A PLEASANT SURPRISE
Legend had a very strong show. We came close to setting a record selling several hundred thousand dollars-the first day of dealer-to-dealer action alone! Attitudes were surprisingly good. Dealers absolutely came to buy-something we did not expect.
Tuesday and Wednesday were highly active dealer days. Then when the show opened, it was quiet. Everyone thought the two days of intense wholesale sucked all the life out of the show. Then on Thursday, collectors did show up. There were plenty of bigger players in the room. Most were there to just be at a show and walk around. Our table sat idle all morning on Thursday. Then in the afternoon, it was sale after sale including one sale of 3 coins for $125,000.00 to a collector! We did not have these many sales to collectors at any Baltimore show in years. Again, something we NEVER expected would happen at this show.
It is also important to note, dealers did not chisel nor ask for terms. We are not sure if they are running on fumes still spending the profits from the pandemic sales or if they are really starved for coins and need them to fill orders. Dealers were aggressive until the end of the show, another unusual fact. No matter what, we did not know of anyone who had a bad show.
Our “super-secret stealth seller” friend had a monster of a show. As of Friday night he told us he sold $1.2 million! Every night he’d call us to tell us how much action he had. He is a good reference for more collector-oriented coins. He only sells to dealers. He knew going in he had the inventory, but he too was not sure what would happen.
There is NOTHING happening save for some smaller local shows until the PCGS Las Vegas Invitational on December 6-9th. We think the breather will be good for most people. We do expect strong but not runaway prices in this week’s upcoming auctions. It remains to be seen what effect the negativity in the stock market and economy will have on coins. Keep in mind, coins are a small market overall. It does not take much to move the needle-especially on the bigger coins or keep the market going. In November Christies will start selling the Paul Allen art collection. We believe those paintings will still sell for record prices even given the current state of things. That sale is expected to yield over $1 BILLION Dollars with several works selling for over $50 million each! There is still that much money out there. Apparently, some of that money is still coming into coins.
Looks like we survived the loss of billions of dollars from Amazon and Meta. Hopefully the Fed will slow its rate hikes and we can be back to full near bull market (instead of hit or miss).
THE BABY DEALERS
We are also pleasantly surprised to see a whole new breed of what we call “baby dealers”. These are kids maybe in their early 20’s. They are not shy, and a few are even very aggressive buyers. We are happy to see that most are not in it for the quick buck of crack outs. Our only wonder is how much do they really know about grading? The services were around before these kiddies were born thus, they never saw raw coins. So, they may not be the best graders. But each of them was polite (not like many of our ilk) and they seemed to love coins. That is something refreshing to see. Looks like the hobby won’t fade away as time goes on. There is new and young blood becoming involved! Legend also has a few younger (below 40) soon to be major collectors.
We have a smaller but wonderful group of NEWPS this week. EVERY coin would be someone else’s highlights. In fact, we consider EVERY coin we posted a highlight.
We’re still working on and waiting for the coins from the RS Walker Collection. It will happen! Bear with us please.
Make sure to visit our inventory pages., We have only the BEST PCGS CAC coins. We are the people who truly do build great collections!
LEGEND RARE COIN AUCTIONS
The Baltimore show saw lots of action at the LRCA table. Collectors were lot viewing what we had so far for our upcoming December Regency sale. We also picked up several excellent consignments for that sale at the show.
The partial watch list will be posted starting today. All the coins in the sale should be posted by next Friday. As you can expect from LRCA, it will be a great sale!
We are always accepting nice consignments. generous cash advances are available.
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