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Is it fair to say GC functions more as a sellers site than as a true auction house.
Walkerlover
Posts: 719 ✭✭✭✭
Hello everyone I am a new member. Seems to me that due to the large number of coins sold at GC every week they are more of a mover of coins than a true auction site. They have a low commission structure, super fast listing shipping and payment of coins and very few reserves. Coins have no description, and the majority of their coin listings are low to medium price coins. They have a certain percentage of rarer more expensive coins, but not as much as say Heritage, Legend, Stacks etc. Is this a true perception? What are your thoughts.
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Welcome to the forum.
No, that would not be fair to say. If their primary business is auctioning coins, they’re an auction house. Auction companies are (in your words) “movers of coins” from sellers to buyers.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I don't even know what that means: "mover of coins vs. true auction house." However, I do believe that GC is a true auction house and a good one at that.
Philippians 4:4-7
Welcome to the forum. No, they are a true auction house, IMO. Also, I’m not sure what ‘volume’ has to do with anything in terms of this discussion. Maybe you can explain a bit more.
Dave
I hear you, OP. I agree with the @MFeld that they are in fact an auction house, but you are right to point out that they are providing a lower level of service than the legacy auction houses. This has some distinct benefits given that by extension of the lower service level, they are able to charge less in fees. And I think it is fair to say that this model likely lends itself to moving product that, at the margin, is more commodified in nature.
No, they just deal in coins and currency not toys and furniture. They are an auction house.
bob
If there's bidding, it's an auction?
To clarify I mean an auction house traditionally has catalogs, pictures, descriptions to promote their higher price listings with longer listing times. Seems to me GC with its structure is ideal for dealers to move inventory quickly and get paid fast with a low commission fee and short listing time and get rid of coins they no longer want to keep
I don't make a differentiation from an auction perspective as they all run auctions to me. Now there are differences in levels of services and fees, but, to me, GA, HA and SB are all auction houses. YMMV.
I've never bought anything on GC because I'd like the coin in hand prior to ownership, but I've sold a few there. Great deals are very possible and since their fees are reasonable it boils down to picture quality and how much stress to put on your credit card.
They are a very good auction option.
GC is an auction house, and a very good one at that. Amazing shipping times and low buyers/sellers fees make them very attractive.
It is possible to find deals by doing a little digging on individual coins. I regularly see coins listed that were previous bought at HA and going for less $$$. I've also, several times the past year, bought a coin/sold it on Ebay then seen it pop back up on GC.
Having no description/catalog doesnt bother me in the least, as I am comfortable doing my own research. I regularly pickup unattributed VAM Morgans
Thanks. To be more precise I meant large amounts of generic and medium price coins can be sold quickly by dealers because the model of their structure allows for it. Of course GC is an auction company and damn good one. Just questioning if dealers and collectors are blowing out coins quickly there meaning they are not a traditional auction company
I still don't really understand your premise. Is GC different from Heritage, Legend, Stacks, etc.? Yes. Is GC an auction company? Yes. Just because they do things differently does not make them any less of an auction company.
I know that it is a pay for the privilege type of thing, but GC is the Official Auctioneer of the ANA.
Philippians 4:4-7
I don’t know if I’d say they are quick. I sent in 39 coins that they received on July 29 and I still haven’t even received an email saying they have received my coins, no consignment number generated yet, zero communication thus far. I emailed them a few days ago but still no response 🤷🏽♂️
@Walkerlover
I think I understand what you are trying to say but it is misplace I believe.
First they are all auction companies that you have mentioned. GC has a different structure to their auction with the internet only and 'hard' close versus the others you mentioned. However, you can check the HA website and see that they have multiple auctions per week for the small to mid-range material you mentioned. These are internet only but in place of the 'hard' close there is an internet 'timer' that allows bids and keeps going until no additional bids come in.
Dealers and others blow out, as you say, coins at auction but this happens at most all the auction companies. For the weekly auctions you can get your coins to HA or GC or ...... and then get them into an auction fairly quickly.
It will be different for the bigger auctions at say HA or Stacks... and require more time but then this is a choice that is being made for the material being offered.
As for GC and the fees and dealers blowing out there due to the lower fees, well some dealers or others get a 'rate' at the auction companies. Some of them have a 'rate' to where it is better than GC advertised rate. So as far as the fees go these dealers can blow out at the other auction companies with an approximately equal fee (plus or minus). I am uncertain who 'blows out' the most material but it is all over and has been for a long time.
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
Heritage also has weekly auctions. An auction house is defined by the auction process not the calendar of events.
There is NO difference between the functioning of GC, Heritage,Stack's etc. They take consignments. They list the consignments in an ordered auction. They accept bids. The highest bid wins.
I think they're just overwhelmed right now and need more folks. They sent some of my stuff to CAC and I'm fairly certain I said don't send to CAC. Emailed them several days ago asking if they could send me a copy of the consignment paperwork to confirm and haven't heard anything. But I am not in a big rush, I'm sure they'll get back to me when they can.
Professional Numismatist. "It's like God, Family, Country, except Sticker, Plastic, Coin."
