern book for $30. A GREAT deal. Even if you don't collect patterns, buy this as a reference as it is printed on nice paper, hard cover and great color. A super reference guide and will quickly be up there with my Breen and Bowers books on the shelf.
I know this is the PCGS forum but I only post here and not across the street, I want to add that the folks at the NGC table were extremely friendly and helpful! Hmmm, maybe THEY should be selling coins? Also warmly greeted and treated by the fine folks at Heritage and the ladies doing mail bid auction at B&M. Simple, those who are nice get my business. In fairness to PCGS I forgot my coins for grading so I did not stop at there booth but I think I got a glimpse of HRH from the distance.
Session 3 of the Heritage auction was lively with plenty of action from all sides [ebay, internet, floor & mail bidders]. Many lots were already spoken for by the time they opened. About 4-5x I was ready to bid only to be out bid by opening bids.
What was hot? It depends, some early halves got strong bids even in ANACS holders. Bust 50c were so-so active and a few AUs went real cheap. Seated 50c were also just average but a few truly unique coins went for serious money [$10k+]. Proof seated went cheap and I picked up 3 PR64s for less than $1,600/ea.
The Barbers were on fire, a 1900 ms65 pcgs with an absolutely hedious photo on the website went for $4,600 [a NGC just went for $2750 last May]. The coin was OUTSTANDING. Silly me I thought no one would notice given the ugly photo. I was prepared to go to $3,250 but was not even close. No regrets as there are plenty of other coins one can get with that kind of money. I can't recall the others but the prices were strong, I was prepared to bid on 9 lots but only bid on 2 and won 1 as the opening bids were so strong.
Walkers, whic h I do not collect appeared strong with several lots going through multiple bids from all bidding sources. One lot went for $28k
! I didn't know Walkers could command those prices, give me several PR65 Trade $ for that price! Bust dollars were fairly priced, a nice toned AU53? went for a cheap $3,600 but I was waiting for the seated dollars and I am glad I did. Picked up a PR and MS
! Wanted my first Trade $ but bid too low trying to stay under budget. The seated dollars were active but not "hot" and the Trade $ were the same.I was less enthusiastic about this auction than past ones as there did not seem to be that many good coins to select from. I was tacking only about 50-55 coins and I usually track about 2x that many.
Overall the market I must say is hot for hot coins. Primarily really rare coins and MS/PR65 PQs and MS/PR66+. I realize many cannot afford such coins but it does create opportunities to pick up great coins in lower grades. Proof Barber Dimes/Quarter often went for low $ or back to the book. Even 65s and 64s if won were at give away prices. Everyone seems to be chasing moderns and post 1915 material.
Overall a nice outing if somewhat a low key show. Next stop? Santa Clara in November!
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Comments
You have answered my questions.
Camelot
and it sets us apart from practitioners and consultants. Gregor
For those who do not attend auctions they are boring events, at least these days they are with the impact of ebay, direct website, mail/fax bidding, and telephone bidding. More often than not, lots open and close without floor bids. It may give the impression the auction is dead but it could be the major bidders have already spoken. I do remember one lot going for $60k and the auctioneer commented it was via interent. Now I am sure the bidder or an agent viewed the coin beforehand but the fact you do not have to be present is significant.
Such technology takes a little from the feel of a auction as to what is really hot and competitive, unless you are good at reading pricing/auction results. The future maybe no true live auctions, just internet! Just think of all the travel dollars saved and the ability to sleep in ones own bed! LOL.
Edited to add: I was not present for Morgans. I believe they are tonight and tomorrow AM but I have run out of money so I am watching some baseball, having a margarita and surfing the net from my room overlooking the harbor.
The guys smiling and happy at the show must be the ones doing well -
Great auction from a sellers point of view.
Numonebuyer