Is a video worth $500 ?
BIGAL2749
Posts: 742 ✭✭✭✭
On my first larger consignment for the Fun show (made in haste to make the deadline) Heritage contacted me to offer their video service. This is the short video of a coin presented along the images for the coin shown on the online listing. They say traffic increases 50% and suggested on coins over 10K. All for $500 a coin!
I declined since it always seemed that coins sold for their true value not from selling experience but experience as a bidder. Hope I'm right since most in old holders were not sent infor reconsideration or CAC review and I may end up leaving money on the table as they say. I should have send to PCGS + could possibly come back MS62
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I think someone is going to make a decent amount based off of your decision not to send it in again or even to CAC.
I think you are correct.
And good luck.
And happy new year.
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I can't imagine anyone charging $500 to video a coin.
That's ridiculous in my opinion.
Video or no video, I bet this will bring in strong money.
EAC 6024
I think a CAC review would have been well worth the money while keeping the OGH's is definitely a good idea.
Latin American Collection
Should bring strong money as it doesn't look like a 61.
CAC would have really helped I think....gold coins with CAC, particularly in an old holder? MOON MONEY
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Heritage was very slow to get back to me about negotiating fees and deadline consignment was days later so grabbed some duplicates that I had been thinking of selling and convince myself that they would realize their value.
In the lot were 4 small eagle dollars 95 in 40, 97 small letters , (2)1898 13 and a 15 star, 1 heraldic in Au. . The other coin they suggested for their video was 1813 $5 in P-62
https://coins.ha.com/itm/early-half-eagles/half-eagles/1813-5-bd-2-r4-ms62-pcgs/a/1251-6744.s?ic4=ListView-ShortDescription-071515
From the few times I've viewed the coin videos they really didn't show me much more than the enlarged photos did. I tried this on coins I used to own and knew quite well. They don't seem to offer anywhere near close to what an in-hand inspection would. But I suppose there are serious buyers out there who are willing to go by photos and video only (ie essentially sight-unseen) when bidding on lots.
That looks like a great coin. I think you'll do OK without a video or CAC.
It is insane.
Depends. I'm sure it's negotiable. And for a huge coin it's a bargain
Wouldn't people buying more expensive coins either go to auction viewing themselves or pay someone else to go in their place? As such, is the video really that important?
I am not a professional coin grader or anything but how in the world is that coin just an MS61?
What a I missing that's wrong with this coin?
Anything that tempts one more bid has a potential payback
I assume that the suggestion is for the video description, not the 360 degree view video.
Personally I've thought these videos are sort of cheesy, but I also don't buy coins of this caliber. While it is good that the videos increase traffic, I would like information about how it improves bidding, on average. It's great to have eyeballs on it, but if that doesn't translate to an improvement in the hammer price, that's no good for the consignor.
I also wonder if they've interviewed/surveyed their high dollar bidders. Do they actually view the videos themselves? Do the videos help their clients make bidding decisions when they're not actually bidding for themselves? And if so, for better or worse?
For $500, regardless of the amount that the coin may bring, I would want some facts to back it up....as GE says above, any surveys from previous high dollar bidders on the videos?
Seems to me to be ~$100 worth of work (time it takes someone to do it and portion out cost of the equipment over time) and the $500 is to make a HUGE margin and make people feel good about their status (of being one of the few to use the service).
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Heritage tried that crap on me. Was trying to get a reserve set. Needless to say since I didn't pay their bribe I ended up having to buy my coin back. Terrible photos,wouldn't let the comparisons show the more recent sales, and I bought the coin back for a third of what they were telling me it would sell for when I was trying to set a reserve(I wanted a reserve due to their poor photos and data in my listing).
If a coin warrants a video due to it's value. That's that much more the coin will bring(higher commission) and hence they should provide the video as part of their service! You are paying them to give your coin the best exposure. Anything needed to do so should be included the commission being paid!
It's a sales pitch who benefits the MOST not the seller.
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It would be cool if Shamwow Vince would do the presentation.
I am far from even being familiar with the series, but there is no way that is just a "61".
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If they are working on commission, you would think it be in their best interest as well as yours, and could maybe throw a dog a bone once in a while. I hate places that try to nickel and dime you with fees.
I would think if a good buyer were to request a video of the coin, it would be up to them to provide it and not be any extra fee to you.
