Maybe we were in a fog, but both attendance and sales were week. Of course it did not help the show was following Long Beach. We do not see that though as the full root of the problem.
First we must comment we are speaking from our lone perch. We’d bet there were several smaller dealers who had great shows but we do not know of a single bigger player who did any significant retail. So the argument about Long Beach being last week has ZERO to do with collector attendance in Baltimore (we never heard of many collectors who still fly show to show).
Legend Numismatics has nothing against any of the Whitman people. We know how hard they work to put on a good show. BUT they are not looking into reality about his topic.
One of the principles of the show said to me its the smaller dealers who really need the show. In our opinion, that is NOT the majority nor do the smaller dealers really influence the bigger market.
Our solution for this summer show:
Have it at a smaller venue down town with less tables. Let the smaller dealers enjoy the show. It is our strong feeling having a smaller show with a crowded room is far better then a large empty room like we just witnessed. The actual owner of the show made a comment to us they were worried about the auction. We told him no worry, as their “Legendary” auction company seems to want to take our 26 table venue in Las Vegas (don’t worry, we are not going any where). We can’t imagine how many dealers actually made their total expenses selling at the show. It really is time to shut down or rethink the summer show.
On Friday the place was a total ghost town. Saturday will be even worse. How can any one write a positive report? This does have an impact on the market to a degree-you never want to write a major show was poor.
Of course we know the one person who had the most kick butt summer Baltimore ever-our super secret stealth seller. He did DOUBLE his sales vs last summer. The guy worked NON STOP from Monday until noon Friday. All we can say is we are so jealous he has the right formula. He clearly out sold us combining Long Beach and Baltimore (he did an amazing $1.4 million). We’re embarrased to say what we did at both shows combined (we would blow him away though with our in house office sales-whew), he is red hot! Dealers are simply not intimidated by him and he gets fresher coins so his consignors can just concentrate on buying.
An important note: while both the Long Beach Show and Baltimore were poor overall, they are NOT good indicators at all of he current market. To see the real action, go to either of the shows major auctions. The Baltimore auction is so strong this author has had enough of being blown out of the water and decided to write this report instead. Legend is no patsy in auctions (last week we bought 10% of the Heritage sale) so you know that means numbers were crazy.
HOW TO READ THIS MARKET
It is clear to us, the majority of buying has moved to QUALITY coins (we are not just talking higher grades) and auctions. A major collector attended Baltimore and wanted to buy coins. He spent $15,000.00 with us only and told us, there just no coins at the show. He was on the hunt for cool good looking coins. To clarify, quality or cool can be a $1 1881S PCGS MS65 DMPL w/full B+W contrast and 8″+ mirrors, vs one NO CAC that is dull and scratched up (which is what you will mostly see at shows). He bought and outstanding PR 65 Cameo TD and another coin for a small premium. He knows (like we do) buying coins like that now, forgo any crazy auction prices and your not buying in any heat on the bourse floor due to timing.
Because auctions are bringing such strong prices ALL the smarter dealers (unless they need to raise immediate cash) are putting the better coins they have in auctions. That seems to have hurt both show activity and attendance. We’ve seen commoner coins sell in auctions for scratch your head money because of it. You should NEVER buy commoner coins at auction. You will always overpay. However, on many bigger and better coins we’ve seen a few fall through the cracks in big phone book auctions. Simple reason: the price guides are plain wrong. So the average buyer does not know how to figure a very rare coin. However on these bigger better coins, you almost have to go in with a “MUST BUY” attitude. If one does fall through the cracks it is just luck, there will dozens of others that set sky high record prices (like the 5C 1910 PCGS PR68 DC CAC at $84,000.00)!
There is no question with out a doubt the power and influence of CAC has broken out over the past couple of years. The newer buyers are highly educated and not just want but DEMAND real quality. So you actually will see CAC coins selling for as much as 2-3x a NON CAC coin. Regardless of any hype any dealer tells you, there clearly is a 2 tier market. You are NOT a genius unless you absolutely steal a non CAC coin (warning! our saying: cheap is never cheap enough). That is the market reality. There are many coins that CAC should have CAC’d but did not. Those coins should NOT be lumped in the low end of the market. But to know which coins those are, you need a professional to assist you. Just make sure you understand the markets. This is where price guides like Collectors Universe get it so wrong-because they refuse to identify CAC in their pricing or know that a coin last sold 6 years ago. Our suggestion is to work with a pro. If you can’t, and you see a coin that has not sold in many years and it seems high, do NOT shy away. You won’t see that coin again. Also, buy on market lulls (like now). We do believe there will be some activity between now and ANA-just no feeding frenzy save for our monster July Auction. Now is when you should be able to pick up some good bargins from dealers.
