Buying in big name auction events (Pogue)?
Proofmorgan
Posts: 815 ✭✭✭✭✭
In regards to purchasing in hyped up big name auction events such as Pogue, Gardner, Garrett etc:
If you are a collector who must sell this coin (say 2 years later), should you be prepared to take a big hit?
Is it worth buying in these large events, knowing you may pay the peak price for a coin vs. any other auction?
Based on the previous big name sales, how long does one have to hold onto one of these peak price purchases in order to see some sort of appreciation?
If you are a collector who must sell this coin (say 2 years later), should you be prepared to take a big hit?
Is it worth buying in these large events, knowing you may pay the peak price for a coin vs. any other auction?
Based on the previous big name sales, how long does one have to hold onto one of these peak price purchases in order to see some sort of appreciation?
Collector of Original Early Gold with beginnings in Proof Morgan collecting.
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Comments
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
You generally are getting one of a kinds in the high profile auctions, so take that for what it is worth down the road. They are not making these coin any more.
Once top dealers back off which may be bidding for a client or inventory you really need to have done your homework if you continue to bid.
I recall sitting through numerous big auctions over the past 30 years and seeing the big boyz consistently pull out "bargains" and mark then up. In some cases they were just a single bid increment above my high bid. I recall in one instance I got out bid for an original super gem toner (raw) 1904 US proof set. I bid something like $20K and a dealer took me out at $21K. They flipped that set for over $26K, including selling me the half for $5500! I recall many commenting how Stewart Blay bought a number of killer coins out of Eliasberg. I doubt he was looking at a loss on those the day after the sale. But just because Stewart and others can do it, doesn't mean everyone can.
They are selling for what they are selling for because of what they are.
They are being hyped now so anyone who wants one will bid now. In a few years from now people who missed the auction now would be few and far between.
<< <i>In regards to purchasing in hyped up big name auction events such as Pogue, Gardner, Garrett etc:
If you are a collector who must sell this coin (say 2 years later), should you be prepared to take a big hit? >>
I figure if you can't afford to lose it all you should not be bidding.
Lance.
If you just want something from the sale as a souvenir, wait for the secondary market. Many Newman-Green coins can be purchased for around half of their original auction prices, for example, and that sale was not too long ago. I picked up a drop-dead gorgeous Newman-Green proof Barber half for less than 50% of the auction price, and I got it less than a year after it sold. Nobody even bid against me, and it's just a wonderful coin. If I had won it in the Newman-Green auction, I'd be so buried that I wouldn't be posting this message out of shame.
<< <i> I'd be so buried that I wouldn't be posting this message out of shame. >>