Are the New Breed Collectors™ the latest scourge of numismatics?
Longacre
Posts: 16,717 ✭✭✭
In the past, we collectors had an easy time focusing our energies upon the scourges of numismatics-- it was mainly the bad-apple dealers who ripped off little old widows. Then, things got more complex, and we focused our attention on the bad-apple dealers who manipulated prices through the infamous Well Managed Promotions™. Again, we cast aspersions upon these dastardly denizens of our happy world.
However, now, much to my chagrin, we are taking a look inward and coming up against a force that is more powerful than the greedy participants in rip-off transactions and promotions. I am talking about the dreaded New Breed Collector™. In the latest Market Report from Pinnacle, they refer to this new animal, and its impact on the market (I copied the relevant part of the report below).
Do you think that the New Breed Collectors™ are the latest scourge of numismatics? Do you think they are negatively affecting the market overall, or just the upper tiers (which 99% of us don’t participate in)? As with everything, it all comes down to the dealers, so do you think that the New Breed Collector™ is good or bad for dealers?
Here is the Pinnacle excerpt:
“Money is No Object
The new breed of collector wants the coin regardless of price. I envy them that luxury, but hope they are not made complacent by their equally exuberant under-bidders. The extremely strong prices for the Husack collection of large cents is understandable. These coins are truly rare and may not surface again for years. Some of the other items experiencing extremely spirited bidding, however, are replaceable. These coins, or their equivalents, have sold recently for far less.”
However, now, much to my chagrin, we are taking a look inward and coming up against a force that is more powerful than the greedy participants in rip-off transactions and promotions. I am talking about the dreaded New Breed Collector™. In the latest Market Report from Pinnacle, they refer to this new animal, and its impact on the market (I copied the relevant part of the report below).
Do you think that the New Breed Collectors™ are the latest scourge of numismatics? Do you think they are negatively affecting the market overall, or just the upper tiers (which 99% of us don’t participate in)? As with everything, it all comes down to the dealers, so do you think that the New Breed Collector™ is good or bad for dealers?
Here is the Pinnacle excerpt:
“Money is No Object
The new breed of collector wants the coin regardless of price. I envy them that luxury, but hope they are not made complacent by their equally exuberant under-bidders. The extremely strong prices for the Husack collection of large cents is understandable. These coins are truly rare and may not surface again for years. Some of the other items experiencing extremely spirited bidding, however, are replaceable. These coins, or their equivalents, have sold recently for far less.”
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)
0
Comments
They'll go away when the bubble bursts. The same thing happened in 1980.
Obscurum per obscurius
<< <i>Per one of the Legend Market Reports, dealers are taking advantage of this by consigning coins to auctions instead of selling them on the bourse. >>
When I look at the ridiculous money some coins are getting in auction, frankly I don't know why ANYONE would sell the best stuff at retail these days. All it takes are two determined sets of deep pockets. And there seem to be a lot of them chasing the choicest material these days.
I spent way too much on a coin I could not afford that is not so pretty to look at. But it just about finishes off my collection and the peace that comes with that is calming. That and I have only seen 5 or 6 of these period over the last 5 years.
<< <i>Yea, verily.
They'll go away when the bubble bursts. The same thing happened in 1980. >>
They are the "AIR" of the bubble. But, they are a necessary part of the game. When they're educated enough to realize they're upside down in coins like so many are in automobiles, then instead of a bursting bubble... true numismatists will wait for their beloved coins to come back to market for what we know is the "right" price....
as those who were able to conquer will find no joy in licking their wounds. (pride and ego)
The past predicts the future.
``https://ebay.us/m/KxolR5
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>A rising tide lifts all ships. >>
That's true, too
I love the many sides of our hobby. Collecting, grading, speculating, competitive bidding, growling, cussing, and even the plastic
``https://ebay.us/m/KxolR5
<< <i>A rising tide lifts all ships. >>
I guess classic commems and common-date MS-65 Morgans aren't ships.
They are best dealt with by taking advantage of their self-imposed ignorance: triple your asking price and sell like mad. In a couple of years, after you’re tanned and rested, you can buy back the coins for 25-cents on the dollar.
