Could you imagine if coins ever got to these levels?
“Three works coming to auction are estimated at up to $100 million, and over 20 works are estimated at $20 million or more, more than triple last year’s total. Sales for the three auction houses are expected to total between $1.8 billion and $2.6 billion, according to ArtTactic. At $2 billion, the sales would nearly double last year’s total.”
As you can guess, we are discussing the art market. We know a few of you don’t think the comparison is warranted, but achieving these kinds of numbers despite all the geopolitical turmoil and economic issues is remarkable. And it is safe to say some records will be smashed this week, as it is art auction week. They expect just over $2 BILLION DOLLARS to change hands. That is just for one week’s worth of sales. The recent CSNS sale barely hit $40 million (we don’t know if it did)—less than the price of one painting!
One thing we are trying to show is how small overall the coin market really is. The number of coins valued at over $1 million is LESS than 100. The amount of coins: over $10 million, -1794 $1’s (3), the 1933 $20, the J-1776 $20 (oh, do we have people who want to own it!), and the Amazonian set. The people in the art world could buy these with their pocket change!
Perhaps now you can see how much money is floating around out there in the world. As apps, eBay, etc., expose coins to more people, you see that the supply is not really as big as you think it is. This is especially true for better coins in better condition. This is why, in our opinion, the market has the deepest black hole ever. Demand radically outstrips supply. A small amount of money entering the market was enough to dry it out. If we did not have archaic price guides, many coins could actually be worth double today. It’s time to buy all the PCGS CAC pieces you can with pops BELOW 10. Think about how few coins that really is. We just can’t see how you wouldn’t do well if you put them away for a few years (at least 5-8). How won’t you do well with them?
And for everything else, you can see that many of the newer collectors already did their homework and “get it.” They want real quality for the grade. Just look at the $10 1933 PCGS MS65 CAC that just sold. It brought in a record $1,586,000.00. We graded the coin SUPER HIGH-END. The big money out there is speaking with its wallet. The sad part is that most of the newer people coming in through the apps are uneducated, buying soup to nuts, and are not focused on either quality or what they should be buying. But then, they are taking coins off the market in record numbers!
The rare coin market is facing reality, not just a boom. The future for coin value appreciation never looked stronger. Speculation does not work. The tried-and-true long-term buy-and-hold strategy does.
We no longer have to dream about what if a Bill Gates came into coins. Not only did one or two of his ilk come in, but a huge number of other people did too! And now look, all the good coins have disappeared into a black hole that seems endless to us.
We are still bullish on Type Sets. We love gold, and we like the longer, full copper, silver, nickel, and gold sets. Best way to assemble a nice collection. And ALWAYS buy the best QUALITY you can afford. Bottom fishing will not make you money in the end. Nuff said.
NEWPS
OMG! We have posted more NEWPS than we have in at least 2 years.
First we have the Typetone Collections of Proof Mercury 10C (#2 on the PCGS Registry) and Proof Walkers. All the coins are PCGS/CAC. Typetone worked very hard over the last few years to assemble these sets. Legend is proud to have helped him.
We also have Round II from the Gourmet Collection. It’s a large but quality-oriented group of coins. You can clearly see the passion the collector has for his coins.
This week’s highlights include the following:
10C 1911 PCGS PR68 CAMEO CAC BLAY
$1 1883 TRADE PCGS PR64 CAMEO CAC
$5 1808 PCGS AU53 CAC TOUGH TO FIND
$20 1924-D CACG MS 63 CAC GORGEOUS COLORS
There are so many great NEWPS posted this week. We do not think they will last long—especially since so many are priced BELOW $10,000.00! That is not hype either.
An FYI: We accept credit cards, but you must call or email to discuss.
LEGEND WILL BE ATTENDING THE PCGS TRADE AND GRADE IN CA ONLY ON MONDAY.
OUR OFFICES ARE CLOSED FRIDAYS. EMAIL US IF YOU HAVE ANY QUESTIONS OR TO DISCUSS PURCHASING ANY COINS. WE DO NOT CHECK PHONE MESSAGES UNTIL 9 AM MONDAY.
