YOU GET WHAT YOU PAY FOR
Do people not listen? Or are auctions just that intoxicating and addicting?
I have both a buyers view and an insiders seat at the table when comes to auctions. I am beyond HORRIFIED with what I see. Collectors either believe they are safe or they just want to buy and think things are okay.
This past week we got in 2 potential consignments I had to fully reject. ALL of the coins were purchased from a major auction house 2015-2018. The quality was so poor, it was BELOW dreck! WOW! This is sad.
Why do people not hire a dealer? A good dealer will do two things, be a buying buddy and teach you the value of NOT buying in auction all the time. Auctions are the worse venues to buy coins unguided. In these two deals were horribly cleaned coins, some ugly toned coins, and a coin or two was simply over graded. I can’t allow that in my auctions. Yet neither party seems to realize they need (or want) help buying. I would estimate if they really did sell today, they would easily LOSE 40%. This agitates me to no end as it easily could have been avoided.
HOW TO AVOID BEING CLOBBERED
Buy ONLY PCGS CAC coins. Like them or not, CAC WILL prevent you from buying a doctored or over graded coin. Of course PCGS is the top grading company and their marketing helps their coins sell better then anyone else’s. PCGS CAC does cost more, but the returns are really there. You can sleep at night not worrying about the quality of the your purchases.
Do NOT seek bargins. This will always get you in trouble. It sank many people who did not understand the market was becoming two tier. Buying some thing stupid cheap is not smart, because usually something is wrong with the coin. Most major auctions have major dealers who look at every lot. Yes, on rare occasions things fall through the cracks, but again, do not think you will be the lucky buyers (several dealers exclusively look for rips).
WORK WITH A DEALER. I do a ton of representing people because I am a known and trusted expert. I am their eyes and fact finder. I only charge when we win something (I never charge any rep fees in my own auctions). My best recommendations I feel are the ones when I say DO NOT BUY THIS. That is usually a collectors BEST buy. The cost for representation is so nominal, yet people want to be self serving. With these HUGE auctions these days, sifting through them can be extremely difficult. Do not take this as me seeking more reps (which I am always open to ;-)), take it as me telling you to find someone and work with them.
Yes, auctions are cool and can be fun. Just think hard before you play.
Last, I can tell you factually the thought there is an under bidder who will take you out if some thing happens is WRONG. I have seen 9 out of 10 times once the gavel closes the lot, they have moved on to other coins or other places to put their money. This is why you MUST think true quality (PCGS CAC) and you really a dealer helping you figure things.
I designed Legend Auctions to be as safe as possible for buying. Greg and I look over every coin in every sale. Sadly, yes, we really do reject coins (in many cases we give them to our stealth seller to liquidate). Let the big auctions houses with the machines sell the dreck. Even the NON CAC coins we sell are seriously above average coins or near misses. I want people to know Legend Auctions is different then the big guys. Its just the big guys suck so many people in to buy bad coins (don’t get me wrong, they have many coins that are fabulous too-but they are hidden usually). I want the small % who hear me to to stop the insanity! Use a dealer! BUY PCGS CAC ONLY! What I always say: there is no substitution for quality!
These are 3 major auctions in the next 3 weeks, please be careful!