Lessons Learned from the Auction --

badger

O.K. this is tough to admit, but I goofed at the May Heritage Auction at CSNS.

I collect 1950-1964 Proofs and know the pricing and trends fairly well. I went to CSNS to buy Kreuter's Roosies in those years for my registry sets. Did I quit when I filled the holes in my collection? Oh, nooooo. Bidding is too much fun. I ended up buying much of the 1965-2002 Proof Roosies, too.

Here are my Lessons Learned:
- I had little or no idea of good pricing or trends for the post-1965 Modern proofs. (What was I thinking? I even update research on pricing before upgrading my 1950's coins where I have some experience.)
- I lost focus as I had no intention of extending my collecting into Modern Moderns. (Can't collect everything.)
- I didn't know the level of condition rarity on the extended series. (The post-1965 Modern pops are still being increased since many sets are available.)

Lessons Learned - A little better:
- At least I inspected the coins, as not all Pr70DCams are created equal. (The coins were selected for excellent eye appeal.)

Net result is about a 40% loss in value since May which wouldn't bother me as much if I was actually collecting the series.

I'm sure the more experienced collectors would not make the same mistakes. However, if my lessons learned can help new collectors, I will feel that something good has come of this.
Dave

Edit Comment:
About 20% of my proof collection came from Teletrade and about 20% from Heritage. I will continue to use both auction houses as I build my registry sets. This thread is not about the auction house as it is about the act of buying.

wondercoin

Dave: IMHO, it is possible that the loss might not be as much as the 40% you estimate. The reserves in a typical TT sale (like tonight's PR70 dimes) can be lower than typical prices realized in a Heritage Signature sale. And, there are logical reasons for that. On the other hand, the coins are readily available in sales like the TT tonight at levels I assume are 40% less than those you encountered in that one particular signature sale you bought all your dimes at.

And, IT DOES HAPPEN TO NEARLY EVERYONE. I stretched (perhaps a bit too much) to buy numerous coins at major auctions for my collections. Just at this past Palm Beach auction this week, I bought a coin for my collection I knew I was paying perhaps 15-20% more than I perhaps should have. When you put the "collector hat" on, it happens to nearly everyone. And, (5) years from now, I suspect I will not even think about the 15%-20% premium - at least I hope not

Wondercoin

badger

Wondercoin:

Thanks for the comments. Just to clarify, I'm not saying that the Modern market is sinking. However, I did pay too much for the coins in the auction. I agree that when buying as a collector I never regret paying extra for excellent coins that I expect to keep for a long time. They become part of my collection. The lesson learned was about making sure of the intent when you are buying.

Dave