a new hot topics worth the read
Gazes
Posts: 2,315 ✭✭✭✭✭
I thought I would provide a link to a new hot topics by Legend. It was one of the best I have read because it offered a behind the scenes look at the auction business that you do not often read about. I was struck by just how demanding the work is. Definitely worth a read
https://www.legendnumismatics.com/hot_topics/the-auction-business/
7
Comments
Nice read and insight into that part of the coin business, which is rarely discussed
Interesting read. My disorganized random thoughts:
It’s clear from this that Laura cares about doing it right - maybe a little too much even. Kudos to them for pulling it off and keeping it going. Sounds to me like they need more help. Finding, training, and keeping the right people is the trick. That’s always been the hardest part of a successful business in my experience. She’s right about only being as good as the last auction.
Apart from that, I’m glad to hear 500 lots/auction is the goal. Too big and they’ll lose what it is that makes them different.
A very interesting and very believable look at the auction business. The demands received from major consignors must really cause a lot of headaches!
Very interesting... and when viewed from a business perspective, a clear picture of the struggles faced by most startup ventures.... The hardwork, long hours, wins and losses along the way....all part of the incredible journey to success. Congratulations Laura... Cheers, RickO
That was a cool read. Respect and kudos to the real entrepreneurial spirit (and hardwork, skill, etc). It's not my playing field, but one can certainly appreciate it. It also makes a buyer's premium a little more comprehensible.
Excellent read and insight to her business and mind.
Wish I could afford to play in that sandbox on a regular basis.
Tremendous read.
I wish I was at a point in life where I could join Legend. I love their brand
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
...and here I am fretting over a couple bucks on my minuscule (compared to others) sales.
It's good to get another's perspective.
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,...
Wait a minute - I don't understand - there have been posters around here over the years who insist the auction houses just lie around "lapping up the gravy" of the buyer's charges. Anyone care to explain?
Member ANA, SPMC, SCNA, FUN, CONECA
@tradedollarnut What is your take now regarding what Laura has built? Am curious about your thoughts now in contrast to your discouragement of her referenced in her comments. I know you respect her, but is the price to pay for her too high?
"Got a flaming heart, can't get my fill"
Well, unfortunately “real jobs” aren’t usually compensated as well as taking risks and using your brain. Laura isn’t the most polished of people but she’s passionate about what she does and I wouldn’t question her work ethic.
1) the results have exceeded my expectations
2) the cost to her health has exceeded my expectations
3) despite the stellar results, it still may not have been worth the risk and cost to Legend
Fascinating perspective.
Maybe having fewer sales would help especially if it is proving to be too physically demanding. It would allow her some down time in between.
Thanks for sharing the link. I find it interesting to read about other people's perspectives on the "daily grind" if you will. Although the company she keeps are on another level compared to my pay grade, still many of the same concerns, and business relationships which she has to maintain carry on down to my daily encounters as well. Some folks (me for example) don't do risks and like life simple and undemanding; however, there's a certain place for those risk takers, and more power to 'em.
Fascinating read.
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
Hard to believe how anyone could do all this..so much for her "part-time retirement"
Great read and wow!!!! So much work.
I thought I had it bad. I run around 500 high end slabbed coins, not auctions, but for sale.
I do all the work myself, everything. Zero Help. It is a lot of work for one person to run a coin business.
I do like the freedom tho.
I was able to go Kayak Fishing on the Pacific Ocean for 8 hours yesterday, chills you out
a good read. I can understand a bit more now why they got some major headaches after the auction. jmo & an Excedrin moment for sure
I did not write this article to complain. I wanted people to have a semi inside look at what goes on. It is not a simple give us the coins then BAM-auction time. we're small, so we can't afford more people. So I do everything from calling people for consignments to being at the sale phone bidding with some cool people bidding on some record priced lots!
This is the life I chose. I am admit to being trapped right now. I am working on solutions that will not disrupt the business. The auction co is one hard time consuming job for me-Legend Numismatics is not.
Hey, starting today GH is taking a break (a long deserved break) . Right now he is on flight 79 Untied (if you care to track) to Tokyo!!
His daughter is going to school there for a month. he needed the break too. After his heart attack he swore never to work more then a regular work week and to take some time off.
I should have gone on that trip even tho I did my own to HI 2+ weeks ago. Life IS too short not to live it.
specialist, You have accomplished great things in the business world. By all means, take time to enjoy the less stressful things life has to offer, you'll live longer.
@specialist Laura, this is the best market report of yours I have ever read.
Actually, Legend Auctions has done this. They used to have almost monthly “Premier” Auctions, in general a notch lower in coin value than their Regency auctions, consisting of fewer five digit coins, with more coins in the lower four digits. A business decision was made late last year to end all of the Premier auctions, and then slightly increase the frequency of Regency auctions. It was explained that the Premier auctions took a ton of staff time at less cost efficiency. Makes sense to me.
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
I appreciated this "Hot Topics" more than any of the others that Laura has posted. I much rather knowing Laura's story than I do Laura's sermons on numismatics. I can respect and trust Laura for her expertise based upon her long and very significant experience on coins and their quality relative to the market. But her collecting strategy is very focused on high dollar collections, which is much like the advice you get from your stock broker. In many ways she is a Registry Set Coach. And if you strive for the best registry set, she is the best coach around.
And Legend Auctions may not be the biggest auction house, but they are a notch or two above the others. And I save all of my hard bound Legend catalogs.......collectibles in their own right.
OINK
Actually, while I agree with almost all of what you say, I disagree when you indicate that her collecting strategy is very focused on high dollar collections. While the coins I purchase are indeed higher in value than some of those on this forum, what I purchase is well under what many forum members purchase, and for sure is vastly less than what you perceive is virtually her only audience for her collecting strategy (the coins I've been purchasing for the last couple of years are mainly low to mid four figures). I've learned the following three CRITICAL items from Laura/Legend over these past couple of years, and in my opinion, these strategies can apply to collectors at virtually EVERY price point (yes, some are controversial, and my point is not to start a new discussion on these points, but to just point out that it's not only the DL Hansen's and the collectors who purchase the five and six figure coins that can learn important information from Laura):
Winesteven
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Fabulous read - thank you for the candid insight! There's a reason why buyers premiums aren't zero and we collectors need to appreciate that it is a big and crucial job.
This was the one time you all could have flamed me out off of this planet for poor grammar and spelling. I was really burnt out when I wrote the Hot Topics. I am ashamed.
Now, I am just too busy to go make changes
Have a great july 4th everyone!
No worries, understandable
It is your insight and thoughts that are so important and interesting.
I personally could care less about grammar. I use the free program Grammarly, it helps me a tremendous amount. Try it and you will like it.
One of the best reads from you.
I love the legend auction format. Boutique style, incredible full color catalog and descriptions. I too wish I had more funds to buy more of the coins in their sales, I bid on some, but get outbid many times. I always said, if the time comes to liquidate my collection as a whole, it will go the them.
I don't know Laura personally, have talked to her on the phone a time or two in the past on a specific coin, but from years of reading her reports and comments , I know she truly cares about this hobby as a whole and is a straight shooter in the biz.
Most of us aren't really grammar Nazis, and those of us that comment usually do so only after being labeled an idiot, "chatroom genius" (sarcastically), or a "no nothing."
TDN, PM sent.
"Seu cabra da peste,
"Sou Mangueira......."
The best dealers are the ones who are 1) most knowledgeable and 2) of highest integrity.
Laura is unquestionably among those.
Here's a warning parable for coin collectors...
What a solid real raw read - hats off - you outdid yourself with this write-up .
And mind you - the spelling never bothered me at all.
Stay well!