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Strong Prices At 1/15/2021 Heritage Commem Auction?

 
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 Posted 01/16/2021  10:08 am Show Profile   Bookmark this topic Add Winesteven to your friends list Get a Link to this Message
My apologies if this should not be in this category on the CCF since it talks about an auction. However, I put it here since the auction was ONLY for Classic Commemorative coins.

I followed/bid on only two lots, and the prices were STRONG. When there's a coin I want, I generally bid strong. As a result, I am the high bidder on about 85% or so of the lots I place bids on. The results of my costs are normally "fair" prices, occasionally a bargain, and sometimes "overpaying", but I'm ok with that, since I never bid moon money.

Last night I got just one of the two lots, with the high bid on the lot I did not obtain a bit more than 25% of my max bid. I was not the underbidder, and no one but the high bidder knows the max bid that bidder placed.

For those that followed that auction, your thoughts on the final pricing of lots? Naturally, due to there being over 1,000 lots, I'm sure there was variability. If indeed the "eye appealing' lots mainly had strong bids, that's terrific for this often overlooked series by others in our hobby, as others seem to "poo -poo" Classic Silver Commems due to so called continually dropping prices and low collector demand. To me, pricing seems to have been steady and even slightly increasing over the past couple of years, especially for coins with nice eye appeal and CAC's.

Your thoughts?
A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
Edited by Winesteven
01/16/2021 10:12 am
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 Posted 01/16/2021  2:28 pm  Show Profile   Bookmark this reply Add BGLI to your friends list Get a Link to this Reply
I also thought yesterday's Heritage commemorative auction included some amazing pieces. I won two (a Long Island 66 and a Cincinnati P 65) I thought many of the more prime examples ended up selling too high- in many cases way over the PCGS price guides. I am hoping this signals a strong comeback in commem pricing but more likely just the auction excitement that encourages higher bids. Also I find when you add the 20% buyers premium, sales tax and shipping I usually find the value just isn't there. But I do appreciate the chance to see so many nice Commems in a single auction. Heritage does a good job.
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 Posted 01/16/2021  2:52 pm  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply
While I agree with most points from above, I'm not so sure I agree with two of those conclusions.

I've regularly followed auctions with Commems, and as a generalization I don't feel "Auction excitement" has had any major regular impact, including last night.

Second, the 20% buyers premium does NOT reduce value. When one bids in an auction, they should be adjusting their hammer bid to ensure that with the b.p. it brings the price they're paying for the coin to the price they want to pay!

A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
Edited by Winesteven
01/16/2021 2:53 pm
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 Posted 01/16/2021  3:09 pm  Show Profile   Bookmark this reply Add llewellin to your friends list Get a Link to this Reply
I don't often follow auctions at Heritage but this one was exciting; I had selected two lots to bid on about a month ago and put in what I considered strong bids but was beaten by 1-2 minimum increments each, so lost out for the evening which I am fine with - for me it is still fun to just participate. Overall impression is that of a healthy market
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 Posted 01/16/2021  3:18 pm  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply

Quote:
I don't often follow auctions at Heritage but this one was exciting; I had selected two lots to bid on about a month ago and put in what I considered strong bids but was beaten by 1-2 minimum increments each, so lost out for the evening which I am fine with - for me it is still fun to just participate. Overall impression is that of a healthy market


A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
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 Posted 01/17/2021  9:10 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
@Winesteven: Congrats on winning one of the two lots you pursued - at least you didn't get shut out! I look forward to seeing the coin when you get it!

I didn't track this auction very closely and haven't yet reviewed its final prices - so, I can't comment on overall price points. I will say that classic US commemorative coins have been in the down part of the market cycle for a good number of years now. I hope the market is strengthening some as that would be good for the series' continued "health" among collectors.


Quote:
the 20% buyers premium does NOT reduce value. When one bids in an auction, they should be adjusting their hammer bid to ensure that with the b.p. it brings the price they're paying for the coin to the price they want to pay!

