Legend Market Report The Philadelphia Show
By Laura Sperber – Legend Numismatics
THE PHILADELPHIA SHOW MANAGEMENT-MAJOR ADJUSTMENT NEEDED
We adore Mary Counts, David Chrensaw and their staffs tremendous efforts in putting on a great show (as usual they were top notch). Too bad they are not the ones who make the decisions about when or where the shows are. Having this show only one week after Long Beach and three weeks after ANA-is ROTTEN TIMING.
Unless we attended a different show, PUBLIC attendance was miserable, and of course there were practically NO west coast dealers (you know its bad when even PCGS does not attend). The Whitman executives try to blame the convention center and long term contracts for the inability to change time slots. They also feel Philly is a young show (only 3 years old) and can still grow. WRONG! Either they are in denial or they have to realize with all the tactics they are attempting to use (like trying to kill Long Beach) in the end, THEY have killed off their own show. Next years Philadelphia Show is 2 weeks after the ANA-which is also in Phili! They should have learned from the many years and all the money lost trying to make Atlanta a decent show-apparently not.
Even in a good market like we are enjoying, two weak back to back shows DOES affect the markets psyche. There was NO reason for all this to have happened. We highly doubt Whitman will sign up many dealers for next years show because of even worse scheduling. We tried to tell them, this show only dilutes the wonderful shows they run in Baltimore. If they want Phli to survive and thrive, they need to cut the summer Baltimore Show and MOVE Phili 1-2 weeks further away from when the Long Beach show is. We know all about running shows-we spent 4 years and lost thousands of dollars trying to build COINFEST into a regional brand. Even we knew when to stop.
Sadly too many dealers (us included) are creatures of habit. We know a show can be a waste of time, but we hear the word show and have to have a table. Then the show promoters think that because they are selling tables, a show is a success. The Philadelphia show proves if you build it, they will not always come-even in a good market. And the few who did-really did not get their moneys worth this time (based upon what several collectors said to us). We need serious change here!
Holey cow! There is a coin market! And it is thriving (FOR LEGEND). At least from our perspective, it has NEVER been better. This week we will be announcing a MEGA multimillion dollar deal we just purchased, and the sale of a million dollar plus coin to a collector. We also purchased a significant PR Gold deal as well.
While coins did not sell off our web site every minute last week, we did have strong and steady volume. Our BEST sellers were coins in the $5 -$25,000.00 range-of ALL metals. Interesting in that the premiums of generic gold shrunk. The demand seems s to have slacked off a little. However we can not find enough rare better date and higher grade gold to sell. The demand is still all there and then some for the better coins.
Yet again, we received numerous Want Lists and expansions for current lists. We really do need $20,000,000.00+++ of coins (anyone have a 10C 1902 PCGS PR66 CAC (ONLY)? We’re paying $3,500.00!). Take our word on this, there is plenty of cash sitting on the sideline waiting for the right opportunities. In fact, with people growing very discontent over the stock market, we believe even more money will come into coins shortly.
We also heard about a wonderful PCGS graded Proof set of coins that apparently sold at Long Beach for several hundred thousand dollars. Most likely the dealer was not up to the real market pricing (which is why you need to know who you are dealing with and their abilities) as the set traded hands immediately after it was sold originally. It could have sold one or two more times after that. We saw the set and tried to buy it, but it had been placed for good. Our point is that the better the coins involved, the more active buyers there are. Even a six figure set does not scare off dealers today, demand is strong for the VERY best coins!
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