Maybe they should be called a "discount" auction house since they smartly avoid unneeded overhead. IMHO they have the best business model in the industry. There success is due primarily to their customer service.
Give Me Liberty or Give Me Debt
Auction house. I think the GC model is an improved version of Teletrade where Ian learned the auction industry and was able to see what worked and what didn't. I am amazed at some of the consignments GC is getting as an internet auction platform without standard lot viewing, little or no lot descriptions and no catalogs. I think the main explanation is that Ian is very positive and personable (not universal traits in numismatics) and has cultivated a lot of good relationships.
I believe that live auctions can be conducive to overbidding and auction overenthusiasm but maybe the deadline version of GC breeds its own form of auction mania.
"Look up, old boy, and see what you get." -William Bonney.
My experiences with both buying and selling through GC have been excellent. Ian is very responsive to questions and suggestions.
I have used many auction houses, many, and they all function to some extent the same way. If you mean that the more than acceptable and appreciative way Ian works with his clients is a step above most, then that might separate his auction house from others. GC is an above average Auction House, in my opinion.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
I like GC and think of them as an auction house. I like that that you can talk to the main folks anytime and that they will tell you how they think a coin will do. They are not always right but its ok as they have every intention of getting the most for your coin becasue it benefits them and the you. I like the low fees on high end coins. I like the low fees on both the buying and selling side. I like that they specialize in coins only. I'm a middle market guy though.. I don't know how the "Rothchild" crowd thinks however.. The Sperber crowd and Ellisberg crowd may need a different house, but Ian is starting the get those also I think. Just my thoughts..
GC is a favorite of mine. They're an auction house in the sense that the majority of their sales come through auctions and they take consignments. The biggest difference between GC and other auction houses is they have an ebay-style hard close. Lower valued lots at places like Heritage, Stacks, etc don't have descriptions either; at the end of the day the coins make the sale, not the description.
If they would only move to Florida they could hire all the coin collectors who are retirees to help them out.
Been very satisfied with GC.
Right, except for organized lot viewing, printed catalogs, lot descriptions, live auctions, etc.
While Heritage may have weekly auctions, it's not their main business. FWIW, I do consider GC an auction house, but they clearly have a different business/operational model than the traditional players.
I’m going to say eBay is a sellers site.
GC and Ian , who by the way, is a formite ( person who posts here) are perhaps performing a rather cleaver adaptation of your standard catalog auction houses.
Call it a common person’s (grandpa is learning not to say man after everything 😁) auction house .
This is my opinion from hanging around for awhile and listening to many posts.
Forgive my simplification of the question but I’m saying eBay is where I look when cherry-picking a coin that is being “ dumped “
For a specific need, GC is where I would start because I am not made of money so cost is always on my mind.
My 2 percent, as always 😉🙀🦫
🎶 shout shout, let it all out 🎶
Just to point out, we do have extensive lot viewing at our offices four days a week, where people fly in every week to view (not to mention local clients). We're also more than happy to describe coins over the phone to potential bidders (Todd, Andy and I do this almost daily).
We are a little slower than usual at the moment, but have another new employee starting tomorrow (our 6th new hire in 4 months).
Of course, we love high value coins (this week we have several coins already bid above $100,000), and many companies would avoid $20-$50 coins if they could just handle higher-valued coins. We built GC for collectors, and collectors need a safe place to buy and sell lower-valued coins just as much as higher valued coins.
I prefer faster/cheaper vs. slower/expensive, but I am bias.
PS. @nk1nk who did not receive a consignment received e-mail; unless the package arrived with no paperwork/no return information, that would be unusual. Please PM or call me at the office tomorrow (800-442-6467 x101) so we can look into this for you.
Owner/Founder GreatCollections
GreatCollections Coin Auctions - Certified Coin Auctions Every Week - Rare Coins & Coin Values
GC does a great job at what they do, no doubt about that! The rub, to me, is to say they sell coins. I believe anyone with reasonable awareness will see that what they do, and do really well, is sell insert tags and stickers to collectors of insert tags and stickers. Not a bad thing. Just the truth (which can be very unpopular here).
I believe one can look at GC's advertising platform and extrapolate they're spending at least mid but probably deep six figures, maybe even seven, on yearly advertising. Yet in a day and age where anyone with $3K to spend and a week to self educate can generate superb and relatively accurate imagery GC publishes what is, in my opinion, some of the worst imagery in the industry. When I intelligently connect the dots I arrive at "it's a purposeful choice".
But, it's working and they have a great reputation so in a nutshell it means the insert tag and sticker collectors are happy and that's a good thing! I just think it's weird to call it selling "coins".
I'd personally love to see an auction venue care a little less about profit and a little more about the integrity of the hobby and appreciation for the "coin" collectors.
If the "insert tags and stickers" didn't come with a coin inside, then I get your point. But they do come with coins. The buyer can always ignore the insert tags and stickers and crack the coins out after they win. So I don't see why you think GC does not sell coins.
Can you elaborate on what auctions houses should do for the integrity of the hobby and appreciation for the "coin" collectors?
