Why consign to a lesser Heritage sale...

RYK · April 17, 2007 4:12AM

when you can consign to a FUN or ANA signature sale?

I have always wondered this. If I were going to sell my collection by auction, I would want there to be the greatest number of collectors and dealers present to evaluate them. Sure, there may be more competition, but there will also be more buyers and more money looking to find coins. Why auction at a lackluster Long Beach show or, heaven forbid, a Dallas sale unaffiliated with a show. There must be some advantages to these latter options that I cannot conceive.

Someone, please help me out. Heritage representatives, feel free to reply, but do not contact me to sell my collection. I am not ready!

Regulated · April 17, 2007 4:17AM

There is no answer to your question.

WTCG · April 17, 2007 4:20AM

Because the FUN and ANA auctions do not always guarantee the highest prices realized. Some of the other auction venues (even a few that aren't in conjunction with a convention) can realize very strong prices.

ColonialCoinUnion · April 17, 2007 4:20AM

<< There must be some advantages to these latter options that I cannot conceive. >>

Because you want your money sooner and don't want to wait until the ANA auction? Consign there and you'll get paid in October.

RYK · April 17, 2007 4:23AM

<< 

<< There must be some advantages to these latter options that I cannot conceive. >>

Because you want your money sooner and don't want to wait until the ANA auction? Consign there and you'll get paid in October. >>

Okay, this is a decent explanation, but I understand Heritage will front you money against your consignment. I would sooner do this and consign to the Summer ANA than take my chances with the May Dallas internet sale.

saintguru · April 17, 2007 4:24AM

Because FUN had close to 8000 lots this year???

It is getting too big. Certain shows are limited to a specific number of lots, but as you exceed 4000-5000 coins do get lost in the shuffle. Shows like Baltimore and Charlotte have produced very good results in recent years.

partagas · April 17, 2007 4:27AM

Agree with Saint Guru. Especially if you are selling widget like coins. Why have yours compete agaisnt 5 coins of the same date and grade, when you can sell in a smaller sale with less competition.

Now for rare coins do the big sale all the way. The cream always rises to the top.

ColonialCoinUnion · April 17, 2007 4:28AM

<< Okay, this is a decent explanation, but I understand Heritage will front you money against your consignment. I would sooner do this and consign to the Summer ANA than take my chances with the May Dallas internet sale. >>

OK, let's try a different explanation:

The bigger, better attended auction will probably also contain more duplication and a greater chance that your coin will get lost in a long list of identically graded pieces of the same type. You're not planning to consign a 1911-D Quarter Eagle, are you?

I tend to agree with WTC - bigger auctions don't guarantee higher prices realized on any individual coin. So in that sense, why would you wait for those big sales?

tradedollarnut · April 17, 2007 4:40AM

In addition to the above, Heritage has to pay the ANA a fee, so they are less likely to give you a % of hammer for that particular sale. And just cuz they'll front you money doesn't mean you'll enjoy paying the 12-18% it costs you!

Reece · April 17, 2007 4:42AM

Or just sell your coins to Doug Winter and get a certified check in 2 days!!

Longacre · April 17, 2007 4:44AM

Heritage rules the numismatic universe. They can hold an auction in East Bumblef8ck, and it will still attain Record Prices™.

MidAtlanticCoins · April 17, 2007 4:47AM

<< There must be some advantages to these latter options that I cannot conceive. >>

Rarely do we consign to lower auctions, but for the few that we do.....

At major auctions like FUN, material can be lost in the shuffle. Personally we picked up several very nice items that we overlooked in the massive listings. The catalog resembled a phone book for a modest size city. We spent hours and hours pouring over the material and still didn't even come close to seeing most of it.
Now if you are auctioning a true rarity, or a condition rarity, there is no exception for a major auction.

Now with that said, I would be hard pressed to consider FUN for anything that isn't considerably rare. Too many overlooked pieces. Baltimore would be my first choice, followed by the fall ANA (depending on where it is held) then Central States.