I honestly had no idea heritage charged this kind of fee for the video , I just assumed they did it on behalf of their client on the coins worthy of doing it on. Theoretically, the better a coin sells for the consignor, they more they make themselves. That's absurd. As more and more time goes by from hearing these type issues, I am pretty much convinced that when the time comes to sell my collection, I will choose legend hands down.
I guess it depends on the coin.
On a $10k coin it is a pretty massive expense, but on a $100k coin $500 is in the noise and may be well worth it if two bidders both like what they see in the video.
I think you're fine without the video; however, I definitely would have invested in a CAC review.
I guess I am an inexperience seller, never discussed any reserves with Heritage.
The only time I sold 3 expensive coins (1796 1/2dollar, Bust $5 in 63, and Small Eagle dollar in Au) was on a consignment basis with our host Don Willis when he operated Premiums Numismatics. That was a very positive experience and quickly got very close to retail and of course Don is a very standup guy.
I was lucky that I started buying somewhat more expensive coins thru Teletrade and sight unseen bidder at major auction houses in the early 90's. Since the market was in a slump even good coins went at lower levels.
When I retired and finally started going to auctions coins were in a rising market and undergraded coins always seemed to sell for their true value. One I always remember was a undergraded1861 $5 in 61 ( $1800 bid) was really a 63 and left a 63 bid of$4700, coin sold for $5600. One of the reasons I felt didn't need a $500 video
I've gather a few coins for the Long Beach auction that needed to be sent by Wednesday. They're not going out til I reaccess
There are many sharp buyers. There is no need to worry. It willl get bid up
I think just like others have posted here many times in the past, that your coin will be recognized for what it is, and its upgrade potential and will likely bring all of the money it should. I wouldn't worry too much about it. That coin is nice enough to stand out in the crowd, and one that many bidders will have on their radar.
I might pick that route for a very worthy (stickered) $100K+ coin assuming an impartial party like JA were reviewing the coin's best features. For something less than "all there" I don't see what puffery a video could possibly add to the bottom line. The major coins I sold at auction in the past (pre-CAC) at good venues and in strong markets did just fine, often better than expected. Where things get dicey is in down markets , poor venues, unstickered, non-PCGS.....any combination of those. And for the past 7 years we've had a lot of that.
Thought I would follow up, while I will not post specifics. I sold the coin in a NGC Details holder to another dealer for 1/2 the number heritage boasted(better than 1/3). Less than a year later the coin sold in a heritage auction in an NCS holder for the amount heritage boasted(triple!) Of course this time the recent auction results were posted in the listing! The coin wasn't improved 1 bit! The only past auction result they showed when mine was listed was over 10 years old and was in the neighborhood of what mine sold for. There were 2 recent sales for more than double that which they sold a year or so previous and would not show in my listing! And YES they were also comparable details holders!
Wow, never would have guessed they charged for this service... let alone charge that much of a fee!
Amazing
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Bigal.....if it were my coins for sale, and I was going to use Heritage, I would talk to Mark Feld first (he now works for them). He is on the NGC boards as he was banned here during a misunderstanding and a touchy moment, so he can't post here.
Mark is very upfront, honest, and will give good advice, in my experience. One may not always want to hear what they hear from him, but it has always been honest.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
In addition to the "360 Video", HA has a "360 View".
Does anyone know how much the 360 View costs?
Also, based on the following, what do you think of the Video and View?
Am i the only one who thinks they should provide the video for free? If it drives that much more interest wouldnt it be in there best interest?
Free for what level of coins? Every coin? Unworkable. So there has to be a cutoff. Maybe this coin is under their internal cutoff but they still offer the additional service at a cost...
Id say 10k would be good starting point
So how did the results meet your expectations? Would it have gone for more with a video or CAC?
Cashback from Mr. Rebates
I think it did well as is.
You did it for me for no added fee with the measly $1k-$1.5k pieces I consigned to you. Thank you!
had a few featured with the video but was not charged for it
Don't think it is worth squat anyway.
From the images provided, I think the coin was much nicer than all previously sold examples in the same grade. Since it brought just a marginally higher price, it may have gone cheap. Whoever bought it probably has it in to PCGS right now. Rather than the video for a fee (should be free), you should have requested they send the coin in to PCGS for a regrade prior to the sale. The auction companies are fighting for consignments and you may have some leverage with them right now.
To be honest here, I didn't think the video was that spectacular.
Just my opinion.
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A nice coin that will upgrade.
Put a Kardashion in the video. It will increase the traffic $500