High end type coins took a beating at the FUN auction last night
stonej
Auction results of a few:
1794 $1 PCGS XF45 Price Guide: $375K Sale Price: $184K
1795 FH $1 PCGS MS64 Price Guide $310K Sale Price: $218.5K
1796 No Star $2.5 AU58 Did not sell
1879 $4 PCGS PR66Cam Price Guide $300K Sale Price: $195.5K
1802/1 $5 PCGS MS65 Price Guide $185k Sale Price $138K
1801 $10 PCGS MS65 Price Guide $360K Sale Price $207K
1907 Rolled Edge $10 MS66 Price Guide $375K Sale Price $276K
1907 No Motto $10 MS68 Price Guide $150K Sale Price $149.5K
1908-S $10 MS68 Price Guide $125K Sale Price $80.5K
Someone may say these are all "doggy" for the grade but these are the
kind of coins that have been unstoppable for the last few years. Was
this auction a good buying opportunity or the start of a long ugly
decline?
Bruce Remick
"stonej" <sto...@mail.lib.msu.edu> wrote in message
news:ec0efa4d-0c6b-4aa1...@g3g2000pre.googlegroups.com...
While "ugly" may be an adjective used by one group of collectors and
dealers, the rest of us would welcome a period when some of the coins we
have always coveted might become close to affordable again. Mark me down as
ready for an ugly decline!
stonej
>
> - Show quoted text -
The people who can afford coins at this lofty level are being hurt
badly by the currrent economic downturn and are
cutting back on their spending on luxury items.
Overall the coin market had to decline as the price increases of
recent years were just not sustainable IMO.
Attendance at the FUN show from reports I have heard is down by a fair
margin, I also heard that Heritage sent
some of their people home that they had brought along to man the
auction lot viewing tables as there was not enough
potential bidders to keep them busy.
Bruce Remick
I would have thought just the opposite. Those who can afford the stuff
offered in the big name auctions may not even be aware of an economic
downturn. I just finished watching some of that Barrett-Jackson collector
car auction on TV and saw a huge hall full of rich folks who appeared to
think nothing about adding $100,000+ cars to their stables, often with wife
or kid urging daddy to keep bidding.
>Overall the coin market had to decline as the price increases of
>recent years were just not sustainable IMO.
I think that if price increases become a prohibitive factor, many coin
collectors who simply must buy coins to satisfy themselves will just shift
focus to something more affordable. We've all probably done that.
>Attendance at the FUN show from reports I have heard is down by a fair
>margin, I also heard that Heritage sent
>some of their people home that they had brought along to man the
>auction lot viewing tables as there was not enough
>potential bidders to keep them busy.
At some point, the proliferation of these shows has to reach its limit.
Just like we've seen the limit as to how many Starbucks or boutique clothing
stores the public will support in any one area, there's only so much
collective "coin budget" out there to feed these weekly shows and auctions.
Maybe the big spenders will keep them all alive a bit longer. Then they can
sell their booty to each other.
stonej
stuff
offered in the big name auctions may not even be aware of an economic
downturn."
They are aware of it all right, sales of luxury goods in a number of
categories was down quite a
bit for the Christmas season, many of the super rich have been
spooked lately and are cutting
back in a number of ways. As far as the cars go I guess some
segments are more recession proof
than others.
Saw a segment on TV this morning where they profiled several multi
millionaires or billionaires who
have commited suicide recently due to the economic downturn. Scary
stuff.
LRC-Tom
I checked prices realized from that auction for some of the more
"normal" coins, slabbed Buffalos in particular. Prices were
significantly down from the past couple of years, almost across the
board.
...Tom
Bruce Remick
> "I would have thought just the opposite. Those who can afford the
> stuff
> offered in the big name auctions may not even be aware of an economic
> downturn."
>
>
> They are aware of it all right, sales of luxury goods in a number of
> categories was down quite a
> bit for the Christmas season, many of the super rich have been
> spooked lately and are cutting
> back in a number of ways. As far as the cars go I guess some
> segments are more recession proof
> than others.
The one advantage as I see it is that six and seven-figure coins are
traditionally more likely to at least hold their value than say a cruise
around the world or a closet full of expensive suits. Those rich folks with
a bent for spending will probably be putting more of their money into
"investment collectibles" and less into luxury perishables.
We should have these problems.
mazorj
"Bruce Remick" <rem...@cox.net> wrote in message
news:KxP9l.7947$JA5....@newsfe08.iad...
Well, my problem is an excess of collectables held by my creditors and
not enough luxuries of any kind. Is that close enough?
Arizona Coin Collector
>
> Saw a segment on TV this morning where they profiled several multi
> millionaires or billionaires who
> have commited suicide recently due to the economic downturn. Scary
> stuff.
---------------------------------------------------------------
German tycoon Adolf Merckle commits suicide
He was listed as the 97th richest man in the world
According to Forbes Magazine.
http://news.yahoo.com/s/nm/20090106/ts_nm/us_merckle_6
_________________________________________________
Chicago Real Estate Executive Found Dead in
Apparent Suicide
http://www.bloomberg.com/apps/news?pid=20601206&sid=aFHFN9dHAVXA
_________________________________________________
Madoff Investor's Suicide Was an 'Act of
Honor,' Brother Says
(Thierry Magon de La Villehuchet's)
http://www.bloomberg.com/apps/news?pid=20601208&sid=aZ1dnq3VWwOs
..
Bruce Remick
"mazorj" <maz...@verizon.net> wrote in message
news:1NP9l.5120$Es4...@nwrddc01.gnilink.net...
You got it, brudda.
Bob Golden
>their money into "investment collectibles" and less into luxury
>perishables.
>
> We should have these problems.
>
There are some whom literally are not affected by the whole financial mess,
particularly those that wisely put some $ in primary PM's several years ago,
back when they were under $500 per.
In fact there are some that are rather relishing this whole mess, it has
been most beneficial.