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I get what you are saying as GC feels different for me than Heritage, Stacks, etc. It feels cheaper (fees are cheaper), the pictures are often bad and you can't zoom in on them like you can with all the other auction houses I deal with. People sing their praises so it's obviously working and they've gotten quite a few big name collections. When I look at GC in the areas I am currently collecting I'm seeing at least 50% of the time a starting bid that is completely unrealistic. I'm sure that is more the seller dictating it but then the item is up week after week and it just makes it feel some people send in stuff to GC as if it is an Ebay buy it now.
For all that sing the GC shipping praises I have to say that the first auction I won with them, I paid the next day by credit card and then didn't get my item for 3 weeks. It wasn't a good first impression as I've never waited that long with any other company. The second auction I won was shipped right away so from what everyone says my first experience was an anomaly. GC does send me emails once a month or so asking why I've not been back and I do believe them to be sincere about wanting to know.
Won something Sunday night and paid immediately and item arrived Tuesday. Granted, I do live very close to them, but that’s great customer service.
I wouldn't argue with that experience but if it was the first time winning an auction with an auction company you hadn't dealt with before, you paid right away (and you could see the charge on your credit card), and didn't get the item for 3 weeks would you call it great customer service? I live in Colorado not Canada or Australia or something.
GC publishes what is, in my opinion, some of the worst imagery in the industry. When I intelligently connect the dots I arrive at "it's a purposeful choice".
I'm not comfortable evaluating coins based on pictures. The only way to really evaluate a coin is to inspect in hand and GC does provide lot viewing. There are also auction agents who will inspect and represent collectors unable to do their own in hand inspections. These agents' premise is that they protect collectors from coin pictures that don't quite represent the true coin. GC has taken the position that they are going to provide "simple" pictures as not to mislead anyone. They also have a return policy detailed on their website.
It's a house for buyers as much as sellers. Ian has done a masterful job at GC.
Oh, I have never been to his house or JA's. The evidence is clear, though. Between them and here (PCGS) and ATS (NGC) there is us. And we are all feeding from the same trough. As well, all those awesome other venues aforementioned.
I think of GC as being the Walmart of coins while I think of some of the other auction houses as boutiques like Tiffanys. I shop at my local Walmart all of the time.
Worry is the interest you pay on a debt you may not owe.
I'm curious as to the goal of your questions as the responses you get may be more helpful if that's known.
For example:
You joined over a year ago and your 6th post is a four paragraph dissertation discussing the virtue of selling coins vs. insert tags and stickers as you put it. Not to mention your post is filled with backhanded compliments directed at GC, as if they don't sell coins. Pfft
This has to be a sock account doesn't it?
Philippians 4:4-7
Heritage weekly auctions function EXACTLY like GC. Stacks monthly auctions function the same.
For the record, I listed the critical functions to avoid nit picking. But...you're ba-ack!
I was the high bidder on a coin Sunday night, received it yesterday, as always with GC, everything is first rate. Also included was a catalog.
Steve
GC is a true auction house. I have always been 100% satisfied in my dealings with GC.
If by sock account you mean an alternate identity, I also have my suspicions.
Worry is the interest you pay on a debt you may not owe.
For what it's worth, Ian reached out to me via PM. That is the kind of world-class service GC runs.
Professional Numismatist. "It's like God, Family, Country, except Sticker, Plastic, Coin."
For a couple of seconds I thought that was a photo of the coins you won and received yesterday!
>
Ian,
You have provided me descriptions of coins numerous times to my benefit, including in ways that have caused me to pass. If you open up a NY office and start shipping out high value coins for lot viewing, I promise I will stop by!
"Look up, old boy, and see what you get." -William Bonney.
Their results speak from them self but their customer service and his work ethic is really top of the field.
11.5$ Southern Dollars, The little “Big Easy” set
Who do you think they're selling the stuff to?
The stuff that gets relisted week over week at "unrealistic" opening bid is likely a reserve set by the seller.
GC is an auction house as much as Teletrade was. DLRC is more of a hybrid. GC also has some fixed price offerings too, but they constitute a minor part of the business and probably last gasp offerings before returning to consignors (who have placed reserves).
When it came time to sell this is why I did not consider GC.
I spent years doing a set and upgrading. It finally came a time where it was time to move onto something else and sell a good chunk of the set. I knew that GC would process "faster / cheaper" and get the coins into a weekly auction in their respective slot or position spread out throughout the listing and move onto the next one. I wanted something a little more.
For me it was between HA and Legend and I chose Legend. I really appreciated the extra time they spent with the coins and the descriptions they wrote. They even kept my coins together in the auction since it was most of a set (but I kept several favorites). Now I still have the catalog where I can on that rare occasion go back and review it and remember the years I took doing it. Hey, they even gave me a decent rate which I guess qualifies as "cheaper". I am not a big collector and no $100,000 coins that you mentioned.
As far as the results I was quite satisfied but I expect with any of the three I mentioned (GC, HA, Legend) I would have seen similar results if done at the same time frame.
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
G.C. is a true auction house – one that I highly regard as both a buyer and a seller.
Ian reached out to me as well which is the mark of someone who cares about their business.