Selling a large collection outright

dpoole · November 3, 2015 4:37AM

A collector I know through mutual friends has asked me if I had any suggestions regarding dealer who would be able to and interested in buying his collection outright. He's not unsophisticated, but wants the cash (I think he has some investments in mind) and isn't interested in consigning, selectively auctioning, selling piecemeal on his own or allowing cherry-picking (I asked him about all that, especially the cherry-picking part!).

He says he has something close to 3000 pieces and it's worth is around a million or so. Mostly US, but a smattering of foreign and ancients.

I thought of Pinnacle. You folks have any other ideas?

guitarwes · November 3, 2015 5:30AM

Harlan J. Berk

291fifth · November 3, 2015 7:58AM

It is hard to say without knowing the quality and value level of the coins in the collection. His estimate of being worth "a million or so" may or may not be accurate. If he wasn't selective in his purchases he may be in for a big disappointment. Too many low value items will also lead to disappointment.

DollarAfterDollar · November 3, 2015 8:20AM

Very few Dealers can just come in and write that check. Harlan J.Berk is logical call to make .

UtahCoin · November 3, 2015 8:23AM

Heritage, HA.Com

dpoole · November 3, 2015 8:25AM

Originally posted by: 291fifth

It is hard to say without knowing the quality and value level of the coins in the collection. His estimate of being worth "a million or so" may or may not be accurate. If he wasn't selective in his purchases he may be in for a big disappointment. Too many low value items will also lead to disappointment.

That's very true.

But assuming he's more or less accurate about what his stuff is worth, I was curious to see what other people would have to say here.

LindeDad · November 3, 2015 8:31AM

If he has stuff like yours then Heritage would be logical.

2ndCharter · November 3, 2015 8:37AM

If he has stuff like yours then Heritage would be logical.

I agree - for Heritage, a million would be almost pocket change.

joebb21 · November 3, 2015 10:26AM

knowing the type of material would be a big part as well.

coindeuce · November 3, 2015 11:00AM

If this collector expects a single party to step up to the plate and write a check for $1M, he had better have about $1.5M in fair market value, otherwise he will wait a long time to find a buyer.

BryceM · November 3, 2015 11:19AM

If he needs immediate cash, but doesn't want to have a fire sale, he might do well to consign it to a large auction house (HA maybe?) and take an immediate cash advance on a portion of the value. They'll charge him a little for this, but he'll probably do better in the end than with a single outright sale.

lasvegasteddy · November 3, 2015 11:20AM

Originally posted by: joebb21

knowing the type of material would be a big part as well.

this +1

this could be mostly bought off of the TV type stuff or inb ms70's...

heck it could be all self slabbed prezzie bucks type of thing here

which almost no one would want but for face value

i'd inquire what you're helping with before you help

Baley · November 3, 2015 11:34AM

Heritage again, they send me emails and letters in the mail all the time seeking consignments or to buy collection outright.

I'm curious, along with others here, of more detail as to the composition of such a collection.

MrEureka · November 3, 2015 12:38PM

I can probably come up with a few hundred names of dealers, myself included, that are willing and able to pay a reasonably competitive price for a deal in that vicinity. If you want to narrow the field, it would be very helpful to know more about what's in the collection, and where it is located.

Lakesammman · November 3, 2015 1:42PM

Doing the math, that's an average of $333/item - sounds like a lot of work for the buyer and the seller should probably lower his expectations.

Edited for practice and the fun of it.

ricko · November 3, 2015 10:50PM

Interesting... would love to know more about the collection..... any chance of followups

to this thread? Such as letting us know to whom it was consigned/sold and the general content?

Cheers, RickO

dpoole · November 3, 2015 10:57PM

Originally posted by: ricko

Interesting... would love to know more about the collection..... any chance of followups

to this thread? Such as letting us know to whom it was consigned/sold and the general content?

Cheers, RickO

I don't know if this deal is actually going anywhere, but I'M pretty curious, too!

I'll sure follow up if I find out anything.

Christos · November 3, 2015 11:34PM

I would suggest putting your friend in contact with Andy.

TwoSides2aCoin · November 4, 2015 12:21AM

That's ten times larger than my largest purchase. I tried to get a message to WB through a roofing friend, one time… on the value of collecting, but I got laughed off the block.

Bochiman · November 4, 2015 1:29AM

Originally posted by: Lakesammman

Doing the math, that's an average of $333/item -

Mensa called and they want their calculator back

(sorry, low hanging fruit...couldn't resist

)

EagleEye · November 4, 2015 3:29AM

Typically, most dealers could buy a deal like that outright. While they may not have that kind of money sitting in their checkbook at the moment, they can get it with a well placed phone call.

winky · November 4, 2015 5:41AM

I just ran out of checks or I would think about it !!

PQueue · November 4, 2015 7:52AM

I am surprised no one has suggested the right answer yet. As Lakesammman calculated at ~ $333 per item, this is likely a low value collection of stuff with only a few "Heritage Auction level" worthy pieces. That noted, here's what should be done:
> A quality trustworthy dealer should look at the collection.
> My dealer will provide his offer, priced by item, AND identify the specific items worthy of auction.
> Seller and dealer discuss the the offer logic and merits of the collection's highlights.
> Seller decides how he wants to proceed.

AMRC · November 4, 2015 8:15AM

I know many dealers, including myself, that could "come up with" that kind of money. The question is, is it worth that kind of money, and that takes LOTS and LOTS of work to figure out. No one wants to do that kind of work just to find it is not worth a million and then be told "no deal" I cannot tell you the number of times "collectors" have thought their collections were worth some number, and when independently appraised, turned out to be half that. People like this seldom sell en mass once they get real offers. The good news is their heirs do.

If it is all slabbed and he wants out, send it to Heritage. If he does not want to wait, prepare to accept offers for 10-20% below what he would net at auction for sight unseen.

Selling a large collection outright

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