WHEW! THANK GOODNESS NOVEMBER IS HISTORY
What a roller coaster upside down month we had. Our heads are still spinning.
We started the month off like ragging bulls, and ended it like wounded bulls. However for us, the month turned out to have strong sales and to be profitable. Our sales came in spurts. We had great highs (selling six figure coins) and great lows having six figure deals aborted at the last minute. To make it clear, none of the aborted coins were from people who actually had them on Want Lists. Luckily, due to the fact we have that many big time serious collectors as customers, we are in the process of placing these coins. The worst time of the month was from the 21-28th. You can partially blame the holiday, we do not. We think people are not interest in buying stuff and add the stock markets crazy cycle, collectors just shopped and few bought. We have noticed people need to “feel good” about your portfolio and the world events/markets to buy coins.
As we are writing this, a super secret coin was offered to us (price: six figures). Within two minutes of us hanging up from the seller, we had a confirmation we sold it. As you can see, money is out there (a bottle of rare whisky just sold for $1.5 million). . You just need to have the quality and match the coin with the right person. We can’t stress enough about this huge “black hole” that is sucking up the finest coins and we never see them again. This coin we bought never made the open market. Taking this on off market discussion it one step further, since we began writing this Friday afternoon and through 1 PM Saturday all of the sudden Legend had sold $750,000.00 worth of coins. Amazing how the spurts go! One coin came out of no where and it was six figures. We had it sold in seconds to a Want List customer.
Our expectations for December are ZERO. Fortunately, Legend had a very good year and does not need to make any more money to be profitable (which is great considering we have a six figure over head). We do still have some neat coins to post, but we are not sure we should.
A final note, the principals of Legend jumped back in the stock market this week (with XOM at 78 how could we not) and we are all looking to buy coins (good luck to us). We feel you can never know where an exact bottom of a market is, but if you can come close, you will profit handsomely. Buying in an up market is NO guarantee of profits. Personally, the principals of Legend are long term buyers.
ITS RAINING COINS!
We messed up horribly. Our auction companies last Premier Sessions sale starts December 6th and closes December 16th. We have 350 great lots in the sale-our biggest ever. Only problem-we’re going up against nearly 5000+ lots and 4 auction companies-several are closing the same day as us! Plus, the FUN Auction is now showing 5600 lots with 130 highlight coins so far. Adding it all up it could total a dizzying $40,000,000.00 worth of coins to be sold within 35 days! With not many coins selling today overall, all these coins -especially non CAC lower quality pieces could drag down the market. Collectors might already have froze with all the auctions that are currently live. Collectors will stop buying from dealers in a nano second to bid in auctions. A glut of stuff coins is not good when people are still licking their wounds from a crazy stock market. We just do not have a good feeling that the FUN Show will start 2019 off great. We have learned over our 40 years in the biz, with all the coins offered, post FUN will be deader then dead. Too much to digest.
Even if there are say 10000 lots of coins in all of these sales, in realty there maybe only 250 lots of really cool true quality pieces. Those 250 will bring strong prices in what we see as a reduced market. While the other coins sell for cheap prices that will freak many people out. When the numbers tilt the way they are (more auctions vs buyers), this is clearly a choppy and buyers market.
This is one of the rare times we do think collectors can buy widgets in auction (like MS66-67 short set Walkers) really cheap. A 25C 1916 PCGS MS67FH CAC- heck no, there would be a huge fight over one with a record price being set. We strongly advise you work with a dealer who can tell you what is good and bad, and if you should buy out of auction vs buying from dealers. We cannot stress enough: when the really good coins pop up: BUY THEM! This is proven as one of the best times to do that. While you might think your paying a strong premium, you really are not.
We figure this situation will clean itself up and the market will have bottomed by the end of January. Until then, pick your coins wisely-and do not let the good ones get away! If you have great coins to sell, no worries, the market is starved for them.
NEWPS
We are pleased that our NEWP box held a few more great coins. Sometimes due to handling so many great coins (including for the auction side) we forget what we have. As you would expect, EVERY coin is vetted by LSS and GH for quality and eye appeal. Here are a few highlights from this weeks offerings:
1C 1898 PCGS MS67RD CAC GRAYSON
H.10 1848O PCGS MS67+ CAC GRAYSON
25C 1916 PCGS MS66FH CAC
$10 1915 PCGS MS65 CAC SIMPSON
Of course there are other neat coins for you to see. Keep in mind, it is not easy for us to buy. There are not that many coins of the caliber we want, then when we do find them, they are way too expensive most of the time. We never stop looking for things like DMPL Morgans, PR 65 Type, or anything Bust.
Now is the best time to start or add to your collection. Overall, coins are cheap. The outside world is still flush with money. Art is still going strong, cars have softened a touch but are still strong overall-even with the stock market’s craziness. It is not going to take much at all for the coin market to become roaring again. BY that time all the great pieces you could have had will be gone.
Don’t be a bottom fisher. History has proven top quality ALWAYS has yielded the most.
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Even though we had no auction, this was a crazy busy week for us. We got slammed with incredible coins for our Premier Sessions sale and our January PR Long Beach Sale. Both sales are really going to stand out vs the 10000+ lots you’ll see offered by everyone between now and the end of January.
EVERY coin in every sale is always vetted by Laura Sperber (who has built more world class collections then anyone) and Greg Cohen the firms chief numismatist.
Our FINAL Premier Sessions sale is now listed (minus a late coin or two). There are 350 lots to choose from. The sale will go live December 6th and will close starting at 9 PM December 16th. We will have the coins posted shortly. Here re a few highlights:
1C 1902 PCGS MS66 CAC OGH
1C 1915 PCGS PR66RB CAC
10C 1877CC PCGS MS65 CAC
25C 1881 PCGS PR67+ CAC
50C 1918S PCGS MS64+ CAC
$1 1880S PCGS MS68 CAC
$1 1889CC PCGS AU50 CAC
$1 1890 PCGS MS64 DMPL CAC
$1 1934 PCGS MS67
$3 1866 PCGS AU58+
$20 1875 PCGS MS62 CAC
$20 1914D PCGS MS65 CAC
This FINAL Monthly Intern only sale is worth well over $700,000.00!
The January Regency Sale will be available for lot viewing at FUN-by request only (yes, they are that crazy strict). Note: at our lot viewing in January in Beverly Hills (for the Regency Sale) PCSG will be there Friday and Saturday accepting submissions for Long Beach. ALL coins submitted there will be graded first at the show! As many dealers will tell you, that helps.
Our next Regency Sale is in March. If you wish to consign, please contact jesscia berkman: jessica@legendauctions.com, Julie Abrams: julie@legendauctions.com, Greg Cohen: greg@legendauctions.com. They will tailor a package to your needs that will deliver maximum value.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK FOR PHONE MESSAGES UNTIL 9 AM MONDAY.
