Heritage has sold $548,654,439 at auction and in private treaty sales over the past 12 months

Longacre

I was taking a look at the Heritage site, in my quest to find someone to beg and plead to get back on their mailing list before the upcoming FUN auction (I was dropped, without warning, like one would cast aside an old shoe). While on the site, I noticed this particular fact:

Heritage Delivers Value
Heritage has sold $548,654,439 at auction and in private treaty sales over the past 12 months.

*************

I never realized that the figure was that high. I always hear about the $40 MM auction here, and the $50 MM auction there, but once you take a look at the total over twelve months, it is pretty impressive. Does anyone know how the $550 MM is broken up between auctions and private treaty sales? Also, how does that figure compare to prior years? In a raging hot market, numbers like that are possible. However, when the market turns, is Heritage so big that a slow down in its auctions will affect the entire market exponentially. Is Heritage propping up the market in any way with numbers that large?

CaptHenway

Does that include bullion sales?

MrEureka

Longacre - I don't understand. Where's the question?

Edited to say that I gotta run, my dinner just exploded!

Edited a second time, for the wise guys, to make it clear that I have not yet eaten.

LindeDad

<< <i>Heritage has sold $548,654,439 at auction and in private treaty sales over the past 12 months. >>



All I can say is 15% of that is a rather nice figure.

And that is just the buyers fees?

As far as market slumps go. It would seem that auction houses would have more business?

Torrero

<< <i>All I can say is 15% of that is a rather nice figure. >>


I think in all the other categories, the buyer's premium is closer to 20%. But I also think that their coin business is still the core profit center.

TwoSides2aCoin

what is fifteen percent minus LEASE, TRAVEL, PRINTING, ADVERTISING, WAGES, INSURANCE, and in a nutshell : OVERHEAD ?

Oh, did we forget TAXES ? I am glad for Heritage. They work hard for your money !

MadMarty

If they keep that up they might sell more than Laura!!!

RedneckHB

While that is an impressive number, lets put it into perspective. On any given day, the dollar volume traded in IBM stock is about $500 million.

HeritageGreg

To answer a few questions. Here is a breakdown of our annual sales since 2000. We are not a bullion dealer, and the majority of our business is in rare coins, which is the businessss that Steve and Jim and I started out in as youngsters an awfully long time ago.

About 350 people work at Heritage and we held our first rare coin auction in 1976 with Bob Merrill as Auction Director. We are proud that to this day, though semi-retired, you will still see Bob calling some of our auctions and out visiting with collectors. Heritage

My partners and I think we have the best job in the entire field of numismatics. We get to see great coins every day, we get to interact with interesting people from all walks of life, and we have a world-class staff that has gotten us to where we are. We get up every day anxious to go to work and to try to improve Heritage.

If you were to ask our staff members what defines the company, I think most would say "transparency". That's why we tell you when a lot has a reserve, and we tell you how much the reserve is. We think that the more information you have, the better decisions you will make.

2000: $ 140mm
2001: $ 225mm
2002: $ 240mm
2003: $ 250mm
2004: $ 305mm
2005: $ 438mm
2006: $ 550mm (est.)


If you are going to be at FUN in Orlando in January, stop by and introduce yourself. I look forward to meeting you.

Greg

===
Gregory J. Rohan
President
HERITAGE AUCTION GALLERIES
3500 Maple Avenue, 17th floor
Dallas, Texas 75219-3941
Phone: 214-528-3500 / 800-872-6467/ Private fax: 214-528-2596
Email to: Greg@HA.com

Join www.HeritageCoins.com.
Please also visit www.HeritageGalleries.com. Over 250,000 members!
===

RichieURich

Greg, nice sales growth! And I agree you have helped bidders with the showing of auction reserves.

Numismatic News stated that your FUN auction is offering $500 milion in coins and currency. Is this correct or did they get the number wrong? If the number is correct, I might need a forklift for the catalogs.

Longacre

Greg-- that is incredible sales growth since 2000!

swhuck

<< <i>Greg, nice sales growth! And I agree you have helped bidders with the showing of auction reserves.

Numismatic News stated that your FUN auction is offering $500 milion in coins and currency. Is this correct or did they get the number wrong? If the number is correct, I might need a forklift for the catalogs. >>



The number is incorrect (closer to $60MM), but keep that forklift handy.

RichieURich

<< <i>

<< <i>Greg, nice sales growth! And I agree you have helped bidders with the showing of auction reserves.

Numismatic News stated that your FUN auction is offering $500 milion in coins and currency. Is this correct or did they get the number wrong? If the number is correct, I might need a forklift for the catalogs. >>



The number is incorrect (closer to $60MM), but keep that forklift handy. >>



Thanks, Stewart, I thought the number looked too high. And I will keep the forklift ready. It will certainly be more pleasant reading than the dreaded tax forms that will be mailed soon!

Trime

It looks like I exceeded my coin budget

swhuck

<< <i>Greg, nice sales growth! And I agree you have helped bidders with the showing of auction reserves.

Numismatic News stated that your FUN auction is offering $500 milion in coins and currency. Is this correct or did they get the number wrong? If the number is correct, I might need a forklift for the catalogs. >>



The number is incorrect (closer to $60MM), but keep that forklift handy.

swhuck

Sorry, double post.