Central States report

cameoproofcoins

I went to platinum night and was amazed how quickly they sold 10 million of coins. It took a little over an hour to sell 62 lots. Contrast this with the Goldberg sale of the Missouri Cabinet that took about 6.5 hours for approximately 18 million. I thought it was interesting watch the differences in bidding.
I bid on one lot later in the sale. This coin had sold twice in the last 9 months. It was in an pcgs ogh and sent in for a cameo designation at pcgs. It got the designation and drew more interest. There were only two bidders for the last 22,000. I could tell no matter what I bid I would be outbid by the phone bidder, but I did drop out. This coin was not cac, I am sure it did not cross. So there are still deep pockets out there. This coin sold for twice what it brought in Jan. (Not going to reveal the coin). The phone bidder had no idea how many bidders there were and maybe didn't care.
I was disappointed that some of the major dealers started pulling out after lunch on Friday. In some cases they leave someone at the table, but the decision makers are gone. Also NGC was not grading coins at the show, but PCGS looked busy. It doesn't help NGC image to have an empty table. I met a friend and toured the show. Most of the dealers I was looking for were there.
I enjoyed it and will go again.

hchcoin

Anyone who has never gone to a major coin auction in person should put that on their bucket list. It is a lot of fun and eye opening. Take it all in including lot viewing, the "free" food, and the auction itself. Good times.

Manorcourtman

Nice report! Thanks!

OldIndianNutKase

I especially appreciated your insight into the auction.

OINK

northcoin

<< <i>I went to platinum night and was amazed how quickly they sold 10 million of coins. It took a little over an hour to sell 62 lots. Contrast this with the Goldberg sale of the Missouri Cabinet that took about 6.5 hours for approximately 18 million. I thought it was interesting watch the differences in bidding.
I bid on one lot later in the sale. This coin had sold twice in the last 9 months. It was in an pcgs ogh and sent in for a cameo designation at pcgs. It got the designation and drew more interest. There were only two bidders for the last 22,000. I could tell no matter what I bid I would be outbid by the phone bidder, but I did drop out. This coin was not cac, I am sure it did not cross. So there are still deep pockets out there. This coin sold for twice what it brought in Jan. (Not going to reveal the coin). The phone bidder had no idea how many bidders there were and maybe didn't care.
I was disappointed that some of the major dealers started pulling out after lunch on Friday. In some cases they leave someone at the table, but the decision makers are gone. Also NGC was not grading coins at the show, but PCGS looked busy. It doesn't help NGC image to have an empty table. I met a friend and toured the show. Most of the dealers I was looking for were there.
I enjoyed it and will go again. >>



You raise a very interesting point - one that has been debated before on this forum. Are the super fast auctions doing a disservice to the consignors?

joebb21

<< <i>

<< <i>I went to platinum night and was amazed how quickly they sold 10 million of coins. It took a little over an hour to sell 62 lots. Contrast this with the Goldberg sale of the Missouri Cabinet that took about 6.5 hours for approximately 18 million. I thought it was interesting watch the differences in bidding.
I bid on one lot later in the sale. This coin had sold twice in the last 9 months. It was in an pcgs ogh and sent in for a cameo designation at pcgs. It got the designation and drew more interest. There were only two bidders for the last 22,000. I could tell no matter what I bid I would be outbid by the phone bidder, but I did drop out. This coin was not cac, I am sure it did not cross. So there are still deep pockets out there. This coin sold for twice what it brought in Jan. (Not going to reveal the coin). The phone bidder had no idea how many bidders there were and maybe didn't care.
I was disappointed that some of the major dealers started pulling out after lunch on Friday. In some cases they leave someone at the table, but the decision makers are gone. Also NGC was not grading coins at the show, but PCGS looked busy. It doesn't help NGC image to have an empty table. I met a friend and toured the show. Most of the dealers I was looking for were there.
I enjoyed it and will go again. >>



You raise a very interesting point - one that has been debated before on this forum. Are the super fast auctions doing a disservice to the consignors? >>



Which raises the opposite question- does too slow auctions do a disservice for the consignor?

Sitting through an auction that goes on for 1-2 hours is one thing. When it drags out for 3-5 that can be too long and people leave

EastonCollection

You raise a very interesting point - one that has been debated before on this forum. Are the super fast auctions doing a disservice to the consignors? >Text

Besides bidding on certain lots (and losing them to someone that wants to pay more) at auctions, I pick on about 25 lots beforehand and guess the hammer price. In most cases, all the hammer prices are exceeding my guesses - my conclusion is the coin market is alive and well. I do this for most larger auctions and this is a trend that I am noticing. What I don't know is whether the majority of the buyers are collectors, investors or dealers on those lots. I would find that very interesting to know.

ricko

Interesting report and perspective....seems strange that NGC would close up early... Cheers, RickO

cameoproofcoins

My understanding is that NGC was not grading coins at the show.

messydesk

<< <i>Which raises the opposite question- does too slow auctions do a disservice for the consignor?

Sitting through an auction that goes on for 1-2 hours is one thing. When it drags out for 3-5 that can be too long and people leave >>


I'm thinking this. I wouldn't want my lots to go off when half the room is asleep and the rest is just ready for a stiff drink.

golden

<< <i>Anyone who has never gone to a major coin auction in person should put that on their bucket list. It is a lot of fun and eye opening. Take it all in including lot viewing, the "free" food, and the auction itself. Good times. >>

rkp

I went on Thursday and did not see NGC at the show, which is odd considering this is a pretty decent sized show in the middle of he country. Of course it has no impact on me since I planned to (and did) submit coins to PCGS. Thanks for setting up at the show PCGS, so much easier (and cheaper) than the song and dance that is shipping!