A MARYLIN WARHOL PAINTING SELLS FOR $195 MILLION
The much anticipated sale of a blue Marylin painting came right in at estimate pretty much ($200 million). We view the stability at the top of the art world as the same in the at the top of coin market. While crypto currencies bubbles are breaking and some stocks are off by 20, even 30% collectors are still buying top art and top coins. The supplies of both are extremely limited. Clearly it is still the year for hard assets.
Because the average investor is being tossed around a bit now, does not mean the world has lost money nor the desire to spend it.
Our biggest concern has been the fact that better gold coins like Saints are reaching stratospheric levels almost overnight. We have identified all the bidders in the recent CSNS Sale for the Saints. Its a very small group of 6 people who have always competed against each other with a very liquid crypto guy being the top dog. That sales results does not mean your $20 1913-D Saint is worth a small fortune. Keep in mind, auctions have sellers fees. There is just no way the seller of the $20 1907 PCGS MS67 CAC that sold for $276,000.00 is getting anywhere near that number. And then think about the underbidder who was not willing to go as high or has moved on. The bread and butter gold coins like the 1913-D PCGS MS65 CAC are being bought by more ordinary collectors-some of whom might not feel as wealthy from this past week (its a possibility). This was why the previous weeks we have been harping to start taking some profits. We just had 2 people contact is with some slightly better Saints-non CAC and they elected to hold them thinking up up and away. For coins like that, we don’t see it. The prices were never crazy for coins that were NOT lower pops. We think they made the wrong decisions especially when they were making money. Need to clarify: there is still a vibrant Saint Market. But those insane numbers from last weeks CSNS Sale were an aberration. If you notice, we have no Saints-we still can’t find them-even at ridiculous prices!
Its a slow reaction to near end of the pandemic, but we strongly believe your going to see more cool coins hitting the market from ANA on. Then its the question how much can the market really digest? Remember Bass-which is $50 million plus is coming. Time will tell. We are optimistic the market will remain strong for the top coins.
The overall coin market is in no way coming down today. If you had been listening it was never a 100% bull market. It was selective. Certain non gold Type still has not caught on. While we are concerned, we do not think overall it will come down in value anytime soon. Legend has customers sitting on the sidelines not because of markets, because of lack of cool coins-in all price ranges.
It did not take much for the coin market to become heated as Covid lock down rules were ending. We estimate there are 75-100,000 active coin buyers. The recent CSNS Sale had 12,000+ registered bidders! Imagine how many of them are vying for a coin that is a pop 1-2 and has not been on the market for 10 years. It certainly sways a higher new market price!
Our suggestion is to keep moving forward building your collection. Do NOT pass up one time coins. Do NOT buy on spec. Thank goodness we have not seen those people infiltrate our market. SELL your coins you can make some money on as a hedge. Last, buy the BEST quality you can afford and HOLD for the LONG TERM. You’ll beat the short term cycles by doing that.
NEWPS
If you like $2.5 Libs, we have a group from a super fresh deal where each coin is truly amazing! Guaranteed you will LOVE the quality and eye appeal of each coin. This weeks highlights include:
$1 1865 PCGS PR64+ CAMEO CAC
$2.5 1851 PCGS MS65 CAC
$5 1811 PCGS AU58 CAC
$5 1824 PCGS MS62 CAC
We assure you, every coin in our NEWPS is PCGS CAC and was chosen for its outstanding qualities and eye appeal.
Make sure to check out our regular inventory. There are some great coins that should be in great homes like yours! We have many coins that re really hard to find.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
Bidding is alive and well. We’re already seeing bidding wars in several areas including Patters (we are thrilled that so many people collect them). We suspect that when the gavel falls Thursday 26 in New Orleans, we will yet again have many record setting results. Be prepared!
Upcoming AUCTION 53-we will have two major announcements shortly. You will want to add your coins to this “pre ANA” sale. Sell your coins before the rush! Contact the BEST team in the auction biz to formulate plan that will yield maximum results.
If you have any questions, wish to phone bid or consign, please call 732-935-1168
IF YOU HAVE ANY QUESTIONS, OR WISH TO ORDER, EMAIL US: legend@legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