Buy generic better gold. We KNOW the grading services have tightened up. We saw NO PCGS CAC $20 Libs 64+65, $10 Indians 64-65, even GEM $2.5 Indians. The premiums WILL come back. Gold does and will always have a huge demand. Better gold, its pay what you must. Here too, the coins MUST be problem free and have good eye appeal. All CAC GEM gold enjoys off the charts real demand.
Last, cash is king now through ANA (summer doldrums only). While many dealers like trades, they are only gong to offer you dirt cheap prices. Try to have cash, it will get you the best deals. If you do need to trade, be prepared to ache a little. BUT if you are trading for a coin you never see, smile when you complete the deal!
The market will absolutely remain strong to red hot for the “right ” coins for the rest of he year. “Stuff” will suffer w/the summer and other issues.
We have a smaller but wonderful selection of NEWPS. We did not buy a lot, however we did buy much more then he weak norm we had at the last few major shows. The good thing, we were able to do deals with dealers who need some cash (look at he deal on the 1C 1913 Proof). Love to negotiate with those guys.
We also have released several Ship Wreck coins. Just by word of mouth we have sold several. At the show, dealers walked right up at set up and bought several NON CAC pieces and a few CAC and paid our full asking prices as soon as we put them out! While the public may grumble about strong premiums for the coins, think again. These are about as historical as any coins could be. Plus, it was more then proven by the first group many years ago, prices have held strong due to on going marketing efforts. This is why we had no hesitation to buy such a large group (our group has many coins NOT in the hoards-but from he crew and passengers). Like the Bro Jo coins (we advise you only to buy those if they are still in the original holders) or the early SS Central America coins, the values have held up. Its not a scam.
Highlights this week include:
1C 1913 PCGS PR67 RB CAC Killer colors and quality
3CS 1866 PCGS MS66 CAC Fully prooflike
25C 1892 PCGS MS67+ RDS COLLECTION A Wonder GEM!
$5 1836 PCGS MS64 CAC Totally original
ALL THE SHIP WRECK COINS (and we do have more then what is posted).
Do not forget to check out or regular inventory. We have many great top notch coins (like the MONSTER $1 1880 PCGS PR68+ WOW toned). You know we will work hard to get you in the coins of your desires!
ALL NEWPS ARE NOW POSTED
LEGEND RARE COIN AUCTIONS
What a crazy busy week we have had. BID NOW! Our Premier Sessions June sale is closing starting 9 PM Sunday night. This is not your typical Internet sale. Plus, every week we write a small Market Report. We are ramping it up to be more focused on the current happenings. Look at the highlights of this sale:
1C 1909S VDB PCGS 65 RB
5C 1918/7-D PCGS XF40 CAC
two wonderful AU 1916-D dimes,
25C 1821 PCGS AU58+ CAC 50C 1937S PCGS MS67 CAC
G$1 1857D PCGS AU53 EX BASS
$3 1879 NGC 63 CAC
$20 1862 PCGS XF40 CAC
count them, three different grade 1907 High Relief double eagles!
Again, this sale closes Sunday night starting at 9 PM est. Its not too late to bid! We assure you, this sale is loaded with real quality coins!
Legend Auctions Regency 27 July Auction is now live and is open for bidding! This is a real BLOCKBUSTER SALE. We did not think we could out do the incredible May sale. Check this one out-we may have!
We will have more on this amazing sale shortly stay tuned!
Until then check out the sale-its live (yes you can bid)! This sale closes July 26th with a live session in Las Vegas at the PCGS Invitational Show.
After you look over the sale, call or email us with any questions. It is never too early to discuss terms or prepare. We can also give you guidance about any coin.
FINAL CALL: for consignments to our July Premier Sessions sale. ALL coins MUST be in our offices no later then Friday June 29th (we have moved the deadline earlier). This is be an incredible sale with lots of gold from an estate among other things included. We do get record prices in theses sales. Minimum per coin $1,500.00 (unless part of a major deal)-minimum total value $10,000.00. To consign, contact Julie Abrams: email@example.com, Greg Cohen: firstname.lastname@example.org, or Jessica Berkman: email@example.com.
IF YOU HAVE ANY QUESTIONS OR WISH TO ORDER, PLEASE EMAIL US: firstname.lastname@example.org. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY!