So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.
[edited to fix erroneous reference to Superior]
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I had always assumed Superior Sports Auctions was CU owned and not related to Superior Galleries the coin auction company. There is a link to Superior Sports Auctions at the top of this page. Steve Deeds was president of Superior Galleries. Now I see him associated with Superior Sports Auctions. Did he change firms or are these two Superiors some how related? I am so confused. Someone please clarify.
Wayne - Superior Galleries (where Steve Deeds worked previously) is not affiliated with Superior Sports Auctions, as far as I know - two completely separate outfits with two completely separate owners.
Steve Deeds was president of Superior Galleries. Now I see him associated with Superior Sports Auctions. Did he change firms or are these two Superiors some how related? I am so confused. Someone please clarify.
The press release says that Steve Deeds will head B&M, not Superior Sports Auctions.
Andy Lustig
Doggedly collecting coins of the Central American Republic. Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.
[edited to fix erroneous reference to Superior] >>
I think GMAI sold Teletrade just a little while ago. >>
Nope, still says "a division of GMAI" on the Teletrade home page.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
The logic behind the B&M purchase baffles me. B&M is a company that employs neither B nor M. Most of the B&M people are now at ANR. Does anyone consigning coins to an auction house not know this? What makes B&M worth anything close to what was paid?
What makes B&M worth anything close to what was paid?
First, you don't know what was paid for the name. There were multiple companies purchased, and those companies must have had some real assets. For all we know, the B&M name didn't cost GMAI a penny.
Second, here's why the company has more value to GMAI than to CU:
1. They probably had a deal with Steve Deeds before they bought B&M. Steve adds value.
2. Spectrum has a very big inventory that can be marketed through B&M. Why pay commissions when you can collect them instead?
3. Spectrum can cut overhead by moving the company to its offices in California, and Steve Deeds happens to live in CA.
Andy Lustig
Doggedly collecting coins of the Central American Republic. Visit the Society of US Pattern Collectors at USPatterns.com.
With Steve Deeds now president of B&M, what does this mean for Superior Galleries? It can't be good! Steve is an awesome guy and was responsible for lots of consignments to superior.
TomT-1794
Check out some of my 1794 Large Cents on www.coingallery.org
<< <i>The logic behind the B&M purchase baffles me. B&M is a company that employs neither B nor M. Most of the B&M people are now at ANR. Does anyone consigning coins to an auction house not know this? What makes B&M worth anything close to what was paid? >>
The customer list which is more or less a real interesting scenario with Dave's picture all over the papers. Surely a non compete would prevent Dave from contacting his ( er B&M's) customers, however what customer of Daves would consign to B&M when the real thing is in NH? Just call him and consign. Done.
No I meant how beneficial would it be to hold on to the name when Dave is in business in NH. Then again, it's out of my league so I'm just thinking out loud.
<< <i>Maybe B&M's mailing list was worth 2.5 by itself. Afterall, CU paid 16 mil in cash and stock for B&M all by its lonesome. >>
2.5? You think that's all? Then that's quite the deal. I have to say that list which generated hundreds of millions of dollars in revenues is worth a lot more than that. The part of the equation is of course who is going to be in the best position to capitalize on sales/consignments/ etc etc etc and I would agree that at this point in time, the real Bowers is in no position to do a heck of a lot more then utilize the list for it's auction company. And it doesn't seem to be in Daves profile to really capitalize on the outbound sales end of the list which is probably one of the reasons for the move to "looosiana" where the phone sales crew is located ( although that certainly wouldn't have been my choice of real estate)
But considering the sheer volume of outbound sales potential, especially if put in the hands of professionals, it would represent a lot more than 2.5 in the first few months. The list is the money, not the name although the name certainly helps in the credibility department.
I thought I read that CLCT kept all of the Accounts Receivables and Inventory of the companies being sold totalling an estimated $8 million, so in effect, these comanies were really sold for $10.5 million.
Comments
Link to announcement: Link
[edited to fix erroneous reference to Superior]
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
TBT
Thanks,
WH
and it sets us apart from practitioners and consultants. Gregor
Edited to add: Mr. Deeds changed firms.
WH
The press release says that Steve Deeds will head B&M, not Superior Sports Auctions.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.
[edited to fix erroneous reference to Superior] >>
I think GMAI sold Teletrade just a little while ago.
We'll use our hands and hearts and if we must we'll use our heads.
<< <i>
<< <i>So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.
[edited to fix erroneous reference to Superior] >>
I think GMAI sold Teletrade just a little while ago. >>
Nope, still says "a division of GMAI" on the Teletrade home page.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
The Bowers name being traded around reminds me of that Simpson's episode where Bart sells his soul and can't get it back.
First, you don't know what was paid for the name. There were multiple companies purchased, and those companies must have had some real assets. For all we know, the B&M name didn't cost GMAI a penny.
Second, here's why the company has more value to GMAI than to CU:
1. They probably had a deal with Steve Deeds before they bought B&M. Steve adds value.
2. Spectrum has a very big inventory that can be marketed through B&M. Why pay commissions when you can collect them instead?
3. Spectrum can cut overhead by moving the company to its offices in California, and Steve Deeds happens to live in CA.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>
<< <i>
<< <i>So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.
[edited to fix erroneous reference to Superior] >>
I think GMAI sold Teletrade just a little while ago. >>
Nope, still says "a division of GMAI" on the Teletrade home page. >>
You are right, they moved to the west coast. That must have been what I was thinking of.
We'll use our hands and hearts and if we must we'll use our heads.
Still, are they actually going to try to salvage the name B&M with Dave in NH?
TP
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Check out some of my 1794 Large Cents on www.coingallery.org
Salvage? The B&M name is hardly a liability.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>The logic behind the B&M purchase baffles me. B&M is a company that employs neither B nor M. Most of the B&M people are now at ANR. Does anyone consigning coins to an auction house not know this? What makes B&M worth anything close to what was paid? >>
The customer list which is more or less a real interesting scenario with Dave's picture all over the papers. Surely a non compete would prevent Dave from contacting his ( er B&M's) customers, however what customer of Daves would consign to B&M when the real thing is in NH? Just call him and consign. Done.
TP
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>are they actually going to try to salvage the name B&M
Salvage? The B&M name is hardly a liability. >>
Cmon Andy, you know what I mean.
Rgrds
TP
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
If you mean "Are they going to keep the name?", I'd answer YES.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
TP
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
It's not hugely beneficial, but it's better to keep the name than get rid of it.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Maybe B&M's mailing list was worth 2.5 by itself. Afterall, CU paid 16 mil in cash and stock for B&M all by its lonesome. >>
2.5? You think that's all? Then that's quite the deal. I have to say that list which generated hundreds of millions of dollars in revenues is worth a lot more than that. The part of the equation is of course who is going to be in the best position to capitalize on sales/consignments/ etc etc etc and I would agree that at this point in time, the real Bowers is in no position to do a heck of a lot more then utilize the list for it's auction company. And it doesn't seem to be in Daves profile to really capitalize on the outbound sales end of the list which is probably one of the reasons for the move to "looosiana" where the phone sales crew is located ( although that certainly wouldn't have been my choice of real estate)
But considering the sheer volume of outbound sales potential, especially if put in the hands of professionals, it would represent a lot more than 2.5 in the first few months. The list is the money, not the name although the name certainly helps in the credibility department.
TP
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Not anywhere near what it first appears.