Plus, there is a little something nice about being the highlight coin at the auction.....

ScarsdaleCoin · April 17, 2007 4:49AM

I would add that many can coins can get lost in the bustle of the big auctions..... especially since there may be 3 different companies running auctions the same week....small auctions mean your coins will get more looks

RYK · April 17, 2007 4:54AM

<< Heritage rules the numismatic universe. They can hold an auction in East Bumblef8ck, and it will still attain Record Prices™. >>

Longacre, think about the YNs who read here.

Or just sell your coins to Doug Winter and get a certified check in 2 days!!

Always a strong choice, especially considering the nature of you collection and my collection.

And just cuz they'll front you money doesn't mean you'll enjoy paying the 12-18% it costs you!

You quote the annualized rate, but a few percent for three months if you are going to make ten percent more selling at the right time is worth it to me. At any rate, most of us have better ways to get quick cash at a more favorable interest rate.

Agree with Saint Guru. Especially if you are selling widget like coins. Why have yours compete agaisnt 5 coins of the same date and grade, when you can sell in a smaller sale with less competition.

I would not sell a widget coin in an auction. Frankly, I probably would not buy one in the first place.

Because FUN had close to 8000 lots this year???

True, but many of them were off-quality. Quality coins will do well no matter how many coins are in the auction, won't they?

I would add that for southern gold, there is something to be said about offering them for sale in the south, where there is a higher concentration of southern gold collectors. The Duke's Creek collection of Dahlonega gold sold for strong money in an otherwise lackluster Atlanta Spring ANA sale in 2006. There may be other similar regional preferences of which I am not familiar.

poorguy · April 17, 2007 4:54AM

<< Heritage rules the numismatic universe. They can hold an auction in East Bumblef8ck, and it will still attain Record Prices™. >>

THAT was funny. We always called it BFE (Bum ****ing Egypt) when the place was in the middle of nowhere. East Bumble****

Elcontador · April 17, 2007 6:02AM

An example of how your coins can be overlooked in a huge auction like FUN follows: I think at the last one, they had something like 17 1916 P Standers up for bid. I don't think you'd be very happy as a consignor of one of those coins. Your coin would get much more attention if there weren't so many of them at the same auction.

As someone else pointed out, don't forget the other auctions that are also going on in conjunction with the same show. Once I actually got a beautiful type coin much cheaper than I should have because the particular auction venue was the last of four such auctions.

Mike, speaking of East Bumble$$$k, I'm waiting for Heritage to have an auction in Cuidad Del Este, Paraguay.

elwood · April 17, 2007 6:05AM

<< Why consign to a lesser Heritage sale... >>

because you have lesser coins to sell?

Barndog · April 17, 2007 6:07AM

if you wish to sell "specialist stuff" you are likely better suited to a lesser sale targeted at specialists...at least that would be my reasoning if I were to put my half dimes up for auction.

WTCG · April 17, 2007 6:12AM

<< 

<< Heritage rules the numismatic universe. They can hold an auction in East Bumblef8ck, and it will still attain Record Prices™. >>

THAT was funny. We always called it BFE (Bum ****ing Egypt) when the place was in the middle of nowhere. East Bumble****

>>

I always thought that saying was an exclusively Southern California term...

Anyways, the larger auctions will always have the problem of having redundancy. Multiple offerings of othewise scarce coins will almost always cause prices realized to be lower.

speety · April 17, 2007 12:33PM

If you didn't have a larger collection, which from what i read isn't you

, i think your consignment would be overlooked at the FUN or ANA auctions. Whereas in a smaller auction, your consignment maybe one of the headliners thus bringing more money. Also, depending when in the auction your lots get sold, many potential buyers maybe getting tired of the auction and start leaving early or skipping out for a break from the auction.

Why consign to a lesser Heritage sale...

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