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Bedrock of the Community
United States
19195 Posts |
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Pillar of the Community
United States
1316 Posts |
One of the things I liked about NGC was they were privately held as it gave us customers a fighting chance as priorities were balanced. The customer is about to experience a downgrade. Blackstone's list of priorities (balance sheet and portfolio management) will slide the customer far down the list. In stating in the article that accelerating CCG growth is their goal, I take that to mean their focus isn't on improving things that matter to a lot of us, like consistency and accuracy of grading. Their recourses will be aimed elsewhere to make the balance sheet prettier.
C'mon ANACS. You guys haven't had an opportunity this golden in a looooooong time.
That being said, if I was Salzberg and Eichenbaum and just woke up with a 9-10 digit bump in my bank account, I wouldn't really care too much about the whining of others. They just got paid! I have to appreciate the capitalism in action on their end too. Well done, guys.
Edited by Collects82
07/02/2021 1:10 pm
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Pillar of the Community
United States
4692 Posts |
In order for ANACS to really come on, they would need to change holder design and most importantly get CAC to begin stickering the new holders. But the latter is probably political and could be personality dependent.
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Bedrock of the Community
United States
94367 Posts |
Uh-oh.  |
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Pillar of the Community
Canada
999 Posts |
PCGS parent was sold to private equity or "investors group" as well. These things could be good or bad. Hopefully they are smart enough to make improvements without wrecking the business.
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Bedrock of the Community
Canada
21627 Posts |
Go on the NGC forum.
There is a letter from Mark Salzburg and Blackstone already have their name on the heading.
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Pillar of the Community
United States
3660 Posts |
Pure speculation follows.
Don't miss the list of other participants in the buyout. The list includes several prominent sports owners, sports collectibles companies, and agents for athletes and music industry personnel. IMHO, part of this deal is expanding NGC's presence in the broader collectibles market. As long as it doesn't dilute the quality of its coin grading services, that may not be a bad thing. This may also be a step toward taking the resulting company public.
Thoughts?
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Bedrock of the Community
Australia
21788 Posts |
The new owners could end up trying to expand the business against their competitors.
Let's hope that doesn't lead to more pressure being placed on the graders who actually do the work, to come up with a tendency for more 'favorable' grades, and thus have a larger volume of 'happier' customers.
Diluting the quality of their work will also dilute the reputation of NGC.
That is what happened to Mercedes-Benz. I know: I have been around this brand for about 30 years.
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Pillar of the Community
United States
9792 Posts |
I sincerely hope the ANA dumps them the grading company of choice with this announcement. I'm not too hopeful on that either. "Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Pillar of the Community
 United States
8938 Posts |
Quote:
I'm not aware of anything controversial about them. Basically, they're buying up low price affordable housing and trying to buy up entire neighborhoods and then turn around in rent those properties back to people in an effort to create a renting class in inner cities and high demand areas. This comment on NGC's Press Release on their Instagram sums up my thoughts nicely.  |
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Bedrock of the Community
United States
19195 Posts |
Think non-fungible as one of the end goals.
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Pillar of the Community
United States
4692 Posts |
Quote:
Basically, they're buying up low price affordable housing and trying to buy up entire neighborhoods and then turn around in rent those properties back to people in an effort to create a renting class in inner cities and high demand areas. This is called block-busting and is illegal. I see no analogy.  |
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Pillar of the Community
United States
8938 Posts |
Quote:
This is called block-busting and is illegal. That would be my point. Quote:
I see no analogy Buying up houses at high prices and forcing people to rent. Making prices of slabbed coins unaffordable and forcing people to rent the coins instead. The guy was making a sarcastic joke. |
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Bedrock of the Community
Australia
21788 Posts |
Taking together all of the above posts I feel that any owner of a grading company that has no passion for numismatics, and instead is only motivated to make a profit in not the owner of a grading company that collectors should send their coins to. That is not the reason for which NGC was originally set up. Sadly, I suspect that NGC will now slowly fade away from the numismatic scene.  |
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Pillar of the Community
 Canada
5400 Posts |
I know one thing , NGC turn around times are
Very lengthy and they are crying for graders !
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Posted 07/02/2021 1:04 pm