<< <i>
<< <i>A rising tide lifts all ships. >>
I guess classic commems and common-date MS-65 Morgans aren't ships.
Those are just too much weight for this bubble
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>No, the “buy at any price” people usually turn out to have very short attention spans – think of a 3-year old with a new shiny toy. They are not a new phenomenon to the hobby – they pop up now and then either individually or in small, ignorant groups.
They are best dealt with by taking advantage of their self-imposed ignorance: triple your asking price and sell like mad. In a couple of years, after you’re tanned and rested, you can buy back the coins for 25-cents on the dollar. >>
Spoken like a "coin o sewer"
``https://ebay.us/m/KxolR5
<< <i> They are best dealt with by taking advantage of their self-imposed ignorance: triple your asking price and sell like mad. In a couple of years, after you’re tanned and rested, you can buy back the coins for 25-cents on the dollar. >>
This is what I'm hoping for, and that's why I'm only buying VERY selectively now. I'm hoping to be able to spend this time raising cash to back up the truck when the "stupid money" bails for the exits.
I believe part of this mentality comes from dealers and collectors who say "pay strong money when a rare coin comes to market." I agree with this logic assuming you know what rare really means. Generally this term is only understood by specialists and honest dealers who have been in the business many years.
now milk spots... that's a real scourge
<< <i>I think certain, unnamed, major dealers are getting too full of themselves. >>
Just remember, ... those who's noses are too high in the air are only looking for a bigger butt to sniff.
``https://ebay.us/m/KxolR5
the current bid knowing i am going to win it.
but a scourge? well, my ego just got boosted a bit more!
i can win any auction i want, so bow down t` yer master, th` scourge o` ebay
thanks.
https://www.pcgs.com/SetRegistry/collectors-showcase/world-coins/one-coin-per-year-1600-2017/2422
<< <i>
<< <i>No, the “buy at any price” people usually turn out to have very short attention spans – think of a 3-year old with a new shiny toy. They are not a new phenomenon to the hobby – they pop up now and then either individually or in small, ignorant groups.
They are best dealt with by taking advantage of their self-imposed ignorance: triple your asking price and sell like mad. In a couple of years, after you’re tanned and rested, you can buy back the coins for 25-cents on the dollar. >>
The only one who should be complaining about this is the underbidder, and that has been me at times and at times I was forced to be the winning bidder inorder to get that coin that I wanted because one of these new breed collectors was going for the same coin. Wow could I be called a new breed collector for doing the same thing, I hope not, but if the shoe fits, or if the glove fits in this day and age. I think possibly any one of us at some time or another could be accused of being the new breed collector when we go after what we really want and have to get it at all costs. Looks like the dealer will end up on the winning side unless they happen to be going up against the new breed collector but what I have seen the dealer usually wins (sounds like Vegas) just ask Laura Sperber, so are you saying that certain dealers are equivalent to the so-called new breed collector? >>
Actually, the underbidder should be happy.
What makes you believe that the person you outbid qualifies as a New Breed of Collector?
BTW, the two rather insignificant coins of the Husak collection I was considering were both imo problem coins, and I did not bid on either of them. Apparently others were fine paying strong money for coins which either had corrosion or excessive pitting.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>The new breed of collector wants the coin regardless of price. I envy them that luxury, but hope they are not made complacent by their equally exuberant under-bidders. >>
Dealers hate it when high-end coins sell at auction for "all" the money. It makes it so much harder to stock inventory when most good pieces are not seen on the bourse floor.
Who is John Galt?
make money on their collections. But the new
breed of uninformed investors ,will surely lose
and will miss all chance for enjoyment.
Camelot
Folks knowingly overpaying for coins don't hurt the hobby. Folks unknowingly grossly overpaying often do, as they become angry, jaded, and may drop away. The difference is education and intent. I often intend to overpay and amazingly manage to do so!
outstanding coin. This expense, however, will be well
thought out and within some measure of reason, in keeping
with the quality and rarity of the coin in question.
Camelot