SHOULD is the operative word here - not all collectors do, however, and they wind up paying more than they should.





Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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 Posted 01/18/2021  11:52 am  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply

Quote:
.....haven't yet reviewed its final prices - so, I can't comment on overall price points. I will say that classic US commemorative coins have been in the down part of the market cycle for a good number of years now. I hope the market is strengthening some as that would be good for the series' continued "health" among collectors.


I suggest that when you get a chance, you take a look at the final prices from this Heritage Commem only auction, with over 1,000 lots. It wasn't just a few odd ones that did well. My sense is most coins with decent eye appeal had strong prices (with those with CAC's going for more than those without), but almost all with strong prices. Additionally, it wasn't just those with high grades or very high pricing that did well - even the "bread and butter" coins with nice eye appeal had strong prices.

The coin I bought, a 1935-S San Diego PCGS MS66 w/CAC, had my max hammer bid of $220, and that's what it took to get that one ($264 with the b.p.). While that is higher than I expected, I'm perfectly fine having paid that for this coin, as shown below. Yes, it was dipped at some point before being graded about 11 years ago, but apparently gently enough to still merit the CAC sticker.

Many other collectors will not like this coin due to the lack of toning ("Originality"). But there's a large silent group that likes it's 20th Century Silver coins to look like the designer intended as they come off the press.

I was told by my contact at Heritage to make sure I'm wearing sunglasses when I open the package, or I may end up getting blinded by the luster! (lol).

The coin I lost out on was a Lynchburg PCGS MS66+ w/CAC. It went for $552 with the bp, and I was not even close with the max bid I placed.







A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
Edited by Winesteven
01/18/2021 12:00 pm
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 Posted 01/18/2021  10:18 pm  Show Profile   Bookmark this reply Add Beefer518 to your friends list Get a Link to this Reply
I watched almost all of the 1008 lots be sold, had 104 in my watchlist (just wanted to see where they ended up), and won 3 coins (2 lots). I was floored by the premiums that were being paid on anything with a CAC, and also bright whites were going high; I thought it was absurd. They were going for prices that you could get 1 or 2 grades higher, which I just don't get. Here's a '93 Columbian MS65 OGH CAC https://coins.ha.com/itm/commemorat...ction-120115, that sold for $660, which is high 66 money, yet the ones before and after went for 'regular' 65 money (one in an OGH, one with CAC).

That's the other thing that made no sense to me was when two similar coins (same grade, similar eye appeal) would sell at massively different prices.

I could tell pretty early that the prices were going to be strong, and didn't expect to get anything, but glad I did. Nothing exciting (some BTW's I needed in grades I wanted), but really wasn't expecting to get anything.

Maybe Greg wanted to do another 144 set? LOL
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 Posted 01/18/2021  10:43 pm  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply

Quote:
That's the other thing that made no sense to me was when two similar coins (same grade, similar eye appeal) would sell at massively different prices.


I was looking to upgrade my San Diego MS65. I saw photos of two nice looking 66's, a 66+, and a 67, all PCGS, and all with CAC's. Ideally, I'd prefer a 67. I've been looking for a real nice PCGS 67 with CAC for two years, looking at virtually every auction, including the weekly Heritage and GC auctions, eBay, and collectorscorner.com. Never finding the right one for me to pull the trigger. I was hoping the 67 here would do the trick, and if not, then the 66+. My contact at Heritage looked at all four coins in hand, and strongly advise I pass on the other three, and only bid on the 66 which you see above.

Regarding the quote above: Despite todays high resolution photos, nothing beats looking at a coin in hand. There ARE differences that cannot be seen just from looking at the photos. If YOU can't see the coin in hand, I suggest you do as I do - ask to speak to a numismatist at the auction firm. I have found the advice to truly be unbiased. This has been so invaluable to me over the years, and is clearly the best and most valuable advice I can share with others.
A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
Edited by Winesteven
01/18/2021 10:43 pm
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