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Who are the true users of Auction Catalogs, and is it time to rethink their distribution and content
Longacre
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I see a lot of posts from people complaining that they have no use for auction catalogs and they are a waste of natural resourses. That got me wondering who are the true users of the auction catalogs that are issued, and whether there should be two (or more) forms of the catalog-- the full-blown, glossy, color one, and maybe a "catalog lite" version, which merely lists the coins offered at auction, with very brief descriptions, and no pictures. Here is how I would classify the users:
1. Professional dealer: I think this is the person who might need the full-blown catalog the least. A professional would never bid or reccomend a coin to a client without seeing it in person. Therefore, so long as the dealer gets the catalog-lite version, he will be able to see what dates, mintmarks, etc., are being offered, and can decide from that list which coins he thinks his clients want, and then view those coins in person.
2. Researcher/specialist: this person is probably in the best position to use the full-blown catalog, although he would probably not have use for 90% of the content of the general catalogs to the extent they don't deal with his specialty. I think it is rare to find a researcher/specialist that specializes in all areas of numismatics, so probably only the series in interest will be analyzed using the full catalog, and the rest of the catalog probably goes unread. However, if there is a separate catalog on one particular series and the specialist is interested in that series (like the recent Morse sale), then the catalog will be fully utilized by the specialist.
3. General collector: the general collector probably has the most interest in the full-blown catalogs, because he tends to collect different series in different grade levels. However, the general collector most likely does not have the funds to place strong bids on a wide variety of material, so the cost/benefit to the auction house of producing the big catalog for this audience is probably suspect.
Therefore, do you think we will ever see the day where different "levels" of catalogs are produced? As stated above, maybe there should be:
(a) a very limited distribution of the full-blown catalogs,
(b) a certain distribution of the lite catalogs showing all of the lots but with no picutres and only brief descriptions,
(c) an ala-cart version of the catalog, where the recipient can designate that he just wants to get the half eagle section of the full blown catalog and nothing more. This option seems like it would require new, on-demand printing technology.
What do you think? This might help out the auction house's bottom line, and give the auction houses a look into what people are collecting and they can track trends better.
1. Professional dealer: I think this is the person who might need the full-blown catalog the least. A professional would never bid or reccomend a coin to a client without seeing it in person. Therefore, so long as the dealer gets the catalog-lite version, he will be able to see what dates, mintmarks, etc., are being offered, and can decide from that list which coins he thinks his clients want, and then view those coins in person.
2. Researcher/specialist: this person is probably in the best position to use the full-blown catalog, although he would probably not have use for 90% of the content of the general catalogs to the extent they don't deal with his specialty. I think it is rare to find a researcher/specialist that specializes in all areas of numismatics, so probably only the series in interest will be analyzed using the full catalog, and the rest of the catalog probably goes unread. However, if there is a separate catalog on one particular series and the specialist is interested in that series (like the recent Morse sale), then the catalog will be fully utilized by the specialist.
3. General collector: the general collector probably has the most interest in the full-blown catalogs, because he tends to collect different series in different grade levels. However, the general collector most likely does not have the funds to place strong bids on a wide variety of material, so the cost/benefit to the auction house of producing the big catalog for this audience is probably suspect.
Therefore, do you think we will ever see the day where different "levels" of catalogs are produced? As stated above, maybe there should be:
(a) a very limited distribution of the full-blown catalogs,
(b) a certain distribution of the lite catalogs showing all of the lots but with no picutres and only brief descriptions,
(c) an ala-cart version of the catalog, where the recipient can designate that he just wants to get the half eagle section of the full blown catalog and nothing more. This option seems like it would require new, on-demand printing technology.
What do you think? This might help out the auction house's bottom line, and give the auction houses a look into what people are collecting and they can track trends better.
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
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Comments
There are probably really very few true "general collectors". Most collectors specialize in just a few series. The ala-carte option would really be best for them. Likewise for the specialist collector. He is only interested in those lots that deal with his specialty.
