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If you had to sell your collection ASAP...
OchoReales
Posts: 1,500 ✭
would you;
1) know where, or through which venue ie... auction house, dealer or ?, to liquidate your collection for top dollar,
2) be able to sell for a profit or close to your investment and
3) re enter the hobby when once again liquid ?
4) A bonus question. Do you keep detailed records of your purchases and an inventory or speadsheet of your collection?
I'm NOT in that position but must admit that I have not looked closely into question #1! I WOULD answer YES to #'s 2, 3 and 4.
Edited to add; Let's have some real thought provoking answers to these questions in light of our current economic woes. Even if economics is not a MAJOR concern, most, if not ALL of us have families who know NOTHING about numismatics, nor care to!
1) know where, or through which venue ie... auction house, dealer or ?, to liquidate your collection for top dollar,
2) be able to sell for a profit or close to your investment and
3) re enter the hobby when once again liquid ?
4) A bonus question. Do you keep detailed records of your purchases and an inventory or speadsheet of your collection?
I'm NOT in that position but must admit that I have not looked closely into question #1! I WOULD answer YES to #'s 2, 3 and 4.
Edited to add; Let's have some real thought provoking answers to these questions in light of our current economic woes. Even if economics is not a MAJOR concern, most, if not ALL of us have families who know NOTHING about numismatics, nor care to!
Lurker since '02. Got the seven year itch!
Gary
Gary
0
Comments
2) Probably yes
3) A day at a time
4) No but used to
myEbay
DPOTD 3
I know I have a number of coins, purchased raw a few decades ago, that will bring in some pretty good
appreciation profits. But I also know that, in my lust for a particular coin that I just had to have for
my collection, I paid way too much.
I'd recommend that my grand kids sell my/their coins in a Heritage auction.
As long as I'm around I'd probably sell a lot of them on Ebay and consign others to Heritage,
maybe a decent number to Teletrade where some coins are fetching pretty ridiculous
prices right now.
But any way you look at it, and no matter how astute and careful you are, or think you are,
you're better off to look at a coin investment as a 20 percent loss and chalk that loss up
to all the fun you had putting your collection together.
Obviously it could get better or worse, but at least you had some fun and actually have an asset
that you can enjoy and hold in your hand as opposed to some blip on a stock broker's screen
and an electronic payoff.
Or not
It's just that I got my PCGS grades.
1). Yes....25% ebay, 25% dealer, 50% auction house
2). I might net even
3). Yes.....I have to be collecting something.....
4). Yes
1. Here on the BST, sadly on ebay, local flea market (not that bad of a way to sell)
2. Definate loss on some coins. Gains on others. Mostly break even I hope
3. You bet.
4. Some biggies, but not all by far.
1) know where, or through which venue ie... auction house, dealer or ?, to liquidate your collection for top dollar,
HERITAGE.
2) be able to sell for a profit or close to your investment and
DEPENDS ON HOW LONG THE PROCESS IS TO TAKE (FIRESALE (LOSS) VS. GRADUAL (PROFIT)).
3) re enter the hobby when once again liquid ?
Sure
4) A bonus question. Do you keep detailed records of your purchases and an inventory or speadsheet of your collection?
YES.
2. Maybe, hopefully the big ticket items will out weigh the gap fillers
3. No, I'll probably be dead or hopefully retired to a desert island
4. Yes
5. The most important question, which should be. Do your spouse/heirs know how to dispose of your collection in a profitable manner.
Auction is the best route, but it is not quick if you need the money ASAP. If I needed money quickly, I would go back to the dealers I bought from.
2) be able to sell for a profit or close to your investment and
Close, but realistically i would most likely take a loss.
3) re enter the hobby when once again liquid ?
How good or bad I did with #2 may determine this
4) A bonus question. Do you keep detailed records of your purchases and an inventory or speadsheet of your collection?
YES, plus instructions on how to sell without getting ripped off. (auction, and with which auction firm)
If you were to drop dead right now, do your heirs know your current answer to #1?
Question #4 is corollary to this for tax purposes. I think that for nearly all collectors the best answer to #1 is not a single auction house or dealer but a mixture of several outlets. After all, Heritage doesn't really want your $20 coins. For making a transaction happen between a buyer and the average seller the major houses' cut is often 30% - not an appropriate commission for something like a common gold sovereign or double eagle (again in my opinion).
As to #4, I would strongly urge any collector who doesn't already keep track of their purchases to develop a simple code and immediately mark all their holdings after purchase with the price they paid. It is extremely simple to use a 10 letter word or phrase that contains no repeating letters, i.e. CORNFLAKES=1234567890. More here. This avoids the tackiness of having your coins "priced" and insures that you can't lose your information to computer error, fire, laziness, forgetfulness, etc.
Gary
HA.Com
2) be able to sell for a profit?
Break even - more or less (I hope).
3) re enter the hobby when once again liquid?
Nope. Once out, I'm done.
4) A bonus question. Do you keep detailed records of your purchases and an inventory or speadsheet of your collection?
In a little black notebook in the Safe Deposit box.
I would guess that <5% of the coins in my collection comprise more than 50% of the value. These would go to room auction. The balance would go to eBay or here.
2) be able to sell for a profit or close to your investment and
Close to my investment or a little more. I've made some biggish purchases that I know I'm going to make good money on, but the majority of my collection was acquired for interest's sake without much thought given to money. Most of that I wouldn't expect to make money on.
3) re enter the hobby when once again liquid ?
Yes. Absolutely.
4) A bonus question. Do you keep detailed records of your purchases and an inventory or speadsheet of your collection?
Yes, I keep track of each piece, where I got it, when I got it, and how much I paid along with an image and a catalog number.
1) know where, or through which venue ie... auction house, dealer or ?, to liquidate your collection for top dollar, I think so
2) be able to sell for a profit or close to your investment and The good stuff should go for pretty good money and in most cases a profit
3) re enter the hobby when once again liquid ? Probably - but I would take a new path, I wouldn't want to relive the past of old collections, since I'd have my pictures. The pictures (be they good or bad) represent the virtual collection aspect of my hobby.
4) A bonus question. Do you keep detailed records of your purchases and an inventory or speadsheet of your collection? I keep detailed records of all purchases and sales, though it took me a while to become consistent. I also have a mostly hidden website of all of my best example coins in my collection, though sometimes I have to pay close attention to keep that behemoth up to date.
<< <i>curious---why is most if not not everyone recommending HA instead of any of the others??? what advantage do they have over goldbergs, stacks, etc????????? >>
Eyeballs!
2) be able to sell for a profit or close to your investment and PROBABLY A PROFIT BUT US COLLECTORS KNOW WHEN IT COMES TO SELLING..RATHER NEEDING TO SELL......YUP! YOU GOT THE PICTURE
3) re enter the hobby when once again liquid ? YOU BETCHA!
4) A bonus question. Do you keep detailed records of your purchases and an inventory or speadsheet of your collection? ABSOLUTELY VIA SPREADHEET AND PICTURES