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Heritage Long Beach Sale, prices through the roof!
Wabbit2313
Posts: 7,268 ✭✭✭✭✭
I can't speak for the entire sale, but it seems every coin I look up the last few days sold for crazy money out there!
Two examples I looked up this morning:
1926-D Peace dollar: One was CAC the other was not. Nothing great about the coin either.
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The real head scratcher, 1885 Morgan, NGC MS67 NO CAC: (And one would think this date and grade would have been sent to CAC first, so my assumption is, it failed to pass)
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Comments
It’s hard to generalize from a few results. You can find a few examples of crazy high & crazy low prices in every auction. In some cases when I’ve seen the coins in-hand during lot viewing the prices make perfect sense. Sometimes the coins have huge upgrade potential. Dealers and crack-out guys see that & bid accordingly. Usually, prices reflect the quality of the coins. Sometimes people just get carried away or overlook problems.
That said, LB seemed to be a good show. The lots I was following sold for strong money.
The few I bid on, not the ones above, I was SMOKED!
These big shows usually bring some big numbers...did someone spike the punch bowl?
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, Nickpatton, Namvet69,...
Maybe you are suffering from the same desease that I have - Heritage Auction Midas-itus – every lot I touch with a bid turns to platinum laced with diamonds and rubies. I could bid on a rusty wartime cent in “Details, Good sharpness,” and it would sell for at least $200.
Specific auction results can be outliers due to several reasons.... competing collectors, under graded, bidder error etc., I have seen treasures go for peanuts and dreck go for moon money.... Strange things happen at auctions. Cheers, RickO
If you have Midas-itus, you definitely should have a friend bid for you.
I look at it the other way... if lots I'm interested in are the ones that are going to the moon, and lots I pass on sell for normal money, I just take that as validation of my lot evaluation skills.
I fully agree about LB Wabbit. I got two pretty nice ones-no bargains, though lost a lot more.in a lot of different denominations across the board. I would say the market is getting some steam. With really nice coins, there is no doubt.
the market continues to bifurcate. Widgets are dropping (premium on $20s, proof eagles, etc have all but vanished) and rarer pieces continue to command strong prices. I'm not sure this is good for the market in the long run.
All comments reflect the opinion of the author, even when irrefutably accurate.
jmlanzaf, you are so right especially on the proof eagles. I have been chipping away and obtaining 70's at little above melt. I believe it is a good time to stack a few of these alongside of a few of the 5 and 10 dollar commemss commems.