It is the researcher/cataloger who is the only one who needs the complete full blown catalog. They never know when they will need to research a given coin and they will need the full catalogs in order to do their work. These people may be working on a colonial today, a three dollar gold tomorrow, a pattern coin the day after that etc.
Second, realize that for consignors, the auction houses are promising the maximum possible exposure for their coins. An a la carte catalog would tell them that their stuff isn't going to be seen by everyone. Not only that, but if someone's prominent collection gets top billing in a thick catalog, it's perceived as being more important than if it is the featured collection of a smaller auction, although still less important than a catalog exclusive of other coins.
So far, two arguments against reducing the size of catalogs.
That said, your classifications of auction catalog users are probably pretty accurate, although it doesn't address what happens to the catalog after the sale is over.
1. Professional dealer: Very limited use for catalog after a sale, other than perhaps to see if a certain coin that looked familiar was recently sold at auction and for how much. Even then, the catalogs would pile up fast enough for their use as such a tool to also become limited.
2. Researcher/specialist: The catalog still provides a useful history of coins pertinent to the researcher's specialty. A collection of such catalogs will provide lots of information that such a specialist would want.
3. General collector: The most useful catalogs after a sale for a general collector will be those that are generally most impressive to look at for one reason or another, based on the taste of the collector. Some catalogs will have broader appeal than others, and this is reflected in the prices for some catalogs on the secondary market. Exclusive collection catalogs, like Eliasberg, Pittman, Bass, Morse, et al, probably occupy shelf space in many general collectors' libraries due to their historical significance. There are also "definitive collection" catalogs, such as the Morse St. Gaudens catalog, the 1796 year set of all die pairings, the Jay Roe (?) collection of California gold, the Pryor half dollar collection, and I'm sure others, that tend to have "library quality" information about the series in addition to sales information. These catalogs make an excellent companion to, and in some cases substitute for, other books written on the subject. The general collector will welcome the opportunity to sock away this information long after the auction is over, even though he may not be a specialist in any of the areas covered by these catalogs, which is why I keep them.
Regarding reducing printing costs and paper consumption, I have a coupon on my desk for a free DVD of the recent Heritage Palm Beach... er... Dallas sale. I believe they are slowly migrating into this form of catalog distribution for those who want to opt into it. Their costs are next to nothing and it could be distributed to more bidders that would pump up prices and improve the bottom line, which would therefore be less impacted by the fact that to best serve their consigners, they still need to produce big, shiny books.
The idea of a "headers only" catalog is something that would probably work well if distributed in such a way that consignor exposure isn't reduced as a result. It would make a good companion to the DVD version of the catalog, since it could still be used easily in preparation for an auction for recording notes taken during lot viewing, pricing information, maximum bids, the phone number of the hottie at the lot viewing, etc. It would also be much lighter than a full-blown catalog, making it easier to carry around.
Something that came to mind when I read your researcher/specialist description. How about a "catalog by query," where someone could design a query and generate a catalog printed to order? A specialist in anything for which a query could be designed could order a custom catalog or book based upon a collection of auction archives, whether it's large cents, bust coinage, coins dated 1846, southern gold, or lots that have "rainbow" in the description. Since this would most likely use information not meant to promote an upcoming sale, it wouldn't step on the consignor's desire to maximize their exposure.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
The online price history of Heritage is great, but really isn't even an online catelog.
What I would like to see would be a DVD with multiple formats including Lots listed numencally with title line (no pics) that you can jump to by clicking on like a hyperlink, Lots listed numerically by thumbnail with maybe 9 - 12 lots per screen, A listing that lets you jump to catagories (large cents, Morgan dollars etc), and a search box that searches all the text and returns a list of the lots with the search item matches in an eBay or Google type form.
If you click an image you get the high res enlargement (zoomable would be nice) and a feature that would let you store a lot info with the large image as a file on your machine. This would make the researcher/catalogers job easier for comparing lots to trace pedigrees/ previous auction appearances.
The first time a catalog like this was created it would be difficult but I would think that the general search software and format could be set up as a "template" and future catalogs could just have their files and possibly a few pointers loaded into the template to create the new catalog.