A VIP NOTICE: We have had on and off server issues this week. Legend Numismatics web site will be down Sunday AM 7- about Noon for work. We expect no disruptions with the auction side.
RUNNING OUT OF GAS-NOT
Unlike other firms, we really do tell it like it is. We’ve had a decent to strong month so far. At the beginning of this week, things slowed to crawl and our overall sales for the week-miserable. Nothing sends us up the wall more than a sudden stop. We fully know the reasons: #1) while we have NO big NEWPS and we had NO Want List NEWPS. That is painful especially when our Want Lists run into the many millions of dollars. #2) competing auctions. Yep, a few years ago we noticed this trend start. There are THREE big auctions all within 2-3 weeks of today. Two sales are gross huge phone book size sales. Even if there are not many “cool” coins, they always stop traffic. Collectors LOVE auctions. The market is not dead, nor is it taking a breather. Watch when starting with our sale the prices realized explode. More coins going off in to the big black hole.
So even though we had a slow week, the mark is just fine. We know already we are representing people on $2-$3 million in coins in these sales. We are still accepting representations (all are first come first serve). We full y expect to have to pay top dollar to buy what we need.
NOTE: If you are planning on attending the PCGS Invitational in Philadelphia, we strongly suggest you attend Thursday. The show is only 30 tables. By Thursday afternoon, the dealers with tables at the show have at the very least gotten back their first 50 submissions. Also, that is the day of our sale. You can have a really complete day and enjoy a great lunch compliments of PCGS. Wed is fine too-we highly suggest you inquire to PCGS about the museum tour they have in the evening. Friday save for picking up coins, is a NON event.
A WORD TO THE WISE ABOUT AUCTIONS
Do not waste your time overpaying in heated competition of widgets. Any coin you can find readily at a show is not good to chase UNLESS it is special in some way. Why pay 20% more? The thrill of the auction in the long run is NOT worth it.
Hire a capable dealer to work with you. We can never say this enough: some times your best buy is the one you did not make. Paying someone 5% to be a second set of eyes does yield rewards.
If you are bidding on better quality and really are coins-be prepared for stiff competition. We have seen too many people miss great coins by a bids because they could not figure the values. Again, work with someone. Legend Rare Coin Auctions tries to help with published high end WHOLESALE estimates. Do your home work and never be afraid to ask the auction houses for some direction. Paying 20-30% premiums today, will seem cheap in years down the road when the coins are worth 75-100% more.
Always assume a coin has been sent to CAC. Most auction companies send their consignors coins to CAC (assuming they got permission).
Try to go to lot viewing. Even if you don’t know how to grade, over time, you will learn why coin X sold for more then Y and why there are such sharp differences in auction prices. The more knowledge you can go into an auction with the better off you will be (even if you are working with someone).
Our October Regency Sale has had a tremendous start and we do not close until 5:30 Thursday when the live auction kicks off. While this may not sound like a lot, we have almost 250 brand new (to us) bidders so far for this sale. The overall eye balls to this sale are at record numbers. And we already have some record prices bid as well as many six figure bidders (virtually all collectors). We expect Thursday to be like our July Sale-a blow out with many record set. Remember, we don’t have hundreds of thousands of names. Legend Rare Coin Auctions (like Legend Numismatics) has the BEST and most powerful buyers in the entire rare coin market today! Our prices realized prove that.
NEWPS
We are now officially almost out of killer NEWPS. Hopefully, we can buy some coins this week. As we mentioned before, there is not a lot of interesting coins available that are not in auctions. We never stop looking though.
The grand highlight this week: the 25C 1825/4/2 PCGS MS65 CAC Pogue. The coolness scale is off the charts.
Other highlights:
25C 1884 PCGS PR67+ Cameo CAC
$2.5 1900 PCGS PR67 DCameo CAC
As you would expect, EVERY coin in our NEWPS listings are handpicked for outstanding quality, bold eye appeal, and are fairly priced.
We’ve also been discussing how not every great coin sells the same week as posted. There are many SUPERB GEM coins still available in our regular inventory-check them out! Do know, we always work hard to get you into the coin of your desire.
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
THIS WEEK IS IT! FINAL CALL FOR BIDS TO OUR OCTOBER REGENCY SALE which closes with alive session Thursday starting at 5:30 EST. Contact Julie Abrams: julie@legendauctions or Greg Cohen: greg@legendauctions.com NOW. You are running out of time to set up phone bidding or to establish terms. We promise (as many of you have already seen) this sale has the potential to be a total blockbuster!
We are still accepting consignments to our November and December Premier Sessions Internet Only Sales and the December Regency Sale (12/14 in Las Vegas-we WILL have a NYC lot viewing). Already, we have in house great coins ranging in value from $1,500.00 to $12,000.00. The majority are NO reserve. Most important, we’ve cracked down on quality and are determined to make every Internet Only sale we produce have no peers. Remember, these are designed to be mini Regency Sales. In fact, we will have a few major announcements concerning those sales and our entire company shortly. Our goal is NOT to be even close to being the biggest, we strive to be the absolute BEST auction house in the biz! We are the ONLY real Legend in all of coins!
This will be a crazy week for us. Our lot viewing in Philadelphia begins 2:00 Tuesday by appointment only. General lot viewing is Wed+Thur. Our Los Angeles lot viewing was such a huge success, we expect many people to view in Philadelphia. We will have a dedicated express line to view 10 or LESS coins. We suggest you come Wed if possible.
IF YOU HAVE ANY QUESTIONS OR WISH TO PLACE AN ORDER, PLEASE EMAIL US: legend@legendcoin.com. WE DO NOT CHECK FOR OUR PHONE MESSAGES UNTIL 9 AM MONDAY.
