PHIL 101: Buying success

LochNESS

You can't buy success; you can't replace talent / good product / business acumen with fancy tools or tech or whatever. Unless you're in numismatics (or any collecting-based industry). Right? I mean if someone had no skills, no knowledge, and no business sense - and wanted to amass the greatest collection - could they not simply buy all the rare coins? It's not like we are digging up hoards or discovering new lands of buried treasure. Thoughts?

As an entrepreneur I like comparing and contrasting business models and I'm curious how you feel about this aspect of the industry.

OriginalDan

How do you define "the greatest collection"?

SmEagle1795

I think they wouldn't know what "great" is unless someone else is working with them, which would mean they would be a consumer of talent by proxy. Most expensive != greatest, as the world would quickly recognize the "fool in the room" willing to pay anything for everything and bid it all up.

LochNESS

Well by greatest I meant whatever they would deem great. Since success would also be measured by the eye of beholder. Bottom line if you are in a restaurant business money doesn't equal success. But if you want to collect something - say, rare coins - all you really need is money. The data and stats are pretty easy to get. 1913 liberty nickel, 1933 saint Gaudens, etc. we have seen many government heads of state wielding such power (money) to acquire rare collections. There's plenty of examples of the token Fortune 500 CEO with the rare art gallery in their estate, does that make them knowledgable about art? or talented at buying?

GotTheBug

There's plenty of examples of the token Fortune 500 CEO with the rare art gallery in their estate, does that make them knowledgable about art? or talented at buying?

I think that they are talented at diversifying.

LochNESS

Perhaps yes, from a financial perspective but that's kind of not the point I was trying to make ...

Look this isn't a complaint or criticism of our hobby but I do believe it's a real factor which we face on a daily basis. How many times have you been outbid on a coin you strongly desired, and how many times has the overbidder(?) been someone who could care less?