Chicago Market Report Posted

Coinosaurus

Legend has posted another informative and interesting show report.

Link

Laura confirms what I've suspected the last few weeks - the current pace of shows and auctions is starting to overwhelm everyone. Lately it seems like I get an auction catalog almost every day. I didn't even bother going to the bourse in Chicago this week, even though it is closeby. Frankly I didn't expect to see anything good on the show floor. However, I did go the ANR/Stack's lot viewing, and I suspect a lot of collectors are doing likewise, bidding on the primo stuff from the comfort of their own homes.

Android

They've also replaced their recent HOT TOPICS article with this:

Legend Numismatics has chosen to retire its recent Hot Topics article. We feel it was wrong for any other firm to attempt to utilize our thoughts out of context for its own gain. Please check back soon for a future article.

We also thank everyone for their comments on this subject. The purpose of HOT TOPICS has always been to discuss what we felt was important. Unforunately, this time it was manipulated and became a political firestorm.

We deeply regret that PCGS felt we were attacking them-when indeed we were not. They have elected to remove Legend from their authorized dealer list.

We'll just move on and continue buying and selling the BEST coins in the marketplace and building the greatest sets. Of course we'll be displaying them at the major shows and discussing them on our web site. And of course, we'll still continue to be a FULL service firm.

I, for one, am going to miss Laura around here.

Bear

Laura is still a member of the Forum

and I expect we will continue to hear from her

on the Forum.

koynekwest

I feel that Legend was a valuable asset to this website.
Slabbing in general is nothing but politics, with the "big two" assuming the role of the two political parties. It's all a money game-wake up, collectors. Is an MS68rd 1987-D Lincoln REALLY worth a couple of thousand dollars when there's probably 10,000 rolls yet to be looked at???
My days here are probably numbered.........

RYK

Laura confirms what I've suspected the last few weeks - the current pace of shows and auctions is starting to overwhelm everyone. Lately it seems like I get an auction catalog almost every day.

I agree. The pace of big shows and auctions has become ridiculous. Where previously there was a nice long break between the spring Long Beach show and the summer ANA, this year there are a half dozen big shows and auctions to fill up the time until mid-July. I think the dealers are getting a bit burnt out from the constant activity.

291fifth

The Legend comments about dealers becoming burned-out from too many shows is exactly what I heard from another dealer about a month ago.

mrearlygold

The pace of big shows and auctions has become ridiculous. Where previously there was a nice long break between the spring Long Beach show and the summer ANA, this year there are a half dozen big shows and auctions to fill up the time until mid-July. I think the dealers are getting a bit burnt out from the constant activity. >>




How can we not start to burn out. Plus how can we realistically provide the best customer service when the steady onslaught of coins in and out are starting to appear like an unending conveyor belt?

Case in point is I took in over 1.2 million in material last week. That's in-coming business. There is "out-going" on that obviously, and in addition to that, the fellow is contracting with me to utilize a pretty sizeable portion of the proceeds to place in other areas. It will realistically take months to take care of this liquidation/trade/sale and make every effort to make sure that nothing falls thru the cracks.

Late last night a client called and is essentially going to do the same thing with me although on a much smaller scale ( about 300K). That totals over 1.5 million in coins "in" in less than a week, which has to go "out" to a wide variety of customers, dealers, auctions etc, and then in addition to that, there's the issue of adding over half a million dollars to "new" want list. Total revenues scheduled in less than a week.

Then theres the boxes of "stuff" that needs to be scrutinized and sent to the grading services sitting over here on my right.

I'm a one man band over here. It does become somewhat overwhelming to a point where I have to "just say no" to any new customers who call and sound like time wasters, want to play "email games", and/or are not realistic with regards to what the reality of the market is.

It's a wonderful time in the business but overwhelming at times for sure.

Rgrds
Tom

cladking

It's a relief that Legend is still a member.

The article is an insignificant loss in comparison to what might have been. Most
of it was valid and will be seen again.

Russ

<< <i>We feel it was wrong for any other firm to attempt to utilize our thoughts out of context for its own gain. >>





Russ, NCNE

greghansen

I applaud the way Laura/Legend has handled this whole deal...including the pulling of the article after it was highlighted by a competing firm who arguably were attempting to use the Legend/PCGS flap for their own commercial gain. In my book, after its all said and done the score is:

Legend- 2

Third Party Grading Services- 0

oreville

Pursuant to Laura's comment, It would make sense to me that as the number of acutions/shows increase, dealers will need to combine forces at some auctions/shows so that some of their owners/staff can take a breather.

They can't be everywhere.

By the way, isn't this the first and early sign that we are approaching the top?

Barry

<< <i>The pace of big shows and auctions has become ridiculous. Where previously there was a nice long break between the spring Long Beach show and the summer ANA, this year there are a half dozen big shows and auctions to fill up the time until mid-July. I think the dealers are getting a bit burnt out from the constant activity. >>


I take vacations. Since I work for myself, that means when I'm away, I don't earn any money. Is there a rule that says dealers must go to every show and auction? They're no different than anyone else. They're people, too (usually ) Take a vacation! Forget work every now and then, otherwise you'll burn out

Steve27

"By the way, isn't this the first and early sign that we are approaching the top? "

Yes, and another sign is that guys like Mark Feld are starting their own businesses.

eagle7

No Steve, we are not even to the base camp yet. The top will be when my Brother in Law comes to me and writes me a check for some MS65 Saints. That will be when I sell everything. He invested 75,000 in the stock market the week before it began its long decline. He now has about 35,000 of his original money.