GC Selling Experience (#2)
jonruns
Posts: 1,196 ✭✭✭✭✭
TommyType has inspired me to provide my recent experience of selling coins on GC...please note that I am hoping to build on his great report...not to compete with it...overall I was super pleased with the entire experience....and have another group going to them shortly...despite a modest loss versus my purchase price I am not in this hobby to make money...and I had $500 worth of fun purchasing them...
I consigned four coins: one Capped Bust Half and three Liberty Gold Quarter Eagles..actually I consigned five coins...but one of them apparently was improperly sealed by PCGS during a recent crossover...and GC sent it back to be fixed...no charge to me for this service...love their attention to detail...that coin is currently listed...
They were sold in the auction ending May 28th with a starting bid at the GC recommended...
All four coins were purchased within the last year.
All four coins sold on the first round...a low of 8 and high of 21 bids...like TommyType I got my first bid within minutes of the coin being listed...but surprisingly the bidding on my coins pretty much ended about 24 hours before the auction closed...
My cost of coins sold: $3193.95
Net to consignor: $2666.15 (or a loss of 16.5%)
Net to consignor of the 2 CAC coins: 89.4% of their purchase price
Net to consigner of the 2 non-CAC coins: 79.9% of their purchase price
Roadrunner net: 87.7%
Comments
I'm glad you had a good experience. Ian is a good guy to work with. Sounds like you did well. You sold four recently purchased coins. You had a net loss of 16.5%, GC charges buyer 10% and seller 5%, so you pretty much broke even after commissions. I doubt you would have done better on Heritage.
By the way what is Roadrunner net?
I think you did alright, I've sold around 40 coins with GC and all lost except 1
Considering this years market it sounds like you did very well.
The losses are due to market and specific coin, and even more importantly what some one has paid for it, not Ian's Auctions, cause I see some stuff go thru the roof price wise in their auctions frequently
What were the CAC bids versus the net to consignor?
I wondered this too.
Great Collections has been an excellent venue for my buying/selling. I usually play in the $100 to $1,000 price range.
On my last consignment it was ~6 weeks from the time I shipped the coins until the time the check was in my mailbox (it arrived 3 weeks earlier than the settlement date). That is hard to beat and the coins did very well (better than the OP's example).
Thanks for the detail.. interesting process for those of us who do not sell.... Cheers, RickO
Thanks for posting. Good info for anyone thinking about selling right now.
ANA LM
USAF Retired — 34 years of active military service! 🇺🇸
Thank you for the interesting report of your experience.
Ian is really quick about sending an "advance" on your items as well!
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore...
"RR net" is the % of the final price realized that the consignor receives from GC (or 100% less GC combined commissions). It's the % of the coin's final price that the consignor received.
With 3 gold coins consigned I'm not surprised that they maxed out well before the auction ended. Spreads on gold are often pretty tight (3-6%) such that bidders compete right up to the top wholesale "buy" level to ensure they get a solid buy and make it hard for the next guy to bidder any higher. A GC bid increment at $500-$2500 is 5% which is quite a bit in the gold world, especially for coins that in ready supply with accurate pricing. The majority of non-gold coins at GC seem to get bids right up towards the end of the auction.
So if GC charges buyer 10% and seller 5% how did OP net 87.7%? Did he sell a $1000+ coin where seller pays no commission?
As an example, for a coin that hammers at $227, the consignor pays a listing fee of $3 and a 5% seller's fee of $11.35 which gives him a net of $212.65 or 93.68% of hammer.
The winning bidder pays 10% of the $227 or $249.70 with the juice. The consignor net based on $249.70 would then be 85.16%
For a coin with a $1350 hammer there is a $10 listing fee so the consignor nets $1340 or 99.25% of hammer. With $135 juice he buyer pays $1485 so seller nets 90.25% of what the buyer paid.