How does one go about getting a "numismatic whale" as a client?

Longacre

I know that the casinos in Vegas refer to the big gamblers as "whales" because they spend so much at the tables. In a similar way, I am sure there are "whales" in numismatics that spend lots on coins in a given year. How does one go about getting these people as a client? Also, is there any unwritten rule that once a big spender is a client of a particular firm, another firm does not try to woo that client away? Any thoughts?

kranky

Pure speculation on my part, but I would suspect the "whales" find the dealers, not the other way around.

And the way to keep other dealers from stealing the client is to always refer to the client as "an Eastern collector."

RYK

I am more of a minnow than a whale, but from my experience, it's primarily about the bait. If ya got good bait, we minnows will follow. We minnows also get very comfortable feeding in a two or three different spots, but if the food is good is somewhere else, we might take a nibble. Mostly, we return where the food and service are to what we have become accustomed.

Clankeye

Did you know the sound numismatic whales make is them actually singing to each other?

For instance one sings:


I just ripped an 1804 dollar!!!!!


And the others reply:

Blow it out your blow hole!!!!



Nature is so inspiring.

keets

large baits catch large fish, er, whales.

al h.

ER

I am just a tuna.

ziggy29

<< <i>I am more of a minnow than a whale >>

If someone with all that early branch-mint gold is a minnow, then I'm plankton.

Russ

<< <i>I am more of a minnow than a whale >>



I'm a microbe on a minnow's ass.

Russ, NCNE

RYK

Very funny, guys.

Perhaps I have a barracuda's appetite, but because of it, I still have the bank account of a guppy.

Joking aside, I think Kranky is probably correct. I always agree with Kranky. He's also from Pittsburgh. Does that make him an "Eastern collector" or a Midwestern collector"?

Bear

Offer him jellydonuts.

airplanenut

I think you just go about your business, and they find you... if you're good, they'll stay.

coinlieutenant

You're more of a bluegill Robert. Give yourself some credit..

keets

............it makes him an eastern collector but not the proverbial eastern collector we hear rumors of from time to time.

al h.

MORGANHUNTER2

Then where are all the good dealers going to look for the whales? I can't find a dealer who will put up with my bass like attitude- I am therfore I eat.....

topstuf

<< <i>Also, is there any unwritten rule that once a big spender is a client of a particular firm, another firm does not try to woo that client away? >>



Absolutely, all dealers subscribe to a code of ethics whereby they do not seek the business of another dealer's customer.

Wisconsin

I would guess getting a whale of a client would be easier than keeping one once caught. If the dealer is not honest, fair, and curteous they would move on.

Coinosaurus

I got a call from one of the leads at a big auction house yesterday - basically calling to say hello, etc. I would guess that he was "looking" for whales.

In any case, I always send in those Coin World things that offer free auction catalogs if you send in invoices, which is what prompted his call.

Everyone does it differently. Littleton would rather have 1000 fish than one whale, and their marketing campaign reflects it.

Russ

<< <i>Some of the "smaller" ones grow considerably >>



This is true. I used to only buy one cheap proof set at a time. Just the other day, I bought three all at once.

Russ, NCNE

greghansen

How does one go about getting a "numismatic whale" as a client?

Reminds me of the question I get asked by new lawyers...

Q. How can I get one of those million dollar personal injury settlements?

A. Sign up a 2 million dollar case...and screw it up!


Seriously, dealings at that level are driven by personal relationships, and Laura's account of her experiences with the big hitters rings true to me.
I just wish she hadn't revealed that I was likely to be one of the major players of 2005.

mgoodm3

I think the whales will find you if you offer high enough service and expertise. You can't hunt them, they hunt you.

MrEureka

How does one go about getting a "numismatic whale" as a client?

Offer the whale a valuable service. If that sounds easy, trust me, it isn't.

RYK

The first coin I bought when I got back into collecting in 1996 was a PCGS MS63 1875-S/CC Trade Dollar for $4,300.

Out of curiosity, do you still own it? Is there any sentimental value attached to it?

tradedollarnut

No - I sold it years ago. Once I made the decision to collect the finest, it didn't measure up.

RYK

I got a call from one of the leads at a big auction house yesterday - basically calling to say hello, etc.

I would think that would be one of the least efficient ways to whale-hunt, but these guys at Heritage are amongst the top money-makers, so they must know what they are doing. Maybe they thought you could lead them to the whales.

Like the other thread on selling/trading coins back to the dealer, I think this issue is about relationships. Who would you rather do business with: someone who helps you build your collection, offers solid advice, exceptional service, and someone with whom you have become well-acquainted with mutual respect and often friendship? or: the guy on the other end of the phone (be it from Heritage, New World, or Joe Blow from Joe Blow coins)? When you find the few who offer these forementioned qualities, whether your budget is $100/year or $10,000,000/year, you will not want to deal with anyone who does not possess these qualities.

Trime

Interesting thread about whales, minnows and blow holes. The message I took home is quality, service and consistency wins out on the business side of coins. Not the only formula but a good one.

Louis

Are any dealers interested in the plankton ?

numobri

Don't whales eat plankton?

COOL THREAD.

Brian

Bear

I dont know, Joe Blow from Joe Blow Coins

is a pretty nice guy. Good prices and nice coins.

JadeRareCoin

We lost our numismatic whale of a client last year. Well, we didn't actually "lose" him. Rather, he went on that dang Atkins diet and lost over 100 pounds. We often refer to him as our North Coast Collector.