What happened to the pedigree on this pattern? Plus interesting mark-up on price for an auctioned co
Mark
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I was drooling over the patterns on the Heritage website and I came across a J-894 for sale: J-894 for sale It's a nice looking J-894 and because of its relatively common status it's for sale for "only" $2,375. I noticed that Heritage had recently auctioned a J-894 for $1,782.50, so I took a look at it: J-894 auctioned If you scroll down the page, you'll see it's the same coin. The PCGS certification number is the same. BUT when the coin was auctioned, it was pedigreed to the Bass collection. Now that it's for sale on the Heritage website, the pedigree is gone.
Now, I hasten to add that I definitely have NO doubt that the pedigree was correct because PCGS encapsulated the coins before there were sold. However, does anyone have any idea why Heritage would have the coin reslabbed, sans pedigree? Though I am not in the market for this coin (I already have a J-894, though in a lower grade) I think a Bass pedigree would add to the desirability of the coin.
Mark
P.S.: Notice that from the auction price of $1,782.50, Heritage applied a 33% mark-up to the coin. Indeed, if Heritage actually bought the coin and so didn't pay the 15% buyers premium to itself, the coin's gavel price was $1,550 and from that price Heritage applied a 53% mark-up. I don't know if this mark-up is unreasonable because I expect Heritage has huge expenses they need to cover, but it is an interesting calculation.
Now, I hasten to add that I definitely have NO doubt that the pedigree was correct because PCGS encapsulated the coins before there were sold. However, does anyone have any idea why Heritage would have the coin reslabbed, sans pedigree? Though I am not in the market for this coin (I already have a J-894, though in a lower grade) I think a Bass pedigree would add to the desirability of the coin.
Mark
P.S.: Notice that from the auction price of $1,782.50, Heritage applied a 33% mark-up to the coin. Indeed, if Heritage actually bought the coin and so didn't pay the 15% buyers premium to itself, the coin's gavel price was $1,550 and from that price Heritage applied a 53% mark-up. I don't know if this mark-up is unreasonable because I expect Heritage has huge expenses they need to cover, but it is an interesting calculation.
Mark
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Comments
Cameron Kiefer
Bass was a major pattern collector (though not as major there as he was in gold coins). His patterns were auctioned in May 1999 by Bowers and Merena and had 414 patterns. Plus a goodly number of the more "important" patterns were kept by the Bass Foundation.
Mark
Heritage applied a 53% mark-up. I don't know if this mark-up is unreasonable because I expect Heritage has huge expenses they need to cover,
A 53% mark up is excessive. Just because they may have high overhead is irrelevant. Do buyers want to fund the inefficiencies of poorly controlled overhead? I suspect the coin will sit for a few months or being offered every few weeks via internet only auctions. Market for patterns is very thin and a buyer at these levels would have to wait a loooong time to recover his costs if he wanted to resell at a latter date.
Two points need to be made:
1. There's no such thing as an appropriate markup. There is no direct correlation between cost and market value.
2. If an auctioneer buys a coin at his own auction, he will not collect a buyer's premium from his underbidder. Any way you look at it, the 15% is part of his true cost of the coin.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
are these Heritage owned and did not meet their reserve?
I am starting to wonder if they are just another retail outlet source rather than auction house