StacksBowers & Heritage to each Have Auctions at the October Show in NYC?

DaveWcoins

I was surprised to read that on the PNG website.

Here is their publicity for this show, taken from the PNG site (pngdealers.com):

------------------------------------------------

PNG New York Invitational

October 9 - 11, 2014 | New York, NY

Millennium Broadway Hotel

The Professional Numismatists Guild
is excited to announce the first annual
PNG New York Invitational!

Our premier show will be hosted at the Millennium Broadway Hotel, which is conveniently located in the Theater District, within half a block of Times Square. The Invitational will be open to the public for a nominal fee, and 1/2 off with complimentary invitations from table holders. Public hours will be Thursday, October 9, from 10 am to 5 pm; Friday, October 10, from 9 am to 5 pm; and Saturday, October 11, from 9 am to 5 pm. Dealer setup will be Thursday, October 9, from 8 am to 10 am.

This show will have the distinction of hosting official auctions presented by both Heritage Auctions and Stack's Bowers Galleries.

All dealers may take a table at the Invitational, whether or not they are a member of the PNG. Table holders staying at the Millenium, under the PNG room block, will receive a rebate on their bourse fees. To make your hotel reservations, please contact the Millennium Broadway at 212-768-4400 and ask for the PNG room block. The contract rate is $329 per night.

For additional information, please contact PNG at 951-587-8300, or via email at info@pngdealers.org. For your complimentary invitation, please contact your local PNG dealer.

mrearlygold

?

Sunnywood

Amazing that Heritage has so many U.S. "Signature Sale" coin auctions ... June Long Beach, June Gardner, Summer FUN, ANA, September Long Beach, October PNG, October Gardner. That a lot of volume of coins. I'm always amazed at what the market can absorb. And of course I always wonder how much is real, and how much of the capital and liquidity that is out there is real ... and what would happen in the event of a downturn. The coin market did survive the 2008-2009 financial crisis fairly well, perhaps because the Fed pumped up asset prices, and gold did well during that period, along with a general mistrust of the U.S. dollar.

BUT, what happens when the perennial Fed-driven asset bubble bursts? If they ever allow it to deflate, I think the market for five- and six-figure coins will deflate in a hurry. High-end collectors won't disappear, but the support structure underneath the coin market - dealer capital, investment funds, financial backers, Heritage's willingness to commit capital, could all dry up in a hurry. People forget 1979, and 1989. Undoubtedly, now that I am back buying expensive coins, the coin market will wait until I have bought everything, and will then plunge, leaving me holding the coins !!! But at least they will be very very nice coins. Hopefully I won't have to spend them at face value to buy bread ;-)

Sunnywood

Coinosaurus

3 weeks before Baltimore. Wow. No free lunch for anyone, show organizers have to compete just like everyone else.

oreville

Baltimore?

MrEureka

I'm always amazed at what the market can absorb.

The only coins being absorbed by the market are the ones being sold by the US Mint. The rest of the coins are just trading hands.

pruebas

<< <i>I'm always amazed at what the market can absorb.

The only coins being absorbed by the market are the ones being sold by the US Mint. The rest of the coins are just trading hands. >>


I disagree.

When a coin goes into a collection, it has been absorbed. When it's in inventory, it's still "trading hands."

I guess the answer is how many of these coins being sold are going into collections vs